<a href="https://www.mid-day.com/business/business-news/article/let-rupee-find-its-own-level-india-must-focus-on-competitiveness-innovation-uday-kotak-23654993" target="_blank" rel="none noopener">Kotak Mahindra Bank Founder Uday Kotak</a> on Thursday said Reliance Industries will become the country's largest conglomerate in terms of the combined market value of its listed companies post the listing of its digital services arm Jio Platforms, according to news agency ANI.
"The RIL group, after Jio's listing, will be India's largest conglomerate basis listed market cap," Kotak said.
Jio Platforms will be opening its initial public offering (IPO) for subscription on October 21 and the issue will be valued at Rs 30,213 crore at the upper end of the price band, making it India's largest public issue.
"This historic IPO comes from the RIL group after nearly two decades. It will be India's largest IPO ever at rupees 30,188 crores at the upper end of the price band," he said.
<h2>Valuation cheaper than closest rivals</h2>
The veteran banker said the valuation at which the firm is offering the shares is cheaper than its closest rival, according to news agency PTI.
Jio Platforms is offering 27 crore fresh equity shares at a <a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-price-band-set-at-rs-1065-to-rs-1119-per-share-for-indias-largest-issue-23655163" target="_blank" rel="none noopener">price band of Rs 1,065 to Rs 1,119 per share</a> to investors.
The issue also includes two reserved portions up to Rs 500 crore for eligible Jio Platforms employees and up to Rs 2,500 crore for eligible Reliance shareholders.
<h2>Offer price attractive for investors</h2>
Kotak pointed out that the offer is priced to make it "attractive" for investors to earn returns, something which Reliance Industries has believed in, since its own IPO in 1997.
He further said Jio is priced at 34 times consolidated earnings for FY26, while its closest rival is trading at 41 times.
"Jio platforms, on a relative basis, have made it attractive for investors," Kotak, the founder-director of private sector lender Kotak Mahindra Bank, said.
Kotak noted that investors in the institutional segment have shown significant interest, and the Jio team has carried out investor meetings across the world in the run-up to the IPO. He added that the <a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-akash-ambani-says-services-will-drive-revenue-growth-outlines-tariff-strategy-23655255" target="_blank" rel="none noopener">company's managing director Akash Ambani</a> has personally met 50 global investors.
He said Jio's foray into the telecom market transformed connectivity in India and highlighted its role in making mobile data more affordable and expanding digital access with a subscriber base of 53 crore.
<h2>Jio Platforms IPO will create shareholder value</h2>
Jio Platforms Director Isha Ambani emphasised the importance of enabling shareholders to participate in the company&rsquo;s growth and build their wealth alongside its success.
"I think a part of Reliance's philosophy, and one that really has been passed on to us from our grandfathers' time, is to create shareholder value," Isha Ambani said.
(With inputs from ANI and PTI)

Jio Platforms will open its IPO on October 21. It is set to be the largest  public issue valued at Rs 30,213 crore at the upper end of the price band

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Jio Platforms will be opening its initial public offering for subscription on October 21 and the issue will be valued at Rs 30,213 crore at the upper end of the price band, making it India's largest public issue

Reliance Industries will become India's biggest conglomerate after Jio IPO: Uday Kotak

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