How can UAE residents subscribe to the Jio IPO?

NRIs must have an NRI demat account and either an NRE or NRO bank account to apply for the Jio IPO. The bidding period closes on October 23, 2026.

Dubai: Jio Platforms is set to open for subscription on October 21 in what is being billed as India’s largest initial public offering (IPO). The company aims to raise up to ₹30,213 crore (approximately $3.2 billion or Dh11.8 billion), with shares priced between ₹1,065 and ₹1,119 apiece.

At the upper end of the price band, Jio Platforms would be valued at approximately $108.3 billion (Dh398 billion). Following the listing, Reliance will retain a 66.43 per cent stake in the company.

The IPO will comprise entirely fresh shares worth up to ₹27,500 crore (Dh10.43 billion), with the proceeds earmarked for debt repayment at Reliance Jio Infocomm.

Jio Platforms chairman Akash Ambani described the IPO as “a great responsibility for our shareholders”. He said the listing would mark the beginning of a new journey, with the company’s focus shifting towards growth and creating long-term shareholder value. Mukesh Ambani had outlined plans to take Jio public at the company’s annual general meeting in 2025.

Can UAE residents apply?

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) can apply for the Jio IPO through eligible NRE or NRO bank accounts. UAE residents of other nationalities may not be eligible to participate as retail investors.

There is no separate quota for NRIs. Eligible applicants can bid in the retail category for investments of up to ₹2 lakh, while those investing larger amounts can apply under the non-institutional investor category.

At the upper price band of ₹1,119 per share, a minimum lot of 12 shares would cost ₹13,428, or approximately Dh522.

Here are six steps UAE-based NRIs can follow to apply:

1. Get your bank account ready. You will need an NRE or NRO account. An NRE account generally allows funds to be repatriated abroad, while an NRO account is primarily used to manage income and funds in India, subject to repatriation rules. Keep your PAN and KYC documents ready.
2. Open an NRI demat and trading account. Shares are credited electronically, making a demat account essential. NRIs should have the appropriate demat and trading accounts linked to an eligible NRE or NRO bank account. Account verification can take time, so it is advisable to complete the process early.
3. No PIS account needed for the IPO. NRIs do not need a Portfolio Investment Scheme (PIS) account to subscribe to an IPO.
4. Choose how to apply. Eligible NRIs can apply through supported UPI or ASBA (Application Supported by Blocked Amount) facilities. UPI can be used where the NRE or NRO account and payment service support it. Under ASBA, the application amount remains in the bank account but is blocked until allotment.
5. Submit your bid. Select Jio Platforms, choose the appropriate investor category and enter the number of lots you wish to apply for. Retail investors can select the cut-off price option. If applying through UPI, ensure the payment mandate is approved before the October 23 deadline of 5pm.
6. Keep track of key dates. The IPO is scheduled to close on October 23, with allotment expected on October 26. Refunds and share credits are scheduled for October 27, followed by the stock market listing on October 28.

What if you don’t receive an allotment?

Investors who miss out on the IPO allotment can consider buying Jio Platforms shares once they begin trading on the BSE and NSE, with the listing scheduled for October 28.

However, buying shares in the secondary market involves different account requirements.

For repatriable investments in listed Indian equities, NRIs generally use an NRE account under the Portfolio Investment Scheme (PIS), which allows eligible sale proceeds to be transferred abroad, subject to applicable regulations and taxes.

For non-repatriable investments, NRIs can use an NRO account through the permitted non-PIS route. Such investments are subject to the rules governing the transfer of funds outside India.

NRIs can undertake delivery-based equity trading but are generally not permitted to engage in intraday equity trading.

Investors who receive shares through the IPO may also sell them on listing day. The proceeds are credited to the linked NRE or NRO account, subject to applicable taxes, including tax deducted at source (TDS), where required.