Jio IPO: How UAE NRIs Can Apply, Price Band, Limits

The Jio IPO opens for bids on 21 October, and UAE-based Indian expatriates who qualify as NRIs or OCI cardholders can apply, according to Khaleej Times. Jio Platforms, the digital arm of Reliance Industries, is selling 270 million new shares in the offer.

Jio IPO price band and size

The price band is Rs1,065 to Rs1,119 per share, or about Dh41 to Dh43. At the top of the band, the sale would raise about $3.2 billion (Dh11.7 billion). That would top the $2.9 billion raised by Hyundai Motor India in 2024. The company expects to list around 28 October.

At the top band, the offer values Jio at about Rs10.3 lakh crore ($108 billion). That is roughly 34 times its FY26 net profit. Airtel, by comparison, trades at around 35 times. Meanwhile, Jio has more than 530 million subscribers, and the company will use about Rs27,500 crore of proceeds to repay borrowings at Reliance Jio Infocomm.

How NRIs in the UAE can apply

Applicants need a valid PAN, an NRI demat account and an NRE or NRO bank account with updated KYC. Bidders apply through the bank’s ASBA facility, which blocks the funds. The bank debits only the amount for allotted shares. UPI may not work for NRI accounts, so applicants should confirm the payment method with their bank.

Investors can send shares bought through an NRE account back to the UAE in full. However, they cannot do the same with NRO-funded holdings. UAE residency alone does not make someone eligible. Foreign nationals cannot bid in the retail or non-institutional categories.

Investment limits for NRIs

There is no separate NRI quota, so UAE investors bid alongside resident Indians. One lot is 12 shares, costing Rs13,428 (about Dh520) at the top of the band. In addition, retail bids cap at Rs2 lakh, which allows up to 14 lots. Meanwhile, NRIs who held Reliance Industries shares on 14 October can bid for up to an extra Rs2 lakh in a reserved shareholder category, subject to final terms.

As a result, market experts say most retail applicants may get just one lot. They also advise a long-term view, and note that a weaker rupee reduces returns when converted to dirhams. This article is for information only and is not investment advice.