Jio Platforms Limited, the telecom and digital technology subsidiary of Reliance Industries, has filed its Red Herring Prospectus (RHP) on 14 October 2026, confirming its IPO price band of ₹1,065-₹1,119 per share. The public issue will open on 21 October and close on 23 October 2026, with a minimum lot size of 12 shares.
The Jio Platforms IPO comprises up to 27 crore fresh equity shares, with an indicative issue value of ₹28,755-₹30,213 crore before the employee discount. In FY26, the company reported revenue of ₹1,46,885.3 crore and profit after tax of ₹30,049.1 crore.
This Jio Platforms IPO analysis covers the confirmed issue details, RIL shareholder quota, business model, financial performance, valuation, growth opportunities and key risks investors should understand.
Table of Contents
- Jio Platforms IPO Details and Issue Size
- Jio IPO Latest News and RHP Update
- Jio Platforms IPO Dates and Timeline
- Jio Platforms IPO Investor Allocation
- About Jio Platforms Limited
- Jio Platforms Business Model and Revenue Sources
- Jio Platforms Subscriber Base and Operating Performance
- Jio Platforms Financial Performance FY24 to FY26
- Jio Platforms Q1 FY27 Results
- Jio Platforms Cash Flow, Capital Expenditure and Debt
- Jio Platforms IPO Objectives
- Jio Platforms Shareholding and Management
- Jio Platforms IPO Shareholder Quota for RIL Investors
- Jio Platforms IPO Employee Reservation and Discount
- Jio Platforms IPO Price and Valuation Analysis
- Jio Platforms Technology, AI and Growth Opportunities
- Key Risks of Jio Platforms IPO
- Jio Platforms Litigation and Tax Matters
- Impact of Jio Platforms IPO on Reliance Industries
- Jio Platforms IPO GMP and How to Apply
- Jio Platforms IPO Review: What Investors Should Track
- Conclusion
The Jio Platforms IPO is a mainboard public offering consisting entirely of fresh equity shares. The company will issue up to 27 crore shares, with no offer for sale (OFS) by Reliance Industries, Meta, Google, or other existing shareholders.
At the upper price band of ₹1,119, the issue has a headline value of approximately ₹30,213 crore before adjusting for the employee discount and final allotment.
Jio IPO Details
|
Particulars
|
Details
|
|
Company name
|
Jio Platforms Limited
|
|
Promoter
|
Reliance Industries Limited
|
|
IPO type
|
Mainboard IPO
|
|
Issue structure
|
100% fresh issue
|
|
Fresh issue
|
Up to 27 crore shares
|
|
Offer for sale
|
Nil
|
|
Indicative issue value
|
₹28,755–₹30,213 crore
|
|
Face value
|
₹10 per share
|
|
Price band
|
₹1,065–₹1,119
|
|
Lot size
|
12 shares
|
|
Minimum retail investment
|
₹13,428 at upper band
|
|
Employee discount
|
₹54 per share
|
|
Employee reservation
|
Up to ₹500 crore
|
|
RIL shareholder reservation
|
Up to ₹2,500 crore
|
|
Anchor bidding date
|
19 October 2026
|
|
IPO opening date
|
21 October 2026
|
|
IPO closing date
|
23 October 2026
|
|
Expected listing date
|
28 October 2026
|
|
Listing exchanges
|
BSE and NSE
|
|
Book-building method
|
100% book-built
|
|
Registrar
|
KFin Technologies Limited
|
|
RHP filing date
|
14 October 2026
|
Source: Jio Platforms RHP, Reliance Industries' exchange disclosures dated 14 October 2026. The issue value assumes the full 27 crore shares are issued at the stated prices. The listing date is expected, not final.
/content-assets/e1a25ca576ec42d09fdcfbb7a1d22fdb.png)
Get the latest updates on the JIO Platforms IPO, including the confirmed price band, issue size, subscription dates and investor allocation details.
What is the minimum investment in Jio Platforms IPO?
The minimum application lot is 12 shares, with subsequent bids required in multiples of 12 shares.
|
IPO price
|
Investment for 12 shares
|
|
Floor price: ₹1,065
|
₹12,780
|
|
Cap price: ₹1,119
|
₹13,428
|
Retail investors applying for one lot at the upper price band will need ₹13,428.
Eligible employees receive a separate ₹54 per share discount under the employee reservation, while no equivalent discount has been announced for the RIL shareholder category.
Why does the fresh issue structure matter?
A fresh issue creates new equity shares and raises capital for the company. In contrast, an OFS allows existing shareholders to sell their holdings, with the proceeds going to the selling shareholders.
Since the IPO has no OFS, the funds raised will go to Jio Platforms, primarily for the prepayment of specified borrowings at Reliance Jio Infocomm Limited (RJIL).
Existing shareholders will not receive proceeds from selling shares through the IPO. However, their percentage ownership will be diluted as new shares are issued.
The proposed issue is also significant in terms of size. At the upper price band, its indicative gross value of ₹30,213 crore would exceed Hyundai Motor India's approximately ₹27,870 crore IPO in 2024, potentially making Jio Platforms India's largest IPO by funds raised, subject to final pricing and issuance.
Jio Platforms has completed an important stage in its public offering process following the filing of its RHP with the Registrar of Companies, Gujarat, on 14 October 2026.
The company had initially filed its DRHP on 19 June 2026 and received SEBI's observation letter on 28 August 2026.
On 14 October 2026, the IPO committee also approved the official price band, 12-share minimum bid lot and ₹54 per share employee discount.
Latest confirmed Jio Platforms IPO developments
The important updates as of 15 October 2026 are:
-
Official price band announced: ₹1,065–₹1,119 per share.
-
IPO subscription dates confirmed: 21–23 October 2026.
-
Anchor investor bidding: 19 October 2026.
-
Minimum lot size: 12 shares.
-
RIL shareholder quota: Up to ₹2,500 crore, with eligibility linked to 14 October 2026.
-
Employee reservation: Up to ₹500 crore, with a ₹54 per share discount.
-
Issue structure: Up to 27 crore fresh shares, without an OFS.
These terms replace the earlier media-reported expectations about the IPO price and subscription window.
The earlier estimate of approximately ₹37,700 crore should no longer be used as the current issue size. Based on the announced price band, the proposed 27 crore shares have an indicative gross value of ₹28,755–₹30,213 crore before the employee discount.
However, the final issue price, actual proceeds, allotment outcome and listing performance will be determined later in the IPO process.
The Jio Platforms IPO will open for public subscription on Wednesday, 21 October 2026, and close on Friday, 23 October 2026.
Anchor investor bidding will take place on Monday, 19 October 2026, before the public subscription window.
Jio Platforms IPO Important Dates
|
IPO event
|
Date or status
|
|
DRHP filing
|
19 June 2026
|
|
SEBI observation letter
|
28 August 2026
|
|
RHP filing
|
14 October 2026
|
|
Price band announcement
|
14 October 2026
|
|
Anchor investor bidding
|
19 October 2026
|
|
IPO opens
|
21 October 2026
|
|
IPO closes
|
23 October 2026
|
|
UPI mandate deadline
|
23 October, 7:00 PM IST
|
|
Basis of allotment
|
To be confirmed
|
|
Refunds and demat credit
|
To be confirmed
|
|
Expected listing
|
28 October 2026
|
The deadline for accepting UPI mandates is 7:00 PM IST on 23 October 2026.
Investors should submit applications and approve payment mandates within the applicable deadlines of their bank or brokerage platform.
The expected listing date is not a guarantee of listing on that day. Any subsequent schedule changes should be checked through official company and exchange announcements.
Jio Platforms has provided separate reservations for eligible Reliance Industries shareholders and employees.
After accounting for these reserved portions, the remaining net issue follows the allocation framework applicable to its book-built public offering.
Jio Platforms IPO Reservation and Allocation
|
Investor category
|
Allocation
|
|
Qualified Institutional Buyers (QIBs)
|
Not more than 50% of net issue
|
|
Retail Individual Investors (RIIs)
|
Not less than 35% of net issue
|
|
Non-Institutional Investors (NIIs)
|
Not less than 15% of net issue
|
|
Eligible RIL shareholders
|
Reservation up to ₹2,500 crore
|
|
Eligible employees
|
Reservation up to ₹500 crore
|
The employee and RIL shareholder reservations are part of the overall IPO, not additional shares issued over and above the proposed 27 crore equity shares.
For retail investors, the allocation framework is important because allotment depends on the number of valid applications and shares available in the relevant category.
The separate RIL shareholder reservation creates an additional application category for eligible investors, but it does not guarantee allotment.
Jio Platforms Limited was incorporated on 15 November 2019 and operates as the digital technology subsidiary of Reliance Industries Limited.
Its material subsidiary, Reliance Jio Infocomm Limited (RJIL), provides mobile and fixed broadband connectivity across India.
Beyond telecom services, Jio Platforms has businesses and investments in cloud computing, digital entertainment, enterprise connectivity, software, artificial intelligence and Internet of Things (IoT).
Jio Platforms combines its proprietary digital technologies with a nationwide connectivity network to provide digital services to consumers and businesses.
Jio Platforms Corporate Structure
|
Entity
|
Business relationship
|
|
Reliance Industries Limited
|
Promoter and controlling shareholder
|
|
Jio Platforms Limited
|
IPO issuer and digital technology holding company
|
|
Reliance Jio Infocomm Limited
|
Material telecom operating subsidiary
|
|
Other Jio Platforms subsidiaries
|
Software, cloud, AI, IoT and digital services
|
Jio Platforms' wider portfolio includes businesses associated with Radisys, Jio Haptik, Jio Things, Saavn Media and other technology subsidiaries.
Importantly, Jio Platforms is different from Jio Financial Services Limited. Not every business operating under the Jio or Reliance brand is included in the Jio Platforms IPO.
Investors should assess the financial performance of the businesses included in Jio Platforms' consolidated accounts rather than treating the entire Reliance digital ecosystem as part of the proposed listing.
Jio Platforms operates a connectivity-led business supported by digital technologies and services.
Its core earnings come from a large telecommunications customer base, while broadband, enterprise solutions, cloud computing and AI-related offerings provide opportunities for additional revenue.
1. Mobile connectivity
Mobile services remain the foundation of Jio Platforms' business.
Through RJIL, the company provides prepaid and postpaid connectivity over its 4G and 5G networks.
Revenue growth in this business is influenced by:
-
Customer additions and the number of paying subscribers
-
Average revenue per user (ARPU)
-
Prepaid and postpaid subscriber mix
-
Customer retention and monthly churn
-
Tariff changes and higher-value plans
-
Data usage and bundled digital services
Jio's large subscriber base makes ARPU particularly important.
Higher average revenue per subscriber can support revenue growth without requiring the same rate of customer additions.
However, higher revenue does not automatically result in equivalent profit growth because network costs, depreciation and financing expenses also affect earnings.
2. JioFiber and JioAirFiber
Jio provides fixed broadband connectivity through JioFiber and JioAirFiber.
JioFiber uses fibre infrastructure, while JioAirFiber provides fixed wireless broadband access using wireless technologies.
This allows Jio to serve locations where conventional fibre installation may be difficult or expensive.
As of June 2026, the combined JioFiber and JioAirFiber subscriber base stood at 2.86 crore, including approximately 1.40 crore JioAirFiber customers.
The broadband business creates opportunities for recurring connectivity revenue and additional services involving entertainment, cloud computing and connected-home products.
However, its profitability depends on installation expenditure, equipment costs, customer retention and average revenue generated over time.
3. Digital entertainment and consumer applications
Jio Platforms offers or bundles digital entertainment and related services through products such as JioTV+, JioSaavn, JioGames and JioHotstar.
These services can increase customer engagement and enhance the value of connectivity plans.
However, subscriptions bundled with telecom services should not automatically be treated as separate, independently profitable businesses.
4. Cloud computing and digital products
The company's digital portfolio includes JioAICloud, JioPC, JioHome and connected devices.
JioAICloud provides cloud-related services, while JioPC supports virtual computing applications.
These products may create additional monetisation opportunities through subscriptions, product sales and bundled services.
Their long-term contribution will depend on customer adoption, pricing and operating costs.
5. Enterprise connectivity, IoT and managed services
Jio Platforms also serves businesses through JioBusiness, internet leased lines, enterprise broadband and managed network services.
Its enterprise offerings include private 5G networks, cloud and security services, managed Wi-Fi, communication platforms, IoT and JioThings.
The company also provides AI-related enterprise solutions through JioBrain.
Enterprise services can expand Jio's revenue sources beyond consumer mobile subscriptions.
Nevertheless, contract economics, customer acquisition costs and the ability to deliver services profitably remain important.
How dependent is Jio Platforms on telecom revenue?
Although Jio Platforms has a broad portfolio of digital products, its financial performance remains heavily dependent on RJIL and connectivity services.
This dependence is reflected in the company's FY26 and Q1 FY27 financial figures.
|
Revenue concentration indicator
|
Reported contribution
|
|
RJIL share of FY26 consolidated revenue
|
87.74%
|
|
RJIL share of Q1 FY27 revenue
|
87.34%
|
|
RJIL share of FY26 EBITDA
|
94.88%
|
|
RJIL share of FY26 PAT
|
93.76%
|
|
Prepaid connectivity share of FY26 revenue
|
77.08%
|
|
Prepaid connectivity share of Q1 FY27 revenue
|
76.37%
|
|
India share of FY26 revenue
|
96.62%
|
These figures establish three important characteristics of Jio's financial performance.
First, RJIL generates the majority of consolidated earnings. It contributed almost 95% of EBITDA and nearly 94% of PAT in FY26.
Second, prepaid connectivity remains the largest identifiable revenue source. Prepaid services contributed more than three-quarters of FY26 operating revenue.
Third, Jio remains predominantly an India-focused business, with the domestic market contributing 96.62% of operating revenue.
The company also disclosed that Reliance Retail Limited is the sole distributor of its prepaid connectivity services. This creates a material related-party distribution dependency.
Jio Platforms reports a single operating segment under Ind AS 108. Standalone revenue and profit contributions for many individual cloud, AI and software products are not separately disclosed.
Therefore, investors should distinguish Jio's established connectivity earnings from the potential future contribution of its broader technology portfolio.
Jio Platforms' subscriber base is one of its most important operating strengths.
RJIL served 53.33 crore customers as of 30 June 2026, compared with 49.81 crore customers a year earlier.
The company added approximately 89 lakh net customers during Q1 FY27.
alag mt kro sirf 2 table banao q1 fy26 ka and q1 fy27 ka
Jio Platforms Q1 FY26 Operating Metrics
|
Operating Indicator
|
Q1 FY26
|
|
Total customers
|
49.81 crore
|
|
Net customer additions
|
99 lakh
|
|
Monthly ARPU
|
₹208.8
|
|
Quarterly data traffic
|
54.7 billion GB
|
|
Monthly data use per customer
|
37.0 GB
|
|
Monthly churn
|
1.84%
|
Jio Platforms Q1 FY27 Operating Metrics
|
Operating Indicator
|
Q1 FY27
|
|
Total customers
|
53.33 crore
|
|
Net customer additions
|
89 lakh
|
|
Monthly ARPU
|
₹215.6
|
|
Quarterly data traffic
|
69.4 billion GB
|
|
Monthly data use per customer
|
43.7 GB
|
|
Monthly churn
|
1.61%
|
Subscriber growth and ARPU improvement
Jio's customer base increased by approximately 7.1% year-on-year.
Monthly ARPU also increased by approximately 3.3%, from ₹208.8 to ₹215.6.
Together, customer additions and higher ARPU supported the company's revenue growth.
However, net additions during Q1 FY27 were lower than the 99 lakh recorded in Q1 FY26.
This makes customer retention and average monetisation increasingly relevant to future revenue growth.
Data consumption and customer retention
Quarterly data traffic increased by approximately 26.9%, from 54.7 billion GB to 69.4 billion GB.
Average monthly data consumption per customer rose from 37.0 GB to 43.7 GB.
At the same time, monthly churn declined from 1.84% to 1.61%.
Higher data consumption indicates increased network usage, while lower churn indicates improved customer retention during the reported period.
However, increasing data traffic may also require further network capacity investment.
Jio 5G subscribers and fixed broadband customers
Jio had approximately 28.49 crore 5G subscribers as of June 2026.
Its fixed broadband customer base reached 2.86 crore, including around 1.40 crore JioAirFiber subscribers.
As of June 2026, Jio's network infrastructure and coverage included the following:
|
Network indicator
|
June 2026
|
|
Total 5G customers
|
28.49 crore
|
|
Fixed broadband customers
|
2.86 crore
|
|
JioAirFiber customers
|
1.40 crore
|
|
Network towers accessible
|
3,60,537
|
|
Wireless broadband population coverage
|
Over 99%
|
|
Fixed broadband coverage
|
Approximately 98% of Indian PIN codes
|
|
Spectrum holdings
|
26,800.8 MHz
|
Jio's extensive network provides the capacity to deliver mobile and fixed connectivity across a large geographical area.
However, the financial benefit depends on how effectively the company converts network usage into revenue and profit.
For investors, ARPU, churn, broadband economics and network investment requirements will be as important as the total number of subscribers.
Jio Platforms reported consistent growth in consolidated revenue, EBITDA and profit after tax between FY24 and FY26.
Its restated financial statements show an improvement in operating profitability, although return on average capital employed declined during FY26.
Jio Platforms Revenue and EBITDA Growth
|
Financial Year
|
Revenue from Operations
|
|
FY24
|
₹1,09,558.1 crore
|
|
FY25
|
₹1,28,218.4 crore
|
|
FY26
|
₹1,46,885.3 crore
|
EBITDA
|
Financial Year
|
EBITDA
|
|
FY24
|
₹54,958.7 crore
|
|
FY25
|
₹64,170.0 crore
|
|
FY26
|
₹76,255.4 crore
|
Revenue increased approximately 14.6% year-on-year in FY26, while EBITDA grew approximately 18.8%.
The faster growth in EBITDA indicates an improvement in operating profitability relative to revenue.
Jio Platforms Profit After Tax and EBITDA Margin
Jio Platforms' PAT rose to ₹30,049.1 crore in FY26, while EBITDA margin improved to 51.91%.
Profit After Tax
|
Financial Year
|
Profit After Tax
|
|
FY24
|
₹21,423.2 crore
|
|
FY25
|
₹26,109.0 crore
|
|
FY26
|
₹30,049.1 crore
|
EBITDA Margin
|
Financial Year
|
EBITDA Margin
|
|
FY24
|
50.16%
|
|
FY25
|
50.05%
|
|
FY26
|
51.91%
|
Jio Platforms' FY26 profit after tax increased approximately 15.1%, crossing ₹30,000 crore.
The EBITDA margin improved by approximately 186 basis points, from 50.05% in FY25 to 51.91% in FY26.
This indicates that the company generated higher operating earnings for each rupee of revenue.
However, EBITDA does not account for interest, depreciation, taxes or the capital expenditure required to maintain and expand the network.
Jio Platforms Profitability and Return Ratios
Jio's return ratios provide an additional perspective on financial performance.
Return on Average Net Worth
|
Financial Year
|
Return
|
|
FY24
|
8.02%
|
|
FY25
|
8.97%
|
|
FY26
|
9.42%
|
Return on Average Capital Employed
|
Financial Year
|
Return
|
|
FY24
|
12.83%
|
|
FY25
|
12.50%
|
|
FY26
|
10.76%
|
Return on average net worth improved from 8.02% in FY24 to 9.42% in FY26.
However, return on average capital employed (ROACE) declined from 12.50% in FY25 to 10.76% in FY26, even as EBITDA margins improved.
This distinction matters because telecommunications businesses require substantial investments in spectrum, network infrastructure and equipment.
Investors should evaluate not only whether Jio generates higher profits but also whether those earnings produce better returns on the capital employed.
Other FY26 Financial Indicators
|
Financial indicator
|
FY26
|
|
Basic earnings per share
|
₹33.63
|
|
Diluted earnings per share
|
₹33.59
|
|
Net worth
|
₹3,34,013.4 crore
|
|
PAT margin
|
20.46%
|
|
Net leverage
|
0.36 times
|
The company's FY26 PAT margin improved slightly from 20.36% in FY25 to 20.46%.
Net leverage also improved, reflecting lower net debt relative to annual EBITDA under the company's disclosed calculation.
These figures are based on the company's pre-IPO capital structure. Post-issue valuation calculations need to account for the additional equity shares.
Jio Platforms continued to report revenue and EBITDA growth in the quarter ended 30 June 2026.
However, its profit after tax increased more slowly than EBITDA, indicating that costs below the operating earnings level remained significant.
Jio Platforms Q1 FY27 Financial Results
|
Particulars
|
Q1 FY26
|
|
Revenue from operations
|
₹35,032.3 crore
|
|
EBITDA
|
₹18,135.1 crore
|
|
EBITDA margin
|
51.77%
|
|
Profit after tax
|
₹7,110.1 crore
|
|
PAT margin
|
20.30%
|
|
Operating cash flow
|
₹20,906.5 crore
|
Jio Platforms Q1 FY27 Financial Results
|
Particulars
|
Q1 FY27
|
|
Revenue from operations
|
₹39,172.9 crore
|
|
EBITDA
|
₹20,864.5 crore
|
|
EBITDA margin
|
53.26%
|
|
Profit after tax
|
₹7,764.1 crore
|
|
PAT margin
|
19.82%
|
|
Operating cash flow
|
₹23,445.9 crore
|
What changed in Q1 FY27?
Revenue increased 11.8% year-on-year.
Customer additions, ARPU improvement, and expansion of digital services supported growth.
EBITDA increased 15.1% year-on-year.
The EBITDA margin expanded by approximately 149 basis points, from 51.77% to 53.26%.
Profit after tax increased 9.2% year-on-year.
PAT growth was slower than EBITDA growth, while the PAT margin declined by approximately 48 basis points to 19.82%.
Operating cash flow increased 12.1% year-on-year.
The company generated ₹23,445.9 crore of cash from operating activities during the quarter.
Why did profit grow more slowly than EBITDA?
Jio Platforms' operating performance improved during Q1 FY27, but higher depreciation and financing costs affected bottom-line growth.
Reliance Industries' quarterly results show that Jio's depreciation increased from approximately ₹6,479 crore to ₹7,458 crore.
Finance costs rose from ₹2,105 crore to ₹2,980 crore, up about 41.6%.
These expenses are important because Jio operates a capital-intensive telecommunications network, including substantial 5G infrastructure.
While EBITDA reflects operating performance before these expenses, profit after tax includes their impact.
This difference makes the company's debt repayment plans relevant to its future earnings.
Jio Platforms' borrowings declined further in June 2026
Jio Platforms' total borrowings also declined during Q1 FY27.
|
Reporting date
|
Total borrowings
|
|
31 March 2026
|
₹70,781.0 crore
|
|
30 June 2026
|
₹61,372.2 crore
|
Total borrowings declined by approximately ₹9,408.8 crore in three months.
This indicates an improvement in the reported borrowing position before the IPO.
However, investors should not assume that the full reduction in borrowings translates directly into equivalent interest savings.
The actual impact depends on the type of borrowing, repayment terms, timing, and other financing obligations.
For Jio Platforms, cash generation is particularly important because telecommunications infrastructure requires continuous investment.
Between FY24 and FY26, Jio Platforms generated higher operating cash flow while its reported cash capital expenditure declined.
Jio Platforms Operating Cash Flow
|
Financial year
|
Operating cash flow
|
|
FY24
|
₹57,661.6 crore
|
|
FY25
|
₹68,155.7 crore
|
|
FY26
|
₹77,556.3 crore
|
Operating cash flow increased by approximately 13.8% in FY26.
This provides financial resources for investment, borrowing repayments, and other business requirements.
However, operating cash flow alone does not represent the cash remaining after capital expenditure.
Jio Platforms Capital Expenditure
|
Financial year
|
Cash capex
|
|
FY24
|
₹53,509.6 crore
|
|
FY25
|
₹44,268.0 crore
|
|
FY26
|
₹34,184.3 crore
|
The company's reported cash capex declined by approximately 36% between FY24 and FY26.
Combined with higher EBITDA, this improved the company's disclosed EBITDA less cash capex metric.
EBITDA Less Cash Capex
|
Financial year
|
EBITDA less cash capex
|
|
FY24
|
₹1,449.1 crore
|
|
FY25
|
₹19,902.0 crore
|
|
FY26
|
₹42,071.1 crore
|
EBITDA less cash capex increased significantly, from ₹1,449.1 crore in FY24 to ₹42,071.1 crore in FY26.
This indicates that higher operating earnings remained after the defined cash capital expenditure.
However, EBITDA less cash capex is not the same as free cash flow. It does not incorporate all taxes, working-capital movements, financing payments and other relevant cash-flow items.
It is also important not to assume that recent capital expenditure levels will remain unchanged.
Future network upgrades, broadband expansion, spectrum requirements and technology investments could increase spending.
Jio Platforms Debt and Leverage
Jio's reported total borrowings have changed considerably over the past three years.
|
Financial period
|
Total borrowings
|
|
FY24
|
₹54,348.9 crore
|
|
FY25
|
₹73,060.3 crore
|
|
FY26
|
₹70,781.0 crore
|
|
Q1 FY27
|
₹61,372.2 crore
|
Borrowings increased substantially in FY25 before declining in FY26 and Q1 FY27.
The company's net leverage improved from 0.71 times in FY25 to 0.36 times in FY26.
Nevertheless, the overall financing position must also account for deferred spectrum liabilities, capital expenditure creditors and other obligations.
The proposed IPO-funded debt prepayment may further strengthen Jio's balance sheet, but its effect will depend on the actual use of proceeds.
The primary objective of the Jio Platforms IPO is to strengthen the financial position of its telecom subsidiary, Reliance Jio Infocomm Limited, through debt prepayment.
Jio Platforms plans to use the net IPO proceeds for the prepayment of specified RJIL borrowings and general corporate purposes.
Proposed Utilisation of IPO Proceeds
|
Objective
|
Proposed utilisation
|
|
Prepayment of RJIL borrowings
|
Up to ₹27,500 crore, as quantified in offer documentation
|
|
General corporate purposes
|
Remaining proceeds, subject to applicable limits
|
The company's earlier offer documentation quantified up to ₹27,500 crore for the prepayment, in full or in part, of specified RJIL borrowings.
Why is Jio Platforms using IPO proceeds for debt repayment?
Debt repayment could reduce borrowing obligations and associated finance costs.
This is particularly relevant because Jio's Q1 FY27 finance costs increased by approximately 41.6% year-on-year.
Reducing debt may provide greater financial flexibility for future network investment and other business requirements.
However, the actual benefit will depend on:
-
The amount of debt repaid
-
Interest rates on the borrowings
-
Repayment timing and related charges
-
Other financing and spectrum obligations
The IPO is therefore primarily a balance-sheet transaction rather than a dedicated fundraise for a newly announced AI project, data centre or acquisition.
Since there is no OFS, existing shareholders will not receive proceeds from selling shares through the issue.
Reliance Industries Limited remains the promoter and controlling shareholder of Jio Platforms.
The company's other shareholders include major international technology companies, sovereign investment funds and private equity investors.
Jio Platforms Pre-IPO Shareholding Pattern
|
Shareholder
|
Pre-IPO holding
|
|
Reliance Industries
|
66.43%
|
|
Jaadhu Holdings, Meta affiliate
|
9.98%
|
|
Google International
|
7.73%
|
|
Public Investment Fund, Saudi Arabia
|
2.31%
|
|
KKR affiliate
|
2.31%
|
|
Vista Equity Partners affiliate
|
2.31%
|
|
Silver Lake affiliate
|
1.88%
|
|
Mubadala affiliate
|
1.85%
|
|
General Atlantic affiliate
|
1.34%
|
|
Abu Dhabi Investment Authority affiliate
|
1.16%
|
|
TPG affiliate
|
0.93%
|
|
Other shareholders
|
Approximately 1.75%
|
How will the IPO change Reliance Industries' ownership?
Before the proposed issue, Jio Platforms had approximately 893.90 crore existing equity shares.
If the company issues the entire 27 crore fresh shares, the post-issue share count would increase to approximately 920.90 crore shares, assuming no other capital changes.
|
Shareholding indicator
|
Illustrative figure
|
|
Pre-IPO equity shares
|
893.90 crore
|
|
Proposed fresh shares
|
27 crore
|
|
Post-IPO equity shares
|
920.90 crore
|
|
Fresh issue as percentage of post-issue equity
|
2.93%
|
|
RIL holding before IPO
|
66.43%
|
|
Illustrative RIL holding after IPO
|
64.48%
|
Under these assumptions, Reliance Industries' stake would decline from 66.43% to approximately 64.48%.
However, RIL would continue to hold a controlling interest without selling its existing shares.
The final post-issue shareholding will depend on the actual number of shares issued and any other changes to equity capital.
Jio Platforms Management and Governance
Jio Platforms' board includes members of the Reliance Group's leadership and independent directors.
|
Executive
|
Designation
|
|
Mukesh D. Ambani
|
Chairman and Non-Executive Director
|
|
Akash M. Ambani
|
Managing Director
|
|
Pankaj Mohan Pawar
|
Chief Executive Officer
|
|
Saurabh Sancheti
|
Chief Financial Officer
|
The board also includes Isha M. Ambani, Anant M. Ambani and five independent directors.
The company's joint statutory auditors are Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP.
The company has stated that no audit qualifications remain unadjusted in its restated consolidated financial information.
Investors should continue to monitor governance disclosures, related-party transactions and board oversight after listing.
The Jio Platforms IPO Shareholder Quota allows eligible Reliance Industries shareholders to apply under a separate reserved category.
Jio Platforms has reserved shares worth up to ₹2,500 crore for eligible RIL shareholders.
Importantly, the eligibility date has now been confirmed following the filing of the RHP.
Who is eligible for the Jio Platforms IPO shareholder quota?
Eligible applicants are individuals and Hindu Undivided Families (HUFs) who held equity shares of Reliance Industries as public shareholders on 14 October 2026, the date of the RHP filing, subject to the eligibility requirements.
Therefore, purchasing RIL shares after the eligibility cut-off does not qualify an investor for the reservation in this IPO.
The applicable beneficial ownership and settlement requirements are governed by the prospectus.
Jio Platforms IPO Shareholder Quota Details
|
Particulars
|
Details
|
|
Eligible company
|
Reliance Industries Limited
|
|
Shareholding eligibility date
|
14 October 2026
|
|
Reservation size
|
Up to ₹2,500 crore
|
|
Eligible investors
|
Individuals and HUFs, subject to conditions
|
|
Maximum bid under shareholder quota
|
₹2 lakh
|
|
Shareholder discount
|
No separate discount
|
|
Allotment
|
Subject to valid bids and allocation rules
|
Can RIL shareholders apply in the retail category as well?
Eligible RIL shareholders may apply under the shareholder reservation and another permitted investor category, subject to the applicable bidding rules and limits.
The category selected must match the investor's eligibility.
The separate reservation does not automatically guarantee a higher probability of allotment. The outcome depends on the number of eligible applications and shares available.
Holding RIL shares does not entitle investors to free Jio Platforms shares. Eligible shareholders must submit a valid IPO application if they wish to participate.
Jio Platforms has also reserved equity shares worth up to ₹500 crore for eligible employees.
Unlike the shareholder reservation, the employee category includes a price discount.
Jio Platforms Employee IPO Discount
|
Particulars
|
Details
|
|
Employee reservation
|
Up to ₹500 crore
|
|
Employee discount
|
₹54 per share
|
|
IPO upper price band
|
₹1,119
|
|
Effective employee price at upper band
|
₹1,065
|
|
Minimum bid lot
|
12 shares
|
|
Minimum lot cost at discounted upper price
|
₹12,780
|
The ₹54 discount applies to the final issue price for eligible employees bidding under the employee reservation.
For example, if the final issue price is ₹1,119, eligible employees would pay ₹1,065 per share after the discount, subject to applicable conditions.
This discount is not available merely because an investor holds Reliance Industries shares.
The employee and shareholder reservations are separate provisions within the proposed fresh issue.
The official Jio Platforms IPO Price band of ₹1,065–₹1,119 allows investors to assess the company's valuation using confirmed pricing rather than earlier market estimates.
Valuation is particularly important because Jio Platforms combines a large, profitable telecommunications business with technology-driven growth opportunities.
Its subscriber scale, cash generation and operating profitability provide a financial foundation. However, valuation must also account for capital expenditure, borrowing requirements and the concentration of earnings in RJIL.
Jio Platforms IPO Valuation at the Official Price Band
Assuming the full 27 crore fresh shares are issued, the post-issue share count would be approximately 920.90 crore shares.
Valuation at the Lower Price Band
|
Valuation Metric
|
At ₹1,065
|
|
Indicative gross issue value
|
₹28,755 crore
|
|
Post-issue market capitalisation
|
₹9.81 lakh crore
|
|
Illustrative FY26 post-issue EPS
|
₹32.63
|
|
Historical FY26 P/E
|
32.6 times
|
Valuation at the Upper Price Band
|
Valuation Metric
|
At ₹1,119
|
|
Indicative gross issue value
|
₹30,213 crore
|
|
Post-issue market capitalisation
|
₹10.30 lakh crore
|
|
Illustrative FY26 post-issue EPS
|
₹32.63
|
|
Historical FY26 P/E
|
34.3 times
|
Calculations assume issuance of all 27 crore shares and no other change in share capital. Gross issue values exclude the effect of the employee discount. EPS and P/E are calculated using FY26 consolidated PAT of ₹30,049.1 crore, without adjusting for possible post-IPO financing benefits.
At the upper price band of ₹1,119, Jio Platforms would have an indicative post-issue market capitalisation of approximately ₹10.30 lakh crore and a historical FY26 P/E ratio of around 34.3 times.
What does Jio Platforms' P/E valuation indicate?
The price-to-earnings ratio compares the equity valuation of a business with its net profit.
A historical P/E of 34.3 times means the illustrative equity valuation is approximately 34.3 times the company's FY26 consolidated earnings.
However, a P/E ratio alone does not establish whether an IPO is attractively valued.
Investors should also examine earnings growth, future financing costs, capital investment, return on capital and cash generation.
In Jio's case, the difference between strong EBITDA growth and slower PAT growth in Q1 FY27 is especially relevant.
How should investors evaluate Jio Platforms' valuation?
Several financial measures are useful alongside the historical P/E ratio.
EV/EBITDA: This compares enterprise value with operating earnings before depreciation and financing expenses. It can help assess companies with different capital structures, provided debt, cash and spectrum-related obligations are treated consistently.
Operating cash flow and free cash flow: Jio's operating cash flow has increased, but investors should assess how much remains after necessary capital expenditure and other cash requirements.
Return on capital: ROACE declined from 12.50% in FY25 to 10.76% in FY26 despite higher earnings. An improvement in capital efficiency would be important for future valuation.
Subscriber monetisation: Growth in ARPU, fixed broadband and enterprise services could influence future earnings.
Technology revenue: Cloud, AI, IoT and international technology licensing may offer additional opportunities, but investors should not assign value to future growth without considering the evidence of commercial earnings.
Reliance Industries' acquisition cost of Jio Platforms shares
Reliance Industries' weighted average acquisition cost was ₹89.58 per Jio Platforms share.
It also states that RIL did not acquire additional Jio Platforms shares during the one-year period preceding the RHP.
This is a historical cost disclosure, not an independent measure of the company's fair value.
Jio's scale, financial performance, capital structure and business operations have changed over time.
Therefore, comparing the IPO price directly with RIL's historical acquisition cost does not, by itself, establish whether the issue is appropriately valued.
Jio Platforms IPO Valuation Compared with Telecom Peers
Bharti Airtel and Vodafone Idea are the principal listed Indian telecom peers used for comparing Jio Platforms' financial and operating performance.
However, direct comparisons require care.
The companies differ in their subscriber mix, profitability, borrowing levels, spectrum liabilities and business activities.
Jio Platforms also includes digital technology subsidiaries beyond its principal telecom operations.
For this reason, applying a pure technology-company valuation multiple to Jio's entire business without considering its connectivity dependence could be misleading.
Investors should compare valuation multiples alongside earnings quality, operating performance, cash flow and return on capital.
Jio Platforms has been expanding its technology capabilities beyond traditional telecommunications services.
Jio's technology workforce, patent applications and proprietary AI products provide insight into the scale of its technology development activities.
These capabilities could support future revenue diversification, although the commercial contribution of individual technology businesses is not separately disclosed in full.
Jio Platforms Technology Workforce and Patent Applications
As of 30 June 2026, Jio Platforms had 12,477 full-time employees working in digital products and technology development, representing approximately 45% of its full-time workforce.
The company also reported 7,220 patent applications globally.
|
Technology indicator
|
June 2026
|
|
Digital products and technology employees
|
12,477
|
|
Share of full-time workforce
|
Approximately 45%
|
|
Total patent applications
|
7,220
|
|
Patent applications in India
|
2,655
|
|
Patent applications overseas
|
4,565
|
The patent applications cover technologies including 4G, 5G, 6G, cloud-native network systems, AI-driven automation and other digital technologies.
These figures indicate substantial research and development activity.
However, patent applications are not equivalent to granted patents, commercial products or guaranteed revenue.
JioBrain and Artificial Intelligence
Jio Platforms uses its proprietary JioBrain AI platform in network operations.
JioBrain supports capacity allocation, fault prediction, automated decision-making and real-time network optimisation.
Such applications can support network management and operational efficiency.
The company also aims to extend its AI capabilities to enterprise customers and potentially international markets.
However, the financial contribution of these initiatives needs to be evaluated through future revenue, margin and cash-flow disclosures.
1. ARPU improvement and mobile subscriber monetisation
Jio's large subscriber base provides opportunities to grow revenue through improved monetisation.
The company's monthly ARPU has increased over the past three financial years.
|
Period
|
Monthly ARPU
|
|
FY24
|
₹181.7
|
|
FY25
|
₹206.2
|
|
FY26
|
₹214.0
|
|
Q1 FY27
|
₹215.6
|
ARPU increased from ₹181.7 in FY24 to ₹214.0 in FY26, indicating improved average revenue per subscriber.
Future growth may depend on tariff changes, customer mix, premium connectivity products and bundled digital services.
However, investors should assess ARPU improvements alongside subscriber growth, churn and competitive conditions.
2. 5G monetisation
Jio had approximately 28.49 crore 5G customers by June 2026.
This provides a large base for potential monetisation through higher-value connectivity plans and enterprise applications.
The financial benefit will depend on pricing, service adoption and the additional network investment required.
Higher 5G usage alone does not guarantee proportionate revenue growth.
3. JioFiber and JioAirFiber expansion
Jio's fixed broadband business reached 2.86 crore customers as of June 2026.
India's fixed broadband penetration remains relatively low compared with several international markets, leaving room for further expansion.
This provides opportunities for Jio to expand household broadband, digital entertainment, connected-home and cloud services.
However, subscriber acquisition costs, installation expenditure and customer economics will determine the profitability of expansion.
4. Enterprise technology and cloud services
Jio's enterprise portfolio includes private 5G networks, managed services, cloud solutions, IoT, cybersecurity and AI-related products.
These businesses could diversify revenue beyond consumer connectivity over time.
However, Jio does not separately disclose a complete profit breakdown for individual enterprise and digital products.
Investors should therefore monitor evidence of additional recurring revenue and sustainable profitability.
5. International technology monetisation
Jio Platforms has identified overseas monetisation of its proprietary telecommunications and digital technology platforms as a growth strategy.
Its technology portfolio includes cloud-native network architecture, 5G systems and AI-based network management.
International expansion could broaden its addressable market, but meaningful commercial success will depend on contracts, customer adoption, pricing and execution.
6. Lower capital intensity and cash generation
The decline in cash capex from ₹53,509.6 crore in FY24 to ₹34,184.3 crore in FY26 is another important financial development.
If operating earnings continue growing without proportionate increases in investment requirements, Jio may be able to generate stronger cash flows.
However, future technology upgrades and spectrum requirements may increase capital expenditure.
The sustainability of lower capital intensity will therefore remain an important factor in the company's long-term valuation.
Jio Platforms faces several risks related to its telecommunications operations, business relationships, technology systems and regulatory requirements.
The following table summarises ten key internal risks that could affect the company's operations and financial performance.
Top 10 Key Risks of Jio Platforms
|
Risk factor
|
Why it matters
|
|
Licence and spectrum renewal
|
Failure to maintain licences or obtain necessary spectrum could disrupt telecom operations
|
|
Related-party arrangements
|
Dependence on RIL, Reliance Retail and other group entities creates operational exposure
|
|
Prepaid distribution concentration
|
Reliance Retail is the sole distributor of prepaid connectivity services
|
|
Dependence on RJIL
|
RJIL generates most of Jio Platforms' revenue, EBITDA and PAT
|
|
Network reliability
|
Major network outages could affect customers, revenue and reputation
|
|
Technological obsolescence
|
Delayed upgrades may reduce competitiveness and increase customer churn
|
|
Jio brand and intellectual property
|
Shared use of the Jio brand creates exposure to reputational events across the group
|
|
Passive infrastructure concentration
|
Dependence on a limited number of tower and fibre providers creates infrastructure risk
|
|
Cybersecurity and data privacy
|
Security incidents could cause operational, regulatory and financial consequences
|
|
AI and machine learning
|
Model errors or algorithmic bias could affect operations and reputation
|
Revenue concentration and related-party risks
One of the most important risks is Jio Platforms' dependence on RJIL.
RJIL contributed 87.74% of consolidated revenue, 94.88% of EBITDA and 93.76% of PAT in FY26.
Any material deterioration in RJIL's operations could therefore significantly affect Jio Platforms' consolidated financial performance.
The Reliance Retail distribution arrangement also creates concentration risk because prepaid connectivity accounts for most of Jio's revenue.
Capital expenditure, competition and financing risks
Beyond the ten internal risks highlighted above, investors should also consider the broader financial risks associated with the telecommunications industry.
These include competition, customer pricing, network investment, financing costs and future spectrum payments.
Although Jio's reported cash capex declined in FY26, this does not eliminate the need for continued investment.
Similarly, the proposed debt repayment could improve the balance sheet, but other financing obligations will remain.
IPO valuation and listing risk
The IPO price band implies a historical FY26 P/E ratio of approximately 32.6–34.3 times based on the illustrative post-issue equity base.
Such a valuation needs to be assessed against the company's future earnings and cash-flow performance.
A profitable company with a large subscriber base can still experience share-price volatility if market expectations are not met.
IPO subscription demand and unofficial grey-market quotations do not guarantee listing gains or future returns.
Jio Platforms has disclosed outstanding legal, regulatory and tax proceedings involving the company, its subsidiaries, promoter and other relevant entities.
The RHP reports ₹1,08,363 million, equivalent to ₹10,836.3 crore, as the aggregate quantifiable amount involved in proceedings against its subsidiaries.
Key Litigation and Tax Disclosures
|
Particulars
|
Amount
|
|
Quantifiable amount involved in proceedings against subsidiaries
|
₹10,836.3 crore
|
|
Certain disputed tax demands not recognised as contingent liabilities
|
₹6,795.5 crore
|
Source: Jio Platforms RHP, Outstanding Litigation and Other Material Developments.
The ₹10,836.3 crore figure represents amounts involved in disclosed proceedings. It should not be interpreted as a confirmed liability payable in full.
Certain disputed tax demands aggregate ₹6,795.5 crore.
Based on judicial precedents and its assessment of the disputes, the company has not recognised these demands as contingent liabilities in its restated consolidated financial information.
Investors should monitor subsequent developments, including court decisions, regulatory orders and changes in the company's disclosed financial exposure.
The Jio Platforms IPO is also relevant to existing shareholders of Reliance Industries Limited.
RIL already owns a controlling stake in Jio Platforms, meaning its shareholders have indirect economic exposure to Jio through the parent company.
A separate listing will make it possible for investors to evaluate Jio Platforms independently from Reliance Industries' other businesses.
1. Separate market valuation for Jio Platforms
After listing, Jio Platforms will have its own publicly traded equity valuation.
This may provide greater visibility into how the stock market values Reliance's digital and telecommunications operations.
2. Additional capital for Jio Platforms
The fresh issue will bring capital into Jio Platforms rather than provide sale proceeds to RIL.
These funds are primarily intended for prepayment of RJIL borrowings.
If implemented, the debt reduction could improve the subsidiary group's financial flexibility.
3. Dilution of RIL's ownership
Assuming the entire proposed fresh issue is completed, RIL's shareholding would decline from approximately 66.43% to 64.48%.
Its absolute number of Jio Platforms shares would remain unchanged, assuming no other transactions.
RIL would continue to exercise control under these assumptions.
4. Direct investment in Jio Platforms
After listing, investors will be able to assess direct ownership in Jio Platforms separately from an investment in RIL's wider business portfolio.
However, Jio Platforms' full market capitalisation should not simply be added to Reliance Industries' valuation.
RIL owns only its proportionate interest in Jio, and that economic ownership already forms part of the parent company's business value.
The Jio Platforms IPO GMP, application process and allotment status are likely to attract attention during the subscription period.
However, investors should distinguish official IPO information from unofficial grey-market activity.
Jio Platforms IPO GMP
Grey-market premium (GMP) is an unofficial indication of the premium at which IPO shares may be informally traded before listing.
GMP is not announced by the company, SEBI or the stock exchanges.
Grey-market quotations are unregulated and can change rapidly based on market sentiment and speculative demand.
No verified current GMP figure is included in this analysis.
Investors should evaluate Jio Platforms' official issue price, financial performance, cash flows and valuation rather than treating GMP as a reliable indicator of listing returns.
How to Apply for Jio Platforms IPO
Eligible investors can apply through supported brokerage or banking platforms using the applicable ASBA or UPI process during the subscription period.
The general application process involves:
-
Logging in to a supported brokerage or bank IPO platform.
-
Selecting Jio Platforms IPO during the application window.
-
Choosing the appropriate investor category.
-
Entering the number of shares in multiples of 12 and selecting the bid price.
-
Submitting the application and approving the applicable payment mandate.
The minimum application is 12 shares, costing ₹13,428 at the upper price band.
Eligible RIL shareholders should select the shareholder reservation category if applying under that provision, subject to the eligibility conditions.
Investors must approve their UPI mandates by 7:00 PM IST on 23 October 2026.
Jio Platforms IPO Allotment Status
The IPO registrar is KFin Technologies Limited.
Allotment will depend on the number of valid applications, available shares and the allocation rules for each investor category.
Once the basis of allotment is finalised, investors can check their status through the registrar's official facilities and relevant stock-exchange disclosures.
An IPO application does not guarantee allotment.
Interested in applying for the Jio Platforms IPO? Apply online through Zerodha.
With the Jio Platforms IPO price band, lot size, subscription dates, shareholder reservation and employee discount now confirmed, investors can focus on the company's valuation, earnings growth, cash generation and capital efficiency.
Key Factors to Monitor Before and After Listing
-
Final issue price: Whether the IPO is priced closer to ₹1,065 or ₹1,119, and the resulting equity valuation.
-
Debt repayment: The actual amount of RJIL borrowings prepaid and subsequent reductions in finance costs.
-
ARPU growth: Whether Jio can generate higher average revenue from its large subscriber base.
-
Subscriber additions and churn: Whether customer growth remains healthy while retention improves.
-
Fixed broadband performance: Subscriber growth, installation expenditure and profitability of JioFiber and JioAirFiber.
-
Digital services revenue: Evidence that cloud, enterprise technology, AI and IoT contribute meaningful earnings.
-
Operating cash flow and capex: Whether higher operating earnings continue translating into cash after investment.
-
Return on capital: Whether ROACE improves from 10.76% in FY26.
-
Regulatory and litigation developments: Changes in spectrum obligations, tax disputes and related-party arrangements.
Two financial trends deserve particular attention.
First, Jio's EBITDA margin improved from 50.05% in FY25 to 51.91% in FY26, while cash capex declined significantly. This strengthened the company's EBITDA-to-cash capex measure.
Second, ROACE declined from 12.50% to 10.76% over the same period, despite higher profits.
This means investors should evaluate capital efficiency alongside revenue, EBITDA and subscriber growth.
The official price band provides a clearer basis for valuation analysis, but future earnings and cash flows will determine how that valuation compares with the company's business performance after listing.
Want to compare Jio Platforms' proposed valuation with other recent public offerings? Use this IPO dashboard to review issue sizes, price bands and investor allocation trends across mainboard listings.
Jio Platforms enters its IPO with more than 53 crore customers, improving ARPU, growing operating cash flow and an EBITDA margin above 50%.
In FY26, revenue increased 14.6% to ₹1,46,885.3 crore, EBITDA rose 18.8% to ₹76,255.4 crore and PAT reached ₹30,049.1 crore. Q1 FY27 continued this growth, while total borrowings declined to ₹61,372.2 crore by June 2026.
The IPO is entirely a fresh issue, with proceeds primarily intended to reduce RJIL borrowings. However, Jio remains heavily dependent on connectivity revenue, while capital expenditure, regulation, related-party arrangements and technology investments continue to present risks.
At the upper price band of ₹1,119, the proposed issue implies an illustrative equity valuation of approximately ₹10.30 lakh crore and a historical FY26 P/E of 34.3 times.
For investors, the key consideration is whether Jio Platforms can convert its subscriber scale and technology capabilities into sustained earnings growth, stronger free cash flow and improved returns on capital at the IPO valuation.
Jio Platforms IPO FAQs
1. What is the Jio Platforms IPO date and expected listing date?
The Jio Platforms IPO will open on 21 October 2026 and close on 23 October 2026. Anchor investor bidding is scheduled for 19 October, while listing on BSE and NSE is expected on 28 October 2026.
2. What is the Jio Platforms IPO price band and lot size?
The official Jio Platforms IPO price band is ₹1,065–₹1,119 per share. The minimum lot size is 12 shares, requiring an investment of ₹12,780 at the floor price or ₹13,428 at the upper price band.
3. What is the Jio Platforms IPO issue size?
The IPO comprises up to 27 crore fresh equity shares, with no OFS. Based on the official price band, the proposed shares have an indicative gross issue value of ₹28,755–₹30,213 crore, before the employee discount and final allotment adjustments.
4. Who is eligible for the Jio Platforms IPO shareholder quota?
Individuals and HUFs who held Reliance Industries equity shares as public shareholders on 14 October 2026 may apply under the shareholder reservation, subject to the IPO's eligibility criteria. Jio has reserved shares worth up to ₹2,500 crore for this category. No separate shareholder discount has been announced.
5. What is the Jio Platforms IPO valuation?
At the official price band of ₹1,065–₹1,119, Jio Platforms' illustrative post-issue equity valuation is approximately ₹9.81–₹10.30 lakh crore, assuming the full 27 crore fresh shares are issued. Based on FY26 PAT and the resulting post-issue share count, the historical P/E is approximately 32.6–34.3 times.