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Jio Platforms IPO: price band, dates, financials, valuation and risks
Jio Platforms Limited, India’s largest digital connectivity and technology platform, is raising about ₹30,213 cr in a 100% fresh issue at a price band of ₹1,065 to ₹1,119. The money goes to the company, mainly to prepay borrowings of its subsidiary RJIL.
Last updated 21 Oct 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026. RJIL is Reliance Jio Infocomm Limited and RIL is Reliance Industries Limited.
Key dates
| Anchor investor bidding | Mon, 19 Oct 2026 |
|---|---|
| Issue opens | Wed, 21 Oct 2026 |
| Issue closes | Fri, 23 Oct 2026 |
| Basis of allotment | Mon, 26 Oct 2026 (expected) |
| Refunds and credit of shares to demat accounts | Tue, 27 Oct 2026 (expected) |
| Listing | Wed, 28 Oct 2026 on BSE and NSE (expected) |
Issue details and application size
| Price band | ₹1,065 to ₹1,119 per share (face value ₹10) |
|---|---|
| Lot size | 12 shares |
| Minimum application at upper band | 12 × ₹1,119 = ₹13,428 |
| Total issue size | up to ₹30,213 cr (up to 27,00,00,000 shares at the upper band) |
| Fresh issue | 100%, about ₹30,213 cr |
| Offer for Sale | Nil; no shareholder is selling, including the promoter Reliance Industries Limited |
| Anchor portion | ₹8,110 cr (7,24,74,066 shares at ₹1,119), which is 60% of the institutional portion |
| Quota of the net offer | Qualified institutional buyers 50%, non-institutional investors 15%, retail investors 35%. Separate reserved portions: employees up to ₹500 cr (46,94,836 shares, with a ₹54 per share discount) and Reliance Industries shareholders up to ₹2,500 cr (2,23,41,376 shares) |
| Book running lead managers | Kotak Mahindra Capital Company (lead), Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India, 360 ONE WAM |
| Registrar | KFin Technologies Limited |
About the company
Jio Platforms was incorporated on 15 November 2019 at Ahmedabad, Gujarat, as a public company. It operates mainly through its subsidiary Reliance Jio Infocomm Limited (RJIL), which holds the telecom licences and spectrum, and is promoted by Reliance Industries Limited. It sells mobile and fixed broadband (JioFiber and JioAirFiber) over its 4G and standalone 5G network, consumer apps such as JioTV+, JioSaavn and JioGames, and enterprise cloud, IoT and communications platform services.
It served 533.3 million customers at 30 June 2026, of which 284.9 million were on 5G, and carried about 60% of India’s wireless data traffic in FY26 with 26,800.8 MHz of spectrum. It has 28.6 million JioFiber and JioAirFiber customers and 7,220 patent applications.
Financial snapshot (year ended 31 March 2026)
| Revenue from operations | ₹1,46,885 cr (15.79% compound annual growth over FY24 to FY26) |
|---|---|
| Profit after tax | ₹30,049 cr |
| EBITDA margin | 51.9% (EBITDA of ₹76,255 cr); 53.3% in the April to June 2026 quarter |
| Debt to equity | 0.18 times at 30 June 2026 (borrowings divided by total equity; 0.21 at 31 March 2026). This excludes about ₹1.05 lakh cr of deferred spectrum payment liabilities |
| Return on average net worth | 9.42% in FY26 |
EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. FY26 means the financial year ended 31 March 2026.
Valuation versus peers
At the upper band of ₹1,119 the market capitalisation after the issue is about ₹10,30,491 cr on 920.9 crore shares, which is about 34.3 times FY26 profit after tax of ₹30,049 cr (price to earnings, or P/E, here is market capitalisation divided by profit after tax).
The RHP peer table lists only two listed companies: Bharti Airtel at 40.71 times and Vodafone Idea at 3.99 times, a simple average of 22.35 times. A median of two companies is not meaningful, and the Vodafone Idea figure is inflated by exceptional gains, so no peer median P/E is stated here. Bharti Airtel is the only close like-for-like comparison; the RHP shows its return on average net worth at 20.32% against 9.42% for Jio.
Strengths
Vertically integrated, full-stack technology platform including the only end-to-end 5G standalone stack deployed at national scale; 533.3 million customers and about 60% of India’s wireless data traffic; the largest spectrum holding; India’s largest fixed broadband provider (61.73% of net fixed broadband additions in the June 2026 quarter); EBITDA margin above 51% with revenue growing about 16% a year over FY24 to FY26; net leverage down from 0.88 times to 0.36 times; the ₹27,500 cr debt prepayment should lower finance costs (broker notes). Management aims to add about 340 million mobility users over five years (broker notes).
Key risks
RJIL holds all telecom licences and spectrum and gave 87.74% of FY26 revenue. Reliance Retail Limited is the sole distributor of prepaid services and the business relies on many Reliance Group agreements and related-party vendors. Indebtedness is significant: RJIL fund-based borrowings were about ₹59,140 cr at June 2026 plus about ₹1.05 lakh cr of deferred spectrum payment liabilities, and capital spending needs are heavy. The sector is tightly regulated and exposed to technology change including satellite broadband, network outages and cybersecurity risk. The promoter keeps control after the issue. Average revenue per user grew only about 3% in the June 2026 quarter and finance costs rose about 76% in FY26 (broker notes).
Use of proceeds
The company receives the entire fresh issue. Up to ₹27,500 cr of net proceeds will be used to prepay, in full or in part, borrowings of its material subsidiary RJIL, mainly external commercial borrowings taken for 5G capital expenditure. The balance is for general corporate purposes, capped at 25% of gross proceeds.
Anchor investors
Anchors put in ₹8,110 cr at the upper band of ₹1,119 on 19 Oct 2026, across 212 investors: 25 mutual fund houses through 95 schemes, 22 life insurers and pension funds, and 85 global funds. Reported participants include Life Insurance Corporation of India (about ₹500 cr), New World Fund, Government of Singapore, SBI Focused Fund, BNP Paribas Financial Markets, HDFC Mutual Fund, Monetary Authority of Singapore, Abu Dhabi Investment Authority, Norges Bank, BlackRock and Fidelity. Half of the anchor shares are locked in for 30 days and the rest for 90 days.
Frequently asked questions
What is the Jio Platforms IPO price band and lot size?
The price band is ₹1,065 to ₹1,119 per share and one lot is 12 shares, so the minimum application at the upper band is ₹13,428.
Is the Jio Platforms IPO a fresh issue or an Offer for Sale?
It is a 100% fresh issue of up to 27 crore shares worth about ₹30,213 cr. The company receives all the money and there is no Offer for Sale.
When does the Jio Platforms IPO open, close and list?
Anchor bidding was on 19 Oct 2026, the issue is open from 21 Oct to 23 Oct 2026, allotment is expected on 26 Oct, refunds and credit of shares on 27 Oct, and listing on BSE and NSE on 28 Oct 2026.
Who are the lead managers and registrar?
Kotak Mahindra Capital Company leads a group of 19 book running lead managers, including Morgan Stanley India, BofA Securities India, Axis Capital, Goldman Sachs (India) Securities and J.P. Morgan India. The registrar is KFin Technologies Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹10,30,491 cr, or about 34.3 times FY26 profit after tax. The RHP lists only two peers, Bharti Airtel at 40.71 times and Vodafone Idea at 3.99 times, so a peer median is not meaningful.
How much will the promoter hold after the IPO?
Reliance Industries Limited holds 66.43% before the issue and about 64.48% after it, because the issue is entirely new shares and the promoter does not sell.
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