Jio Platforms’ Rs 30,213 crore initial public offering (IPO) opens for subscription on October 21, 2026, at a price band of Rs 1,065 to Rs 1,119 per share. The issue closes on October 23, with a tentative listing date of October 28 on the NSE and BSE. The entire offer is a fresh issue of 27,00,00,000 equity shares, with no offer for sale (OFS) component.
Retail investors need a minimum of Rs 13,428 at the upper band for one lot of 12 shares. Below is a detailed look at the issue details, business, financials, valuation, SWOT analysis and the review.
Jio Platforms IPO Details at a Glance
What are the key dates and details of the Jio IPO? The issue opens on October 21, 2026, closes on October 23, 2026, and lists tentatively on October 28, 2026.
| Issue Size | Rs 30,213 crore (entirely fresh issue of 27,00,00,000 equity shares) |
| Price Band | Rs 1,065 – Rs 1,119 per share |
| Face Value | Rs 10 per share |
| Lot Size | 12 shares |
| Minimum Investment (Retail) | Rs 13,428 (at upper band) |
| Issue Opens | October 21, 2026 |
| Issue Closes | October 23, 2026 |
| Listing Date | October 28, 2026 (tentative) |
| Exchanges | NSE and BSE |
Lead Managers to the Jio IPO
The book running lead managers are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited and 360 ONE WAM Limited.
About Jio Platforms Limited and Its Business
Jio Platforms Limited was incorporated on November 15, 2019, at Ahmedabad, Gujarat, directly as a public limited company. It is promoted by Reliance Industries Limited and has its corporate office in Navi Mumbai, Maharashtra. The company is a technology platform offering digital connectivity and digital services, operating through its material subsidiary Reliance Jio Infocomm Limited (RJIL).
Products and Services
Its offerings span 4G/5G mobility, JioFiber and JioAirFiber fixed broadband, enterprise connectivity, cloud, IoT and AI (JioBrain). RJIL serves 533.3 million customers, of which 284.9 million are on 5G. It carries about 60 per cent of India’s wireless data traffic, and Meta and Google are among its strategic shareholders.
Network Footprint and Growth
- 3,60,537 network towers and over 1.0 million route km of fibre
- 1,059 Jio Centres and 6,322 Jio Points
- Data traffic grew from 148.5 billion GB to 241.4 billion GB between FY24 and FY26, a CAGR of about 27.50 per cent
- Revenue compounded at 15.79 per cent over the same period
India Telecom Industry Outlook
India’s mobile broadband base expanded from 543.6 million in FY2019 to 1,002.3 million in FY2026, a CAGR of about 9.13 per cent. Penetration, however, stands at only 69.62 per cent, leaving room for further growth.
Digital Connectivity Market Size
As per the Analysys Mason report cited in the Red Herring Prospectus (RHP), India’s digital connectivity total addressable market (mobile plus fixed broadband) is projected to grow from about Rs 3.25 trillion in FY2026 to about Rs 6.13 trillion by FY2031, a CAGR of about 13.55 per cent.
| Segment | FY2026 | FY2031 (projected) |
| Mobile | Rs 2.9 trillion | Rs 5.2 trillion (~12.39% CAGR) |
| Fixed broadband | Rs 340–350 billion | Rs 920–930 billion (~21.80% CAGR) |
| Total digital connectivity | ~Rs 3.25 trillion | ~Rs 6.13 trillion (~13.55% CAGR) |
Globally, about 1.4 billion of roughly 7.9 billion mobile customers still lack 5G coverage, with a pool of about US$62 billion in 5G capex among operators yet to launch.
Key Growth Drivers
- Industry ARPU rising from Rs 199.5 to Rs 326.4 per month by FY2031
- Fixed broadband penetration of only 21 per cent, with fixed wireless access (FWA) accelerating roll-outs
- Digital India-led enterprise digitalisation
Objects of the Jio IPO: How Will the Money Be Used?
The Jio IPO is entirely a fresh issue of 27,00,00,000 equity shares aggregating Rs 30,213 crore at the upper band. There is no OFS component. The proceeds will be used as follows:
- Debt prepayment: Rs 27,500 crore towards full or partial prepayment of borrowings, largely external commercial borrowings (ECBs), availed by the material subsidiary RJIL.
- General corporate purposes: The balance of net proceeds after issue expenses, capped at 25 per cent of gross proceeds.
The overall purpose is deleveraging to cut net debt and interest costs, alongside the benefits of listing.
Jio Platforms IPO SWOT Analysis
Strengths
- Market leader with 533.3 million customers and about 1.4x the 4G+5G subscribers of the second-largest player.
- 62 per cent share of 5G/UBR-based FWA additions and 61.73 per cent of net fixed broadband additions in Q1 FY27.
- Strong cash generation: FY26 cash flow from operations (CFO) of Rs 77,556.30 crore, about 2.58x reported PAT.
- Net leverage reduced from 0.88x in FY24 to 0.36x in FY26 as the capex cycle peaked.
Weaknesses
- Return on net worth (RoNW) of 9.42 per cent in FY26, less than half of Bharti Airtel’s 20.32 per cent, reflecting a heavy equity base.
- Deferred spectrum payment liabilities of Rs 1,04,513.70 crore sit outside reported borrowings.
- Finance costs more than doubled from Rs 4,047.60 crore in FY24 to Rs 8,653.40 crore in FY26.
- Revenue received in advance from fellow group subsidiaries of Rs 1,12,935.10 crore in FY26 signals high dependence on the Reliance group distribution channel.
Opportunities
- The fixed broadband market is expected to nearly triple to Rs 920–930 billion by FY2031 from 21 per cent penetration.
- Industry ARPU uplift from Rs 199.5 to Rs 326.4 per month by FY2031 offers operating leverage on a built-out network.
- Enterprise digital services addressable spend of about Rs 5.12 trillion in India.
- Global licensing of its indigenous 5G stack, backed by 7,220 patent applications.
Threats
- Tariff hikes can lift churn; monthly churn already stands at 1.67 per cent for the FY26 exit quarter.
- Licence fee and spectrum charges absorbed Rs 11,710.40 crore, or about 7.97 per cent of FY26 revenue.
- A three-player market where a rival’s promotional pricing can undercut tariff rationalisation.
- Contingent liabilities of Rs 1,468.80 crore and evolving TRAI/DoT regulation on tariffs and spectrum.
Jio Platforms Financial Performance (FY24–FY26)
All figures are in Rs crore unless stated. Margins are in per cent. Source: RHP (restated consolidated financials).
Profit and Loss
| Particulars | FY24 | FY25 | FY26 |
| Revenue from Operations | 1,09,558.10 | 1,28,218.40 | 1,46,885.30 |
| EBITDA | 54,341.40 | 63,055.40 | 73,381.60 |
| EBITDA Margin (%) | 49.60 | 49.18 | 49.96 |
| Net Profit | 21,423.20 | 26,109.00 | 30,049.10 |
| Net Profit Margin (%) | 19.55 | 20.36 | 20.46 |
| EPS (Rs, diluted) | 23.93 | 29.17 | 33.59 |
Balance Sheet
| Particulars | FY24 | FY25 | FY26 |
| Total Assets | 5,39,580.40 | 5,81,233.80 | 6,15,594.00 |
| Net Worth | 2,77,866.10 | 3,04,022.40 | 3,34,013.40 |
| Reserves and Surplus | 2,68,927.10 | 2,95,083.40 | 3,25,074.40 |
| Total Borrowings | 54,348.90 | 73,060.30 | 70,781.00 |
Working Capital and Cash Flow
| Particulars | FY24 | FY25 | FY26 |
| Revenue | 1,09,558.10 | 1,28,218.40 | 1,46,885.30 |
| Receivables | 2,851.20 | 2,461.40 | 2,526.80 |
| CFO | 57,661.60 | 68,155.70 | 77,556.30 |
| Inventory | 119.20 | 227.40 | 262.90 |
Jio IPO Valuation: Peer Comparison With Bharti Airtel and Vodafone Idea
At the upper price band, Jio Platforms is valued at 33.31x FY26 diluted EPS, within the listed-peer range of 3.99x to 40.71x.
| Company | Face Value (Rs) | Revenue FY26 (Rs cr) | EPS Basic (Rs) | EPS Diluted (Rs) | NAV/Share (Rs) | P/E (x) | RoNW (%) |
| Jio Platforms Limited | 10 | 1,46,885.30 | 33.63 | 33.59 | 373.66 | 33.31x | 9.42 |
| Bharti Airtel Limited | 5 | 2,10,972.80 | 45.96 | 44.37 | 244.60 | 40.71x | 20.32 |
| Vodafone Idea Limited | 10 | 44,873.00 | 3.21 | 3.21 | (3.30) | 3.99x | NM |
Jio trades at an approximately 18 per cent discount to Bharti Airtel, the only meaningful comparable. Vodafone Idea’s single-digit multiple is distorted by Rs 58,607 crore of exceptional gains on a negative net worth. Jio’s PAT margin of about 20.46 per cent is healthy, but its RoNW of 9.42 per cent trails Airtel’s 20.32 per cent, which explains much of the valuation gap.
Jio IPO Review: Apply or Avoid?
Dalal Street Investment Journal (DSIJ), whose analysis this article draws on, recommends investors Apply for listing gains, while keeping expectations measured given the sheer size of the issue.
Why the Valuation Looks Reasonable
At the upper band, Jio is priced at 33.31x FY26 diluted EPS, an approximately 18 per cent discount to Airtel’s 40.71x, for a business that has compounded PAT at 18.43 per cent over FY24–FY26. The post-issue P/E of 34.29x barely erodes the discount.
The RoNW gap is the obvious objection. The analysis reads it largely as a denominator effect of a Rs 3,34,013.40 crore equity base built through the 5G and spectrum cycle, not weak unit economics, given a 20.46 per cent PAT margin.
Capex Peak and Debt Reduction
With capex past its peak, EBITDA less cash capex has expanded to Rs 42,071.10 crore. The Rs 27,500 crore fresh-issue prepayment retires about 39 per cent of reported borrowings.
Jio IPO GMP (Grey Market Premium)
The grey market premium is around Rs 200–220, implying roughly 18–20 per cent over the upper band, which signals firm demand. The GMP is, however, an unofficial and volatile indicator and should not be treated as a guarantee of listing gains.
Risks to Monitor
- Rs 1,04,513.70 crore of deferred spectrum liabilities
- Tariff-led churn
- Dependence on the Reliance group distribution channel
What Investors Should Watch Next
With the issue opening on October 21 and closing on October 23, subscription trends across investor categories and movement in the GMP will be the key signals before the tentative October 28 listing. Investors should read the RHP in full and match the Rs 13,428 minimum retail ticket against their own risk appetite before applying.
Frequently Asked Questions
What is the Jio IPO price band?
The price band is Rs 1,065 to Rs 1,119 per share, with a face value of Rs 10.
What is the Jio IPO lot size and minimum investment?
The lot size is 12 shares. At the upper band, the minimum retail investment is Rs 13,428.
When does the Jio IPO open and close?
The issue opens on October 21, 2026, and closes on October 23, 2026.
When is the Jio IPO listing date?
The tentative listing date is October 28, 2026, on the NSE and BSE.
How will Jio use the IPO proceeds?
Rs 27,500 crore will go towards prepaying borrowings of subsidiary RJIL, and the balance towards general corporate purposes, capped at 25 per cent of gross proceeds.
Disclaimer: This article uses information originally published by Dalal Street Investment Journal (DSIJ). This content is provided for general informational and educational purposes only and should not be construed as investment, financial, legal or tax advice. Readers are advised to conduct their own research and/or consult a qualified financial advisor before making any investment decisions. This content is for informational purposes only and should not be treated as investment advice.