Jio Platforms IPO
Jio Platforms shares listed on BSE and NSE on 28 October 2026 after an IPO priced at ₹1,065 to ₹1,119, an issue of ₹30,213 crore.
- Minimum investment
- ₹13,4281 lot of 12 shares, at the upper price
- Price band
- ₹1,065 to ₹1,119
- Lot size
- 12 shares
- Issue size
- ₹30,213 crore100% fresh issue
- Bidding
- 21 Oct to 23 Oct
- Listing
- 28 OctBSE, NSE
Dates
Jio Platforms IPO dates
RHP cover page and Terms of the Issue- 19 OctAnchor bidding
- 21 OctBidding opens
- 23 OctBidding closes, UPI by 7 pm
- 26 OctAllotment (expected)
- 27 OctRefunds and demat credit (expected)
- 28 OctListing
- Today7 Nov
The UPI mandate deadline for this IPO is 7 pm on 23 October, not the usual 5 pm. Dates after closing are the indicative timetable in the RHP.
Read before you apply
Jio Platforms IPO review: read before you apply
Worth checking
- SeriousLarge spectrum dues on top of loans
Besides ₹70,781 crore of borrowings, the group owed ₹1,04,514 crore in deferred spectrum payments to the government in March 2026 (Summary financial information, p. 75).
- Heavy reliance on Reliance group companies
Reliance Retail is the sole distributor of prepaid recharges, which are about 77% of revenue. About half its towers come from one provider, Summit Digitel, and about 98% of its fibre from Jio Digital Fibre (Risk factors 2, 3 and 8).
- Accounting change lifted FY26 profit
Extending the useful life of some network assets from 16 to 18 years cut FY26 depreciation by ₹1,841 crore, about 4.6% of profit before tax (Risk factor 20).
- Return on equity is modest
Return on average net worth was 9.4% in FY26, against 20.3% for Bharti Airtel in the RHP's peer table (p. 130).
- Many open tax disputes
Subsidiaries face 208 tax cases and 26 regulatory actions, with ₹10,836 crore involved in all, much of it GST input credit disputes (Risk factor 19).
- Earnings depend on pricing and competition
ARPU rose from ₹181.7 in FY24 to ₹215.6 in June 2026. The RHP lists intense competition and tariff regulation among its risks (Risk factors 12 and 21).
Strengths
- India's largest mobile network
533.3 million customers and about 60% of India's wireless data traffic in FY26, with about 1.4 times the 4G and 5G users of the next operator (Analysys Mason report in the RHP).
- Steady growth with high margins
Revenue grew 15.8% a year from FY24 to FY26 and EBITDA margin was 51.9% in FY26.
- Strong cash generation
Cash from operations was ₹77,556 crore in FY26, and capex fell to ₹34,255 crore from ₹53,607 crore in FY24 as the 5G rollout matured.
- Debt is falling and more will be repaid
Net leverage fell from 0.88x in FY24 to 0.36x in FY26, and ₹27,500 crore of the IPO money repays loans.
- All money goes to the company
There is no offer for sale. Existing investors such as Reliance, Meta and Google are not selling.
What Jio Platforms does
Jio Platforms is the Reliance group company behind Jio mobile, JioFiber and JioAirFiber home broadband, and digital services. Its main subsidiary, Reliance Jio Infocomm, launched 4G services in 2016 and the first standalone 5G network in India.
As of June 2026 it had 533.3 million customers, including 284.9 million on 5G, and 28.6 million home broadband subscribers. Reliance Industries owns 66.43%; Meta and Google together own about 17.7%.
Listing and subscription
Jio Platforms IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹1119
- Listing price
- ₹1358
- Gain at open
- +21.4%
- Day close
- ₹1417.5
Subscription
- Total
- 22.19x
- Retail
- 2.72x
- Updated
- 23 Oct 2026, 5:00 pm IST
- QIB50% of offer70.55x
- NII15% of offer14.00x
- Big NII15.89x
- Small NII10.22x
- Retail35% of offer2.72x
- Employee2.93x
- Shareholder7.60x
- Total22.19x
As of 23 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Jio Platforms IPO price band, lot size and issue size
RHP cover page and Issue Structure (p. 529)| Price band | ₹1,065 to ₹1,119 |
| Lot size | 12 shares |
| Issue size | ₹30,213 crore at the upper price, 27,00,00,000 shares |
| Face value | ₹10 per share |
| Employee quota | Up to ₹500 crore, with a discount to be announced |
| Employee discount | ₹54 per share |
| Issue type | Book built, 100% fresh issue |
Who gets how much of the net offer
Percentages are of the net issue, after the RIL shareholder quota (up to ₹2,500 crore) and employee quota (up to ₹500 crore). Eligible RIL shareholders can bid in their quota and also in the retail or NII category.
What the company will do with the money
RHP, Objects of the Issue (p. 116)| Object of the issue | ₹ crore |
|---|---|
| Repay borrowings of subsidiary Reliance Jio Infocomm | 27,500.00 |
| General corporate purposes (up to 25% of gross proceeds) |
Minimum and maximum investment
Our calculation: at ₹1,119 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 12 | ₹13,428 |
| Retail (max) | 14 | 168 | ₹1,87,992 |
| Small NII (min) | 15 | 180 | ₹2,01,420 |
| Small NII (max) | 74 | 888 | ₹9,93,672 |
| Big NII (min) | 75 | 900 | ₹10,07,100 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Issue PriceSet to the upper end of the band, ₹1,119. Change it to see what you would be paying for.
- Market cap
- ₹10,30,491 cr
- P/E (FY26 diluted)
- 33.3x
- Price to book
- 3.0x
- Market cap to sales
- 7.0x
- Peer average P/E
- 22.35x
Based on FY26 diluted EPS of ₹33.59, 920.90 crore shares, net worth of ₹3,41,778.50 crore (June 2026) and revenue of ₹1,46,885.30 crore. Shares after the IPO include the 27 crore new shares.
Financials
Jio Platforms financials
RHP, Summary Financial Information (p. 74) and KPIs (p. 136), ₹ croreRevenue and profit
Cash from operations vs capex
Revenue grew 15.8% a year from FY24 to FY26 and profit after tax 18.4% a year (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 1,09,558.10 | 1,28,218.40+17.0% | 1,46,885.30+14.6% | 39,172.90 |
| Other income | 617.30 | 1,114.60 | 2,873.80 | 1,025 |
| EBITDA | 54,958.70 | 64,170 | 76,255.40 | 20,864.50 |
| EBITDA margin | 50.2% | 50.0% | 51.9% | 53.3% |
| Depreciation | 22,103.10 | 24,137.60 | 27,248.90 | 7,457.50 |
| Finance costs | 4,047.60 | 4,905.10 | 8,653.40 | 2,979.90 |
| Profit after tax | 21,423.20 | 26,109+21.9% | 30,049.10+15.1% | 7,764.10 |
| PAT margin | 19.6% | 20.4% | 20.5% | 19.8% |
| EPS, diluted (₹) | 23.93 | 29.17 | 33.59 | 8.68 |
| Equity (owners) | 2,78,286.40 | 3,05,047.40 | 3,35,976.90 | 3,43,795 |
| Borrowings | 54,348.90 | 73,060.30 | 70,781 | 61,372.20 |
| Deferred spectrum payments | 1,12,843.70 | 1,09,145.90 | 1,04,513.70 | 1,04,513.70 |
| Cash from operations | 57,661.60 | 68,155.70 | 77,556.30 | 23,445.90 |
| Capex paid in cash | 53,606.70 | 44,349.40 | 34,255.30 | 4,195.10 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. Borrowings and deferred spectrum payments add current and non-current amounts (our calculation). Capex is purchase of property, plant, equipment and intangibles from the cash flow statement.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 130). Peer prices as of 13 Oct 2026.Bharti Airtel's figures include Africa and other businesses. Vodafone Idea's FY26 profit includes ₹58,607 crore of exceptional items.
| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|---|
| Jio Platforms | 1,46,885.3 | 33.59 | At issue price | 9.42% | 373.66 |
| Bharti Airtel | 2,10,972.8 | 44.37 | 40.71x | 20.32% | 244.60 |
| Vodafone Idea | 44,873.0 | 3.21 | 3.99x | Not meaningful | -3.30 |
The peer average P/E of 22.35x is from the RHP (p. 129). It averages Bharti Airtel at 40.71x and Vodafone Idea at 3.99x, whose FY26 profit was inflated by a one-time gain, so the average is not very meaningful.
Key performance indicatorsCustomers (million), ARPU (₹ a month, exit quarter), Data per customer (GB a month) and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Customers (million) | 481.8 | 488.2 | 524.4 | 533.3 |
| ARPU (₹ a month, exit quarter) | 181.7 | 206.2 | 214.0 | 215.6 |
| Data per customer (GB a month) | 28.7 | 33.6 | 42.3 | 43.7 |
| Monthly churn | 1.52% | 1.81% | 1.67% | 1.61% |
| Prepaid share of revenue | 79.4% | 78.6% | 77.1% | 76.4% |
| Return on average net worth | 8.0% | 9.0% | 9.4% | 2.3%* |
*Not annualised.
RHP, Basis for Issue Price (p. 131) and Risk Factor 3
Company
About Jio Platforms
Business
RHP, Basis for Issue Price (p. 126)It holds 26,800.8 MHz of spectrum with an average remaining life of about 15.8 years, uses about 3.6 lakh towers and over 10 lakh route km of fibre, and covers more than 99% of India's population with wireless broadband. About 45% of its workforce is in product and technology, and it has filed 7,220 patent applications.
Revenue by plan type, FY26
- Customers
- 53.33 crore
- 5G customers
- 28.49 crore
- Home broadband
- 2.86 crore
- ARPU, Jun 2026 quarter
- ₹215.6 a month
Key risks
RHP, Risk Factors (p. 30), 70 listed- Licence and spectrumThe telecom licence is due for renewal in 2033 and most spectrum expires in 2041 and 2042. Future spectrum costs are uncertain.
- Group dependenceDistribution, towers, fibre and the Jio brand are tied to other Reliance group companies.
- Network disruptionOutages, cyber attacks or failures in passive infrastructure would hit services and reputation.
- Technology shiftsNew technologies such as satellite broadband could change competition.
- Large debt and duesBorrowings and deferred spectrum payments carry covenants and interest costs.
- Heavy regulationTariffs, spectrum, net neutrality and data privacy rules can change.
- Promoter controlReliance will keep about 64% and can decide most shareholder matters.
These are the 7 that matter most for a retail investor, in our reading. The RHP lists all 70.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingNo shareholder is selling in this IPO.
Promoter: Reliance Industries Limited. It owns 66.43% before the IPO and about 64.48% after. No shareholder is selling in this IPO.
| Shareholder | Before IPO | After IPO |
|---|---|---|
| Reliance Industries (promoter) | 66.43% | 64.48% |
| Jaadhu Holdings (Meta) | 9.98% | 9.69% |
| Google International | 7.73% | 7.50% |
| Public Investment Fund (Saudi Arabia) | 2.31% | 2.25% |
| Omicron Asia Holdings II (KKR) | 2.31% | 2.25% |
| VEPF VII AIV I (Vista Equity) | 2.31% | 2.25% |
| SLP Redwood Holdings (Silver Lake) | 1.88% | 1.83% |
| MIC Redwood 1 (Mubadala) | 1.85% | 1.80% |
| General Atlantic Singapore JP | 1.34% | 1.30% |
| Platinum Jasmine A 2018 Trust (ADIA) | 1.16% | 1.12% |
| Others | 2.68% | 2.60% |
| Public (new investors) | 0% | 2.93% |
After-IPO figures are our calculation, assuming all 27 crore new shares are issued.
RHP, Capital Structure
IndustryIndia mobile broadband customers, 30 June 2026: 102.14 crore
- India mobile broadband customers, 30 June 2026
- 102.14 crore
- 5G customers, March 2026
- 42.67 crore
- Fixed broadband customers, Q1 FY2027
- 6.61 crore
The report gives these in million (1,021.4, 426.7 and 66.1 million); crore is our conversion.
Analysys Mason report in the RHP, commissioned and paid for by the company (p. 160 and p. 165)
LitigationAgainst the company: tax: 8 · Against subsidiaries: criminal: 18 · Against subsidiaries: tax and regulatory: 234
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax | 8 | ₹7.5 crore |
| Against subsidiaries: criminal | 18 | |
| Against subsidiaries: tax and regulatory | 234 | ₹10,836 crore in all |
| Against directors: criminal and tax | 22 | ₹21 crore |
| Against promoter RIL: criminal, tax and civil | 764 | ₹44,187 crore and US$4.13 billion |
Subsidiary tax cases include GST input credit disputes on tower equipment. Promoter cases are Reliance Industries' own matters across its businesses. Contingent liabilities were ₹1,469 crore in June 2026 (p. 79).
RHP, Risk Factor 19 (p. 47) and Outstanding Litigation (p. 463)
Company detailsLegal name, registered office, CIN and website
| Legal name | Jio Platforms Limited |
| Incorporated | 15 November 2019, Ahmedabad |
| Promoter | Reliance Industries Limited |
| Main subsidiary | Reliance Jio Infocomm Limited |
| Corporate office | Reliance Corporate Park, Ghansoli, Navi Mumbai |
| CIN | U72900GJ2019PLC110816 |
| Website | jio.com |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Jio Platforms IPO allotment status
Out from 26 Oct 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Jio Platforms LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Jio Platforms IPO FAQs
When does the Jio Platforms IPO open and close?
The Jio Platforms IPO opens on Wednesday, 21 October 2026 and closes on Friday, 23 October 2026. Anchor bidding is on 19 October 2026. UPI mandates must be approved by 7 pm on the closing day.
What is the Jio Platforms IPO price band and lot size?
The price band is ₹1,065 to ₹1,119 per share. The lot size is 12 shares, so the minimum bid is 12 shares, or ₹13,428 at the upper price.
What is the Jio Platforms IPO size?
The Jio Platforms IPO is of ₹30,213 crore at the upper end of the price band. It is a 100% fresh issue.
What is the Jio Platforms IPO allotment date?
Allotment is (expected) on Monday, 26 October 2026. Refunds and demat credit are expected on 27 October 2026.
What is the Jio Platforms IPO listing date?
Jio Platforms shares are due to list on BSE and NSE on Wednesday, 28 October 2026.
Who is the registrar of the Jio Platforms IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Jio Platforms do?
Jio Platforms is the Reliance group's digital services company, owning Reliance Jio Infocomm, India's largest mobile network with 533.3 million customers, plus home broadband and digital apps.
Can Reliance Industries shareholders apply in a separate quota for the Jio IPO?
Yes. Up to ₹2,500 crore of the issue is reserved for eligible RIL shareholders, as defined in the RHP. They can also bid in the retail or NII category.
Is the Jio Platforms IPO an offer for sale?
No. It is a 100% fresh issue of up to 27 crore shares. No existing shareholder is selling.
What will Jio Platforms do with the IPO money?
₹27,500 crore is for repaying borrowings of Reliance Jio Infocomm and the rest for general corporate purposes.
What were Jio Platforms' revenue and profit in FY26?
Consolidated revenue from operations was ₹1,46,885.3 crore and profit for the year was ₹30,049.1 crore in FY26.
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