Jio Platforms Limited initial public offering (IPO) from October 21 to October 23, 2026
Price Band:Ā ā¹1,065 to ā¹1,119 per share,. Lot Size:Ā 12 shares
POSTED BY : MRUNALI SAKPAL DT. 16/10/2026 šĀ 8850212023
MUMBAI : RMI.IN : –Ā Jio Platforms Limited, the digital and telecommunications arm of Reliance Industries Limited (RIL), is set to launch its initial public offering (IPO) from October 21 to October 23, 2026. The company plans to raise approximately ā¹30,213 crore through a fresh issue of equity shares, making it one of the largest public offerings in India’s capital markets.
The IPO will give investors an opportunity to participate in a business spanning mobile connectivity, broadband, digital services and enterprise technology. Its financial performance, large customer base and expanding digital ecosystem are key factors to examine alongside competition, capital expenditure requirements and the valuation at which its shares are offered.
Jio Platforms IPO – Issue Details
- Issue Type:Ā Book-Built Issue (Fresh Issue only)
- Total Issue Size:Ā Up to ā¹30,213.00 crore
- Fresh Issue:Ā Up to ā¹30,213.00 crore
- Offer for Sale (OFS):Ā Not Applicable
- Face Value:Ā ā¹10 per share
- Price Band:Ā ā¹1,065 to ā¹1,119 per share
- Lot Size:Ā 12 shares
- Minimum Investment Amount (Retail Investor):Ā ā¹13,428 (12 shares at the upper price)
- Listing:Ā BSE, NSE
- Book Running Lead Managers (BRLMs):Ā 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.
- Registrar to the Issue: KFin Technologies Limited
Jio Platforms IPO Timeline
The expected IPO schedule is as follows:
| EventĀ | Date |
| Anchor Investor Bidding Date | 19 October 2026 |
| Subscription Opening Date | 21 October 2026 |
| Subscription Closing Date | 23 October 2026 |
| Basis of Allotment Date | 26 October 2026 |
| Refund Initiation Date | 27 October 2026 |
| Credit of Shares | 27 October 2026 |
| Listing on NSE and BSE | 28 October 2026 |
| Mandate end date | 7 November 2026 |
| Lock-in end date for anchor investors (50%) | 24 November 2026 |
| Lock-in end date for anchor investors (remaining) | 23 January 2027 |
Note: The allotment and listing dates are tentative and may be revised.
IPO Issue Structure and Utilisation of Proceeds
The Jio Platforms IPO comprises an entirely fresh issue of up to 27.00 crore equity shares. The proceeds from the fresh issue will be used for the following purposes:
- Full or partial prepayment of certain outstanding borrowings of its material subsidiary, Reliance Jio Infocomm Limited (RJIL).
- General Corporate Purposes
Eligibility for RIL Shareholders
Eligible RIL shareholders include individuals and Hindu Undivided Families (HUFs) who held Reliance Industries Limited (RIL) public equity shares directly or through the HUF’s karta as of October 14, 2026, the RHP filing date, and meet the applicable IPO eligibility requirements.
Eligible shareholders can bid for up to ā¹2 lakh in the RIL Shareholder Reservation Portion. They may also apply under the Retail Portion for bids of up to ā¹2 lakh or the Non-Institutional Portion for bids exceeding ā¹2 lakh.
Shareholding Pattern of Jio Platforms
As of the date of the Red Herring Prospectus (RHP), Jio Platforms had 104 shareholders. The following shareholders held at least 1% of its pre-issue paid-up equity share capital:
| Shareholder | Pre-Issue paid-up Equity Share capital(%) |
| Reliance Industries Limited | 66.43% |
| Jaadhu Holdings, LLC (Meta affiliate) | 9.98% |
| Google International LLC | 7.73% |
| The Public Investment Fund | 2.31% |
| Omicron Asia Holdings II Pte. Ltd. (KKR affiliate) | 2.31% |
| VEPF VII AIV I Ltd. (Vista Equity Partners affiliate) | 2.31% |
| SLP Redwood Holdings Pte. Ltd. (Silver Lake affiliate) | 1.88% |
| MIC Redwood 1 RSC Limited (Mubadala affiliate) | 1.85% |
| General Atlantic Singapore JP Pte. Ltd. | 1.34% |
| Platinum Jasmine A 2018 Trust (ADIA affiliate) | 1.16% |
Together, these shareholders held 97.32% of Jio Platforms’ pre-issue paid-up equity share capital. Reliance Industries Limited was the largest shareholder, with a 66.43% stake.
Jio Platforms Business and Offerings
Jio Platforms is a technology company that combines digital connectivity with consumer applications and enterprise solutions. Its subsidiary, Reliance Jio Infocomm Limited (RJIL), provides mobile and fixed broadband services, including 4G, 5G, JioFiber and JioAirFiber. The company also offers digital entertainment, cloud storage, AI-powered services, smart home solutions and connected device technologies for consumers.
For businesses, Jio Platforms provides enterprise connectivity, cloud and security solutions, Internet of Things (IoT) services, managed network operations and AI-based tools for automation and optimisation. Its integrated platform combines proprietary technology, digital applications and nationwide connectivity to support a wide range of consumer and business needs.
Key Offerings of Jio Platforms
- Digital Connectivity:Ā 4G, 5G, JioFiber and JioAirFiber.
- Digital Entertainment:Ā JioTV+, JioSaavn, JioGames and JioHotstar.
- Cloud and Productivity:Ā Cloud storage and virtual PC services through JioAICloud and JioPC.
- Smart Home and IoT:Ā Jio Set-top-box, JioHome and connected device solutions.
- AI Products:Ā JioBrain and AI-powered digital services, including Google AI Pro through a partnership.
- Enterprise Connectivity: JioBusiness, leased lines, MPLS and VPN services.
- Enterprise IoT:Ā Smart metering, fleet management and industrial monitoring solutions.
- Cloud and Security:Ā Managed Wi-Fi, private 5G, hybrid cloud and network security solutions.
- Managed Services: Network operations and unified communications.
- Enterprise AI: AI-based forecasting, automation and network optimisation solutions.
Jio Platforms Market Position
- Market Leadership:Ā Since its launch in 2016, Jio has reshaped India’s digital connectivity market. In FY26, its network carried approximately 60% of India’s wireless data traffic and the second-highest volume of mobile data globally, according to the Analysys Mason Report.
- Subscriber Base:Ā As of June 30, 2026, Jio had 533.3 million customers, including 284.9 million 5G subscribers. Its 4G and 5G subscriber base was approximately 1.4 times that of India’s second-largest digital connectivity provider.
- 5G Infrastructure:Ā Jio was the first operator in India to launch a standalone 5G network in October 2022 and deployed over one million 5G cells within a year.
- Fixed Broadband:Ā JioFiber and JioAirFiber had 28.6 million customers as of June 30, 2026.
- Digital Engagement: During IPL 2026, over 198.7 million viewers accessed IPL content through a JioHotstar package integrated with Jio’s connectivity services.
Key Competitive Strengths of Jio Platforms
1. Proprietary Technology and In-House Engineering
Jio Platforms has an integrated technology stack spanning network infrastructure, devices, software and digital applications. As of June 30, 2026, its technology team had 12,477 employees, and the company had applied for 7,220 patents across India and overseas, covering 4G, 5G, 6G and AI-driven technologies.
2. Integrated Digital Ecosystem
Jio’s extensive network and customer base support the distribution of its digital applications, including MyJio, JioTV+ and JioSaavn, alongside third-party services. Bundled offerings and partnerships create opportunities for cross-selling, subscriptions and advertising revenue.
3. Advanced Network Infrastructure
Jio operates an all-IP network and was India’s first operator to launch standalone 5G, according to the Analysys Mason Report. Its AI platform, JioBrain, supports network optimisation, fault prediction and real-time monitoring.
4. Extensive Spectrum and Nationwide Reach
As of June 30, 2026, Jio held 26,800.8 MHz of spectrum, with an average remaining life of approximately 15.8 years. Its tower and fibre infrastructure supports nationwide connectivity, with wireless broadband coverage exceeding 99% of India’s population.
5. Strong Fixed Broadband Position
Jio combines JioFiber, JioAirFiber and proprietary UBR technology to expand fixed broadband access. As of June 30, 2026, it had 28.6 million fixed broadband customers and accounted for 61.73% of net fixed broadband additions during the quarter.
Key Risks of Jio Platforms
1. Technological Obsolescence
Rapid technological changes require continuous investment in network upgrades. Satellite broadband services could also increase competition for JioFiber, JioAirFiber and enterprise connectivity.
2. Reputational Risk
The Jio brand is used across multiple Reliance Group businesses. Legal disputes, regulatory action or negative publicity involving other group entities could affect Jio Platformsā reputation.
3. Regulatory Risks
Jioās telecom operations are subject to DoT and TRAI regulations and licence conditions. Changes in rules or non-compliance could increase costs, lead to penalties or restrict operations.
4. Outstanding Litigation
The RHP discloses tax proceedings worth ā¹7.5 crore against the company, proceedings involving ā¹10,836.3 crore against subsidiaries and ā¹44,187 crore against the promoter. Adverse outcomes could result in financial or reputational consequences.
5. Dependence on RJIL
Reliance Jio Infocomm Limited contributed 87.74% of Jio Platformsā consolidated revenue in FY26. Any operational disruption or decline in RJILās performance could significantly affect the companyās financial results.
Financial Performance
Jio Platforms reported revenue from operations of ā¹1,46,885 crore in FY26, up 14.56% from ā¹1,28,218 crore in FY25. EBITDA increased 18.83% from ā¹64,170 crore to ā¹76,255.40 crore, while profit after tax (PAT) grew 15.04% from ā¹26,120.30 crore to ā¹30,049.70 crore..
On margins, the EBITDA margin rose from 50.05% to 51.91%, an improvement of about 1.86 percentage points. The PAT margin rose from 20.36% to 20.46%, an improvement of about 0.10 percentage points.
EBITDA grew faster than revenue, which is why the EBITDA margin widened. PAT grew only slightly faster than revenue, so its margin barely moved.
Key Financial Highlights
| Particulars | For the three month period ended June 30, 2026Ā
(in ā¹ crore) |
FY26Ā
(in ā¹ crore) |
FY25Ā
(in ā¹ crore) |
| Revenue from operations (in ā¹ crore) | 39,172.90 | 1,46,885.00 | 1,28,218.00 |
| EBITDA (in ā¹ crore) | 20,864.50 | 76,255.40 | 64,170.00 |
| Profit After Tax (PAT) (in ā¹ crore) | 7,764.10 | 30,049.70 | 26,120.30 |
| PAT Margin (%) | 19.82 | 20.46 | 20.36 |
| EBITDA Margin (%) | 53.26 | 51.91 | 50.05 |
JIO Platforms IPO Peer Comparison: JIO Platforms vs Bharti Airtel vs Vodafone Idea
| Particulars (FY26) | JIO Platforms Limited | Bharti Airtel Limited (Consolidate) | Vodafone Idea Limited |
|---|---|---|---|
| Total Customer Base (million) | 524.4 | 666.0 | 192.8 |
| ARPU (For exit quarter) (in ā¹ per month) | 214.0 | 257.2
(India mobile) |
174 |
| Monthly Data Consumption per Customer (For exit quarter) ( in GB/month) | 42.3 | 31.4
(India mobile) |
20.2 |
| Revenue from operations
(in ā¹ crore) |
1,46,885.30 | 2,10,972.80 | 44,873.00 |
| Profit After Tax (PAT) (in ā¹ crore) | 30,049.10 | 33,822.80 | 34,552.00 |
| EBITDA (in ā¹ crore) | 76,255.40 | 1,21,267.60 | 19,004.00 |
Key observations
- Bharti Airtel reported the highest consolidated revenue at ā¹2,10,972.80 crore in FY26, followed by Jio Platforms at ā¹1,46,885.30 crore and Vodafone Idea at ā¹44,873 crore.
- Airtel had the largest customer base at 666 million, followed by Jio Platforms at 524.4 million and Vodafone Idea at 192.8 million.
- Airtel’s India mobile ARPU of ā¹257.2 was higher than Jio’s ā¹214 and Vodafone Idea’s ā¹174, indicating higher average revenue per user for Airtel under the reported metrics.
- Jio recorded the highest monthly data consumption per customer at 42.3 GB, compared with Airtel’s India mobile figure of 31.4 GB and Vodafone Idea’s 20.2 GB.
- Jio Platforms reported a PAT of ā¹30,049.10 crore, while Airtel reported ā¹33,822.80 crore and Vodafone Idea ā¹34,552 crore.
Conclusion
Jio Platforms enters the IPO market with a large digital connectivity business, a customer base of 533.3 million and a strong presence in India’s 4G and 5G markets. Its extensive network, growing digital services ecosystem and AI-related partnerships provide opportunities to expand across consumer and enterprise services.
However, investors should weigh these factors against key risks, including dependence on Reliance Jio Infocomm Limited, regulatory requirements, technological changes, competition and brand-related risks.
