Jio Platforms IPO
Issue details, the company's financials from its prospectus, subscription and key dates, explained in plain English. Data from NSE and the Red Herring Prospectus.
About the issue
Jio Platforms Limited is open for subscription from 21 Oct 2026 to 23 Oct 2026 on the main board of NSE. The issue size is ₹30,213 cr. One lot of 12 shares costs ₹13,428 at the upper end of the price band.
Jio Platforms is Reliance Industries' digital services company. Its main subsidiary, Reliance Jio Infocomm (RJIL), had 533.3 million customers in India on 30 June 2026, 284.9 million of them on 5G, and earned 87.74% of the group's revenue in FY26. The IPO is a fresh issue only: no existing shareholder sells, and the money raised goes to the company, mainly to repay RJIL's borrowings. At ₹1,119 a share, 27 crore new shares raise ₹30,213 cr, the largest IPO in India so far by issue size (Hyundai Motor India raised ₹27,870 cr in October 2024), and value the company at about ₹10.30 lakh crore after the issue.
What the numbers show
- Revenue from operations grew from ₹1,09,558 cr in FY24 to ₹1,46,885 cr in FY26, about 16% a year.
- Profit after tax rose from ₹21,423 cr to ₹30,049 cr, and the profit margin improved from 19.6% to 20.5%.
- Total borrowings rose from ₹54,349 cr to ₹70,781 cr, a debt-to-equity ratio of 0.21 at the end of FY26.
- The whole issue is a fresh issue of ₹30,213 cr: all the money goes to the company.
- So far the issue has been subscribed 5.57× overall (QIBs 13.29×, non-institutional investors 5.97×, retail investors 1.54×).
These points are calculated from the prospectus and NSE data. They describe the company; they are not a recommendation to apply or not.
Financial performance
| ₹ crore unless stated | FY24 | FY25 | FY26 | Jun 2026 (3 months) |
|---|---|---|---|---|
| Revenue from operations | 1,09,558 | 1,28,218 | 1,46,885 | 39,173 |
| EBITDA | 54,959 | 64,170 | 76,255 | 20,865 |
| EBITDA margin | 50.2% | 50.1% | 51.9% | 53.3% |
| Profit after tax | 21,423 | 26,109 | 30,049 | 7,764 |
| Profit margin | 19.6% | 20.4% | 20.5% | 19.8% |
| Net worth | 2,77,866 | 3,04,022 | 3,34,013 | 3,41,779 |
| Total borrowings | 54,349 | 73,060 | 70,781 | 61,372 |
| Debt to equity | 0.20 | 0.24 | 0.21 | 0.18 |
| EPS (diluted) | ₹23.93 | ₹29.17 | ₹33.59 | ₹8.68 |
| Return on net worth | 8.0% | 9.0% | 9.4% | 2.3% |
| NAV per share | ₹310.85 | ₹340.11 | ₹373.66 | ₹382.34 |
Valuation at the upper price band
| Measure | Value | How it is calculated |
|---|---|---|
| Market capitalisation | ₹10,30,487 cr | Shares after the issue × ₹1,119 |
| P/E (pre-issue EPS) | 33.3× | ₹1,119 ÷ earnings per share of the latest full year, before the new shares |
| P/E (post-issue) | 34.3× | Market capitalisation ÷ latest full-year profit after tax |
| Price to book | 2.93× | ₹1,119 ÷ book value per share (latest net worth ÷ shares before the issue) |
Jio Platforms at a glance
The company describes itself as a technology platform: mobile and home broadband (4G, 5G, JioFiber, JioAirFiber), entertainment bundled with data plans (JioTV+, JioSaavn, JioHotstar, JioGames), cloud and AI services, smart-home devices, and connectivity, cloud and managed services for businesses. It reports a single segment, and connectivity makes up substantially all of its revenue; 96.62% of FY26 revenue came from India.
| Operating numbers | FY24 | FY25 | FY26 | Apr–Jun 2025 | Apr–Jun 2026 |
|---|---|---|---|---|---|
| Customers (million, end of period) | 481.8 | 488.2 | 524.4 | 498.1 | 533.3 |
| Net customer additions (million) | 42.5 | 6.4 | 36.2 | 9.9 | 8.9 |
| ARPU (₹ a month, last quarter of period) | 181.7 | 206.2 | 214.0 | 208.8 | 215.6 |
| Data used per customer (GB a month) | 28.7 | 33.6 | 42.3 | 37.0 | 43.7 |
| Monthly churn | 1.52% | 1.81% | 1.67% | 1.84% | 1.61% |
| EBITDA margin | 50.2% | 50.1% | 51.9% | 51.8% | 53.3% |
- Pricing power: monthly ARPU rose from ₹181.7 in the March 2024 quarter to ₹214.0 in the March 2026 quarter (17.8%), and to ₹215.6 in April–June 2026.
- Growth: revenue from operations grew about 15.8% a year from FY24 to FY26 and profit after tax about 18.4% a year.
- Home broadband: 28.6 million JioFiber and JioAirFiber customers on 30 June 2026, of which JioAirFiber (fixed wireless, launched September 2023) had 14.0 million.
- Network: access to 3,60,537 towers, 26,800.8 MHz of spectrum with about 15.8 years of licence life left on average, and over 1 million route kilometres of fibre. The MyJio app had 227.6 million average monthly active users in April–June 2026.
Market-share claims in the prospectus (for example about 60% of India's wireless data traffic in FY26) come from an industry report by Analysys Mason that the company commissioned for the IPO.
Who owns Jio Platforms
| Shareholder | Shares | Before the IPO | After the IPO |
|---|---|---|---|
| Reliance Industries Limited (promoter) | 5,93,78,41,645 | 66.43% | 64.48% |
| Jaadhu Holdings (Meta Platforms) | 89,22,75,913 | 9.98% | 9.69% |
| Google International | 69,08,54,775 | 7.73% | 7.50% |
| Public Investment Fund (Saudi Arabia) | 20,69,31,899 | 2.31% | 2.25% |
| Omicron Asia Holdings II (KKR) | 20,69,31,899 | 2.31% | 2.25% |
| VEPF VII AIV I (Vista Equity Partners) | 20,69,31,899 | 2.31% | 2.25% |
| SLP Redwood Holdings (Silver Lake) | 16,84,89,206 | 1.88% | 1.83% |
| MIC Redwood 1 (Mubadala) | 16,55,45,519 | 1.85% | 1.80% |
| General Atlantic Singapore JP | 12,01,20,900 | 1.34% | 1.30% |
| Platinum Jasmine A 2018 Trust (ADIA) | 10,34,65,950 | 1.16% | 1.12% |
| India Markets (TPG) | 8,27,72,760 | 0.93% | 0.90% |
| 93 other shareholders | 15,68,68,465 | 1.75% | 1.70% |
Reliance Industries stays the controlling shareholder with about 64.5% after the issue. Meta and Google together hold 17.7% today. None of these shareholders sells shares in the IPO. The prospectus gives Reliance's average cost of acquiring its shares as ₹89.58 a share; neither Reliance nor anyone else acquired shares in the three years before the RHP.
Where the money goes
The net proceeds (the amount raised minus issue expenses) will be used to prepay, in full or in part, borrowings of RJIL, with the rest for general corporate purposes. Total consolidated borrowings were ₹61,372 cr on 30 June 2026, so the gross proceeds of ₹30,213 cr equal about 49% of that debt. Because the whole issue is new shares, existing shareholders' stakes are diluted by 2.9%.
How the shares are divided
| Category | Shares offered | Share of the issue |
|---|---|---|
| Anchor investors (allotted 19 Oct 2026) | 7,24,74,066 | 26.8% |
| Qualified Institutional Buyers | 4,90,07,827 | 18.2% |
| Non Institutional Investors | 3,64,44,569 | 13.5% |
| Retail Individual Investors | 8,50,37,327 | 31.5% |
| Employees | 46,94,835 | 1.7% |
| Shareholders | 2,23,41,376 | 8.3% |
- Anchor investors took 7,24,74,066 shares, worth ₹8,110 cr at ₹1,119, on 19 October, before the issue opened to everyone else.
- Reliance Industries shareholders: ₹2,500 cr is reserved for eligible RIL shareholders (as defined in the RHP), who can bid up to ₹2,00,000 in this category.
- Employees: ₹500 cr is reserved for eligible employees, who get a discount of ₹54 a share, with bids up to ₹5,00,000.
- Retail investors bid in lots of 12 shares, up to ₹2,00,000; one lot costs ₹13,428 at ₹1,119.
Risks the prospectus highlights
- One distributor for prepaid plans. Reliance Retail is the sole distributor of Jio's prepaid connectivity, which brought in 77.08% of consolidated revenue in FY26. A disruption in that arrangement would hurt the business.
- Dependence on RJIL. The subsidiary produced 87.74% of revenue, 94.88% of EBITDA and 93.76% of profit after tax in FY26.
- Licences and spectrum. RJIL's telecom licence and spectrum must be renewed, and future spectrum won in auctions.
- Reliance group ties. Many agreements are with Reliance Industries, Reliance Retail and other group companies, and the "Jio" brand is shared with other group businesses.
- Infrastructure suppliers. Towers and fibre come from a small group of passive-infrastructure providers.
- Technology risks: network outages, cyber attacks and data breaches, failing to keep up with new technology, and errors or bias in AI systems.
- Litigation. The subsidiaries face 208 tax proceedings among other cases, with a quantifiable amount of ₹10,836 cr. GST disputes over input tax credit total ₹6,796 cr; the company has not treated these demands as a contingent liability, citing judicial precedents.
Summarised from the top ten internal risk factors in the Abridged Prospectus. The full list starts on page 30 of the Red Herring Prospectus.
Timeline and people
| Step | Date |
|---|---|
| Draft prospectus (DRHP) filed with SEBI | 19 Jun 2026 |
| SEBI observation letter received | 28 Aug 2026 |
| Red Herring Prospectus filed with the Registrar of Companies | 14 Oct 2026 |
| Anchor investor bidding | 19 Oct 2026 |
| Bidding open | 21 Oct 2026 to 23 Oct 2026 |
| Listing on NSE and BSE | Expected on the third working day after the issue closes (SEBI's T+3 timeline) |
Board and management: Mukesh Ambani is the non-executive chairman and Akash Ambani the managing director; Isha Ambani and Anant Ambani are non-executive directors, and five of the ten directors are independent. Pankaj Mohan Pawar is chief executive officer and Saurabh Sancheti chief financial officer. The joint statutory auditors, Deloitte Haskins & Sells and Chaturvedi & Shah, have no qualifications on the financial statements. Nineteen book-running lead managers run the issue, Kotak Mahindra Capital first among them; KFin Technologies is the registrar.
Subscription
| Investor category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | 4,90,07,827 | 65,14,58,268 | 13.29× |
| Non Institutional Investors | 3,64,44,569 | 21,74,24,940 | 5.97× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 2,42,96,380 | 16,42,52,784 | 6.76× |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 1,21,48,189 | 5,31,72,156 | 4.38× |
| Retail Individual Investors(RIIs) | 8,50,37,327 | 13,09,39,248 | 1.54× |
| Employees | 46,94,835 | 98,54,916 | 2.10× |
| Shareholders | 2,23,41,376 | 9,03,23,508 | 4.04× |
| Total | 19,75,25,934 | 1,10,00,00,880 | 5.57× |
Frequently asked questions
Is the Jio Platforms IPO an offer for sale?
No. It is a fresh issue of up to 27 crore new shares of face value ₹10. No existing shareholder, including Reliance Industries, Meta or Google, is selling shares in the IPO; all the money goes to the company.
What will Jio Platforms do with the IPO money?
After issue expenses, the money will be used to prepay, in full or in part, borrowings of its subsidiary Reliance Jio Infocomm, and for general corporate purposes. Consolidated borrowings were ₹61,372 cr on 30 June 2026.
Is there a quota for Reliance Industries shareholders?
₹2,500 crore of the issue is reserved for eligible Reliance Industries shareholders, who can bid up to ₹2,00,000 in that category. Eligibility is defined in the Red Herring Prospectus; check it before bidding in this category.
What is Jio Platforms worth at the upper price band?
About ₹10.30 lakh crore: 920.90 crore shares after the issue × ₹1,119. That is 33.3 times FY26 diluted earnings per share of ₹33.59 and 2.93 times the net asset value per share of ₹382.34 on 30 June 2026.
What is the price band of the Jio Platforms IPO?
The price band is ₹1,065–1,119 per share, for shares with a face value of ₹10.
What is the lot size and minimum investment?
Bids are made in lots of 12 shares, so one lot costs ₹13,428 at the upper end of the price band.
When does the Jio Platforms IPO open and close?
Bidding opened on 21 Oct 2026 and closes on 23 Oct 2026.
How many times was the Jio Platforms IPO subscribed?
So far it has been subscribed 5.57× overall, according to NSE bid data.
Where can I check the allotment status?
The registrar to the issue is Kfin Technologies Limited. Allotment status can be checked on the registrar's website with your PAN or application number, and on the NSE and BSE websites, usually a day or two after the issue closes.
Is this a recommendation to apply?
No. This page summarises public information so you can read the prospectus with the key numbers in mind. Whether to apply depends on your own goals and risk tolerance; consider speaking to a SEBI-registered investment adviser.
Data: NSE (issue details, bids, prices) and the company's Red Herring Prospectus filed with SEBI. Figures are reproduced and converted with care but may contain errors; check the prospectus before making any decision. This page is for information and education only. It is not a recommendation to apply for, buy or sell any security. See our disclaimer.