Jio Platforms IPO
- Price band
- ₹1,065 – ₹1,119
- Issue size
- ₹30,213 Cr
- Min. investment
- ₹13,428
- 12 shares
- GMP
- ₹277
- +24.75%
- Subscribed
- 0.86x
- Bidding dates
- 21 – 23 Oct 2026
IPO timeline
- Opens · Today21 OctWed
- Closes23 OctFri
- Allotment26 OctMon
- Refunds27 OctTue
- Demat credit27 OctTue
- Listing28 OctWed
Issue details
- Price band
- ₹1,065 – ₹1,119 per share
- Issue size
- ₹30,213 Cr
- Fresh issue
- ₹30,213 Cr · 27 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹10 per share
- Lot size
- 12 shares
- Minimum investment
- ₹13,428
- Listing on
- BSE, NSE
- Exchange code
- 8047
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 12 | ₹13,428 |
| Retail (Max) | 14 | 168 | ₹1,87,992 |
| S-HNI (Min) | 15 | 180 | ₹2,01,420 |
| B-HNI (Min) | 75 | 900 | ₹10,07,100 |
Reservation
- QIB
- 12,14,81,893 shares
- NII
- 3,64,44,569 shares (15.00% of the Offer)
- Retail
- 8,50,37,327 shares (35.00% of the Offer)
- Employee
- 46,94,835 shares (1.74% of the Offer)
Grey market premium (GMP)
- Current GMP
- ₹277
- +24.75%
- Estimated listing price
- ₹1,396
- Issue price ₹1,119
- Highest
- ₹277
- 21 Oct
- Lowest
- ₹167
- 6 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 21 Oct 2026 | ₹277 | +24.75% | ₹1,396 |
| 20 Oct 2026 | ₹273 | +24.40% | ₹1,392 |
| 19 Oct 2026 | ₹245 | +21.89% | ₹1,364 |
| 18 Oct 2026 | ₹249 | +22.25% | ₹1,368 |
| 17 Oct 2026 | ₹223 | +19.93% | ₹1,342 |
| 16 Oct 2026 | ₹221 | +19.75% | ₹1,340 |
| 15 Oct 2026 | ₹220 | +19.66% | ₹1,339 |
| 14 Oct 2026 | ₹206 | — | ₹1,325 |
| 13 Oct 2026 | ₹218 | — | ₹1,337 |
| 12 Oct 2026 | ₹182 | — | ₹1,301 |
| 11 Oct 2026 | ₹172 | — | ₹1,291 |
| 10 Oct 2026 | ₹171 | — | ₹1,290 |
| 9 Oct 2026 | ₹173 | — | ₹1,292 |
| 8 Oct 2026 | ₹167 | — | ₹1,286 |
| 7 Oct 2026 | ₹182 | — | ₹1,301 |
| 6 Oct 2026 | ₹167 | — | ₹1,286 |
- Subject to sauda
- ₹2,500 retail · ₹17,000 HNI
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB2.86x
- NII (HNI)0.19x
- Retail0.17x
- Employee0.44x
- Shareholder0.32x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 4,90,07,827 | 14,03,42,100 | 2.86x |
| Non-Institutional Investors (NII) | 3,64,44,569 | 68,49,708 | 0.19x |
| bNII — bids above ₹10 Lakh | 2,42,96,380 | 36,32,604 | 0.15x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 1,21,48,189 | 32,17,104 | 0.26x |
| Retail Individual Investors (RII) | 8,50,37,327 | 1,41,09,516 | 0.17x |
| Employee | 46,94,835 | 20,60,892 | 0.44x |
| Shareholder | 2,23,41,376 | 71,92,776 | 0.32x |
| Total | 19,75,25,934 | 17,05,54,992 | 0.86x |
Financials
- P/E (pre-issue)
- 33.24
- P/E (post-issue)
- 34.25
- EPS (₹)
- 33.72
- RoNW
- 2.30%
- PAT Margin
- 19.82%
- EBITDA Margin
- 53.26%
- NAV (₹)
- 382.34
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the FY ended 31 Mar 2026.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Revenue from Operations | 146885.30 | 128218.40 | 109558.10 | |
| Assets | 6,22,905.30 | 6,15,594.00 | 5,81,233.80 | 5,39,580.40 |
| Total Income | 40,197.90 | 1,49,759.10 | 1,29,333.00 | 1,10,175.40 |
| Profit After Tax | 7,764.10 | 30,052.70 | 26,120.30 | 21,434.00 |
| EBITDA | 20,864.50 | 76,255.40 | 64,170.00 | 54,958.70 |
| NET Worth | 3,41,778.50 | 3,34,013.40 | 3,04,022.40 | 2,77,866.10 |
| Reserves and Surplus | 3,32,839.50 | 3,25,074.40 | 2,95,083.40 | 2,68,927.10 |
| Total Borrowing | 61,372.20 | 70,781.00 | 73,060.30 | 54,348.90 |
About Jio Platforms
Jio Platforms Limited is a technology platform built on proprietary digital technology and pan-India digital connectivity. It sells digital connectivity and digital services to consumers and to businesses. For consumers it offers mobile and fixed broadband, digital services across entertainment, cloud gaming, cloud compute, cloud PC and storage, smart home solutions, and AI based products such as AI assistants. For businesses it offers enterprise grade broadband and leased line connectivity, cloud, productivity, unified communications, IoT, managed Wi-Fi, private 5G and security solutions, end to end managed information and communication services, and AI enterprise suite products. The material subsidiary Reliance Jio Infocomm Limited (RJIL) holds the telecom licences and served 524.4 million customers in India as of 31 March 2026. The company reports a single segment under Ind AS 108, and most of its operations are in India. The customer base grew from 481.8 million in FY2024 to 488.2 million in FY2025 and 524.4 million in FY2026, with net customer additions of 36.2 million in FY2026 against 6.4 million in FY2025. Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 206.2 in FY2025 and Rs 214.0 in FY2026. Data traffic carried on the network grew from 148.5 billion GBs in FY2024 to 184.5 billion GBs in FY2025 and 241.4 billion GBs in FY2026. Monthly data use per customer for the exit quarter rose from 28.7 GB to 33.6 GB and then 42.3 GB over the same three years. Monthly churn for the exit quarter was 1.67% in FY2026 against 1.81% in FY2025 and 1.52% in FY2024. On the financial side, revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 146,885.30 crore in FY2026, and profit after tax grew from Rs 21,434.00 crore to Rs 30,052.70 crore. The EBITDA margin was 50.16% in FY2024, 50.05% in FY2025 and 51.91% in FY2026. Net cash generated from operating activities was Rs 77,556.30 crore in FY2026. EBITDA less cash capex rose from Rs 1,449.10 crore in FY2024 to Rs 19,902.00 crore in FY2025 and Rs 42,071.10 crore in FY2026, and net leverage fell from 0.88 times to 0.36 times over the same period. Reliance Industries Limited is the promoter and holds 5,937,841,645 equity shares, which is 66.43% of the pre-issue paid up equity capital. The other large shareholders are Jaadhu Holdings, LLC, an affiliate of Meta Platforms, with 9.98%, Google International LLC with 7.73%, the Public Investment Fund of Saudi Arabia with 2.31%, a KKR affiliate with 2.31%, a Vista Equity Partners affiliate with 2.31%, a Silver Lake affiliate with 1.88%, a Mubadala subsidiary with 1.85%, General Atlantic Singapore JP with 1.34%, an Abu Dhabi Investment Authority trust with 1.16% and a TPG managed entity with 0.93%. The company has 94 other shareholders, and members of the promoter group hold no equity shares. The registered office is in Ahmedabad and the corporate office is at Reliance Corporate Park, Ghansoli, Navi Mumbai.
Strengths
- Revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 128,218.40 crore in FY2025 and Rs 146,885.30 crore in FY2026.
- The EBITDA margin was 51.91% in FY2026, up from 50.05% in FY2025 and 50.16% in FY2024.
- Profit after tax grew from Rs 21,434.00 crore in FY2024 to Rs 30,052.70 crore in FY2026, at a PAT margin of 19.82%.
- RJIL's customer base reached 524.4 million as of 31 March 2026, with 36.2 million net additions in FY2026 against 6.4 million in FY2025.
- Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 214.0 in FY2026.
- Data traffic grew from 148.5 billion GBs in FY2024 to 241.4 billion GBs in FY2026, and monthly data use per customer rose from 28.7 GB to 42.3 GB.
- Net cash generated from operating activities was Rs 77,556.30 crore in FY2026 against a profit after tax of Rs 30,052.70 crore.
- Net leverage fell from 0.88 times in FY2024 to 0.36 times in FY2026, and EBITDA less cash capex rose from Rs 1,449.10 crore to Rs 42,071.10 crore over the same two years.
Risks
- Total fund based outstanding borrowings of the company and its subsidiaries were Rs 71,529.20 crore as of 31 March 2026, and the capital intensive nature of the business needs continued access to funding for technology upgrades and capital expenditure.
- RJIL holds the telecommunication licences and spectrum that the business runs on. Any inability to maintain or renew them, or to win spectrum in future auctions, would hit operations.
- Monthly churn for the exit quarter was 1.67% in FY2026 against 1.52% in FY2024, and a sustained rise in churn would hurt the customer base of 524.4 million.
- Return on average capital employed fell from 12.83% in FY2024 to 12.50% in FY2025 and 10.76% in FY2026, even as revenue grew.
- The company does not control the use of the Jio trademark by other companies in the Reliance Group, so negative publicity from outside the company can affect its brand.
- The company and its subsidiaries have non-exclusive agreements with the promoter, Reliance Retail Limited and other Reliance Group entities for key parts of the business.
- The company depends on a limited group of passive infrastructure providers for a substantial part of its telecommunication towers and optic fibre network.
- Litigation against the subsidiaries covers 18 criminal, 200 tax and 26 statutory or regulatory proceedings involving Rs 10,811.00 crore. Of this, GST input tax credit disputes worth Rs 6,766.70 crore have not been recognised as a contingent liability in the restated financial information.
- Proceedings against the promoter Reliance Industries Limited involve Rs 40,310.60 crore and US$ 4.13 billion, and include two disciplinary actions by SEBI or the stock exchanges in the last five years and four material civil litigations.
- The whole fresh issue of up to 27,00,00,000 equity shares goes to prepaying borrowings of RJIL and to general corporate purposes, and the offer document does not split the amount between the two uses.
Objects of the issue
- Prepayment, in full or in part, of certain outstanding borrowings of the material subsidiary Reliance Jio Infocomm Limited
- General corporate purposes
Promoters and shareholding
Reliance Industries Limited
- Promoter holding, pre-issue
- 66.43%
- Promoter holding, post-issue
- 64.48%
Anchor investors
Registrar, lead managers and documents
Lead managers
- JM Financial Ltd.
- HSBC Securities & Capital Markets (India) Pvt. Ltd.
- SBI Capital Markets Ltd.
- Axis Capital
- ICICI Securities
- Kotak Mahindra Capital Company Limited
- Jefferies India Private Limited
- IIFL Capital Services Limited
- Bofa Securities India Limited
- Dam Capital Advisors Ltd
- Hdfc Bank Limited
- Goldman Sachs (India) Securities Private Limited
- J.P. Morgan India Private Limited
- Ubs Securities India Private Limited
Company contact
Office-101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad 380 006, Gujarat, India
+91 22 7967 0000
jpl.investorrelations@jio.comJio Platforms IPO: common questions
1.When does the Jio Platforms IPO open and close?
The Jio Platforms IPO opens on 21 Oct 2026 and closes on 23 Oct 2026.
2.What is the price band of the Jio Platforms IPO?
The price band is ₹1,065 – ₹1,119 per share, with a lot size of 12 shares and a minimum investment of ₹13,428.
3.What is the size of the Jio Platforms IPO?
The issue size is ₹30,213 Cr (Fresh capital only).
4.What is the GMP of the Jio Platforms IPO?
The last reported grey market premium is ₹277 per share as of 21 Oct 2026, 09:36 AM IST. GMP is unofficial and changes frequently.
5.When is the Jio Platforms IPO allotment?
The basis of allotment is expected on 26 Oct 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
6.When will the Jio Platforms IPO list?
The shares are expected to list on 28 Oct 2026 on BSE, NSE.
7.Who is the lead manager of the Jio Platforms IPO?
The book running lead managers are JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., SBI Capital Markets Ltd., Axis Capital, ICICI Securities, Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, IIFL Capital Services Limited, Bofa Securities India Limited, Dam Capital Advisors Ltd, Hdfc Bank Limited, Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited, Ubs Securities India Private Limited, and the registrar is KFin Technologies Limited.
8.What will the money raised in the Jio Platforms IPO be used for?
As stated in the offer document, the proceeds are for: Prepayment, in full or in part, of certain outstanding borrowings of the material subsidiary Reliance Jio Infocomm Limited; General corporate purposes.
9.How can my company launch an IPO like Jio Platforms?
Start with an IPO readiness assessment: eligibility for the Main Board, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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