Jio Platforms IPO

Incorporated in 2019, Jio Platforms Limited is a technology-driven digital services company that operates through its subsidiary, Reliance Jio Infocomm Limited. The company provides digital connectivity and technology solutions across India, serving over 524 million customers as of March 31, 2026. Jio Platforms has developed a proprietary technology stack with capabilities spanning network infrastructure, software platforms, operating systems, devices, and digital applications. Its services cater to both consumers and enterprises through a combination of digital platforms and a nationwide distribution network, including 1,059 Jio Centres and 6,323 Jio Points.

Jio Platforms Limited IPO Overview

Jio Platforms IPO is a book-building issue worth ₹30,213 crore, comprising an entirely fresh issue of 27 crore shares, with no offer for sale (OFS). The IPO will open for subscription on October 21, 2026, and close on October 23, 2026. The allotment is expected to be finalised on October 26, 2026, while the tentative listing date on the BSE and NSE is October 28, 2026. The issue has a price band of ₹1,065 to ₹1,119 per share, with a lot size of 12 shares. The minimum investment required for retail investors is ₹13,428, based on the upper price band. Kotak Mahindra Capital Company Limited is the book-running lead manager, while KFin Technologies Limited is the registrar of the issue.

Jio Platforms Limited Upcoming IPO Details

Category	Details
Issue Type	Book-Building IPO
Total Issue Size	₹30,213 crore
Fresh Issue	27,00,00,000 shares (up to ₹30,213 crore)
Offer for Sale (OFS)	None
IPO Dates	October 21-23, 2026
Price Band	₹1,065-₹1,119 per share
Lot Size	12 shares
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding Pre-Issue	8,93,90,30,830 shares
Shareholding Post-Issue	9,20,90,30,830 shares

IPO Lots

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
S-HNI (Max)	74	888	₹9,93,672
B-HNI (Min)	75	900	₹10,07,100

Jio Platforms Limited IPO Reservation

Category	Limit	Cut-off
RII	Up to ₹2 lakh	Yes
sNII	₹2 lakh-₹10 lakh	No
bNII	Above ₹10 lakh	No
Shareholder (SH)	Up to ₹2 lakh	Yes
Employee (EMP)	Up to ₹5 lakh	Yes
Employee + Shareholder	Up to ₹2 lakh (SH) + up to ₹5 lakh (EMP)	Yes
Shareholder + RII/NII	Up to ₹2 lakh (SH) + applicable RII/NII limits	Yes (SH/RII)
Employee + RII/NII	Up to ₹5 lakh (EMP) + applicable RII/NII limits	Yes (EMP/RII)

Note: To be eligible for the Shareholder Quota, you must hold shares in Reliance Industries Limited.

Jio Platforms Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹33.63
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	9.38%
Net Asset Value (NAV)	₹375.86/share
Return on Equity (RoE)	9.38%
Return on Capital Employed (RoCE)	9.56%
EBITDA Margin	51.92%
PAT Margin	20.46%
Debt-to-Equity Ratio	0.21x

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Prepayment, in full or in part, of certain outstanding borrowings availed by Reliance Jio Infocomm Limited	275,000.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Jio Platforms Limited Financials (₹ in crore)

Particulars	June 30, 2026	March 31, 2026	March 31, 2025	March 31, 2024
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 (PAT)	7,764.10	30,052.70	26,120.30	21,434.00
Reserves and Surplus	3,32,839.50	3,25,074.40	2,95,083.40	2,68,927.10
Total Borrowings	61,372.20	70,781.00	73,060.30	54,348.90

Financial Status of Jio Platforms Limited

Jio Platforms Limited IPO Strengths

India’s Largest Digital Connectivity Provider with Unmatched Scale

Jio Platforms is India’s largest digital connectivity provider, serving over 524.4 million customers as of March 31, 2026. The company operates the largest VoLTE network globally (outside China) and has 268.5 million 5G customers. As per the Analysys Mason Report, ~60% of India’s wireless data traffic is on Jio’s network, and Jio has ~1.4 times the 4G+5G subscribers of the second largest player in India.

Proprietary Technology Stack and Innovation Culture

Jio Platforms has developed a proprietary technology stack spanning network infrastructure, software platforms, operating systems, devices, and digital applications. Key innovations include “JioBrain” (AI engine), “JioGridX” (real-time network tracking), “digital twin” technology for network planning, UBR technology for fixed wireless access, and indigenous 5G core. The company’s in-house OSS/BSS platforms and cloud-native architecture provide a structural cost advantage.

Market Leadership in Fixed Broadband with JioFiber and JioAirFiber

Jio Platforms is India’s largest fixed broadband provider with 27.1 million customers subscribing to JioFiber or JioAirFiber services. The company captured 67.56% of net fixed broadband customer additions in Fiscal 2026. JioAirFiber, a fixed wireless access service, has scaled to approximately 12.9 million customers in just two years since launch, making it the largest of such services globally (outside China) as of December 31, 2025.

Pan-India Network Infrastructure and Spectrum Holdings

Jio Platforms has access to a pan-India network of 360,382 Network Towers and over 1.0 million route kilometres of fibre. The company’s spectrum holding of 26,800.8 MHz (remaining average life of 16 years) is significantly higher than any other Indian operator. Jio is the only operator in India with spectrum in low-band (700 MHz), mid-band (3300 MHz), and millimetre wave (26 GHz) for 5G.

Nation-Scale Digital Gateway with Phygital Distribution

Jio Platforms serves as a digital gateway to India with a phygital distribution model. The MyJio App had 215.9 million average Monthly Active Users in Fiscal 2026, serving as a comprehensive self-help platform and gateway for multiple digital services. Physical touchpoints include 1,059 Jio Centres and 6,323 Jio Points across India, enabling deep penetration into rural markets.

Proven Track Record of Scale, Growth and Profitability

Jio Platforms has achieved significant scale in just 10 years since launch. Revenue from operations grew at a CAGR of 15.79% between Fiscal 2024 and Fiscal 2026, reaching ₹1,468,853 million in Fiscal 2026. EBITDA margin stands at 51.91% and PAT margin at 20.46%. Net leverage improved from 0.88x in Fiscal 2024 to 0.36x in Fiscal 2026, reflecting a strong balance sheet and disciplined capital allocation.

More About Jio Platforms Limited

Jio Platforms Limited, incorporated in 2019, has emerged as India’s largest technology-driven digital services company, operating through its wholly-owned subsidiary Reliance Jio Infocomm Limited.

Customer Scale and Market Position

I. Total Customers:
524.4 million as of March 31, 2026

II. 5G Customers:
268.5 million as of March 31, 2026

III. Fixed Broadband Customers:
27.1 million (JioFiber and JioAirFiber combined)

IV. Market Share:
 ~60% of India’s wireless data traffic, 67.56% of net fixed broadband additions in Fiscal 2026

V. Network Infrastructure:
360,382 Network Towers, over 1.0 million route km of fibre, 26,800.8 MHz spectrum

Consumer Digital Ecosystem

I. MyJio App:
215.9 million average Monthly Active Users in Fiscal 2026

II. JioTV+:
Integrated OTT and live TV platform with over 1,000 digital TV channels and 15 OTT services

III. JioSaavn:
Music streaming service

IV. JioGames:
Console-free cloud gaming platform

V. JioAICloud:
AI-powered cloud storage and compute

VI. JioSet-top-box:
Digital gateway for home entertainment, cloud gaming, and cloud compute (JioPC)

Enterprise Solutions

I. Cloud services (public, private, hybrid)

II. CPaaS (Communications Platform as a Service)

III. IoT services

IV. Private 5G offerings

V. Managed security solutions

VI. Unified communications platforms

Technology Innovations

I. JioBrain:
AI engine for predictive insights and real-time anomaly detection

II. JioGridX:
Real-time network parameter tracking across 82 parameters

III. Digital Twin:
Network coverage and strength assessment in real-time

IV. UBR Technology:
Eliminates need for physical last-mile fibre deployment

V. Jio Tele OS:
Operating system for smart TVs

Physical Distribution Network

I. 1,059 Jio Centres

II. 6,323 Jio Points

III. JioBharat phone at ₹799 targeting 2G users

Industry Outlook

India’s digital connectivity sector is poised for significant growth driven by increasing data consumption, 5G adoption, and rising fixed broadband penetration. India’s total telecommunications subscriber base was 1,188.7 million as of March 31, 2026, with wireless subscribers accounting for 1,178.3 million. Wireless broadband subscribers grew from 88.8 million in March 2016 to approximately 863.1 million in March 2026, increasing at a CAGR of 25.5%.

Key Growth Drivers:

I. Digital India Transformation:
India is one of the world’s largest and fastest-growing data markets, with monthly mobile data usage per subscriber reaching 18.5 GB in Fiscal 2025, compared to 10.3 GB in Fiscal 2021.

II. 2G to 4G/5G Migration:
Over 263.5 million Indians still on 2G networks as of March 31, 2026 present a significant opportunity for migration to 4G and 5G networks.

III. 5G Adoption:
5G was commercially launched in India in 2022, and India is now one of the fastest adopters of 5G services globally.

IV. Fixed Broadband Opportunity:
Fixed broadband connectivity penetration in India is low at ~20% compared to other major economies and is expected to increase to ~46% by Fiscal 2031 with 150.4 million fixed broadband customers.

V. Enterprise Digital Services:
The small and medium enterprise segment is significantly underpenetrated in India, with adoption across enterprise digital services estimated at less than 3.0%. The 79 million MSMEs represent a substantial opportunity.

VI. Government Initiatives:
The Indian government aims to have over 75 lakh households covered under the PM Surya Ghar Muft Bijli Yojana, driving digital connectivity demand. The “Make in India” initiative supports domestic telecom equipment manufacturing.

Market Projections:

I. Total internet subscriptions in India reached 969.7 million as of June 2025, a 9.2% YoY increase.

II. India’s digital economy is expected to grow significantly, with telecom and digital services sector projected to become a key driver of GDP growth.

III. The smartphone installed base in India is expected to grow, further driving data consumption and digital services adoption.

How Will Jio Platforms Limited Benefit

1. Jio Platforms is uniquely positioned to benefit from India’s digital transformation, with wireless broadband subscribers growing from 88.8 million in FY2016 to 863.1 million in FY2026, at a CAGR of 25.5%.

2. The company will capture significant growth from the 263.5 million 2G users yet to migrate to 4G/5G, with the JioBharat phone at ₹799 providing an affordable entry point for high-speed connectivity.

3. JioAirFiber and JioFiber are positioned to capture the fixed broadband opportunity, with India’s penetration expected to rise from ~20% to ~46% by FY2031, representing 150.4 million potential customers.

4. With 268.5 million 5G customers and 27.1 million fixed broadband customers, Jio’s integrated digital ecosystem (MyJio App with 215.9 million MAUs) creates significant cross-selling opportunities across digital services.

5.  Jio’s proprietary technology stack, including cloud-native RAN and AI platforms, provides a structural cost advantage with average operating cost of transmitting 1GB of data lower than the industry average.

6. The company’s Net Leverage improved from 0.88x in FY2024 to 0.36x in FY2026, and the IPO proceeds of ₹275,000 million for debt prepayment will further strengthen the balance sheet.

7. Jio’s enterprise business targeting 79 million MSMEs with JioAirFiber and managed services offers significant headroom for growth as enterprise digital services adoption remains under 3.0%.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
Jio Platforms Limited	10	1,468,853	33.63	33.59	[●]	9.42%	373.66
Peer Group
Bharti Airtel Limited	5	2,109,728	45.96	44.37	42.27	20.32%	244.60
Vodafone Idea Limited	10	448,730	3.21	3.21	4.65	NM	(3.30)

Key Strategies for Jio Platforms Limited

Continue to Add New Mobility Consumers and Extend Market Leadership

Jio Platforms added approximately 27 million net active mobility customers in Fiscal 2026, approximately three times the second player. With over 263.5 million Indians still on 2G networks, the JioBharat phone at ₹799 addresses a structurally underserved market segment. The company will continue enhancing consumer value proposition with differentiated network and digital services experience, driving migration to 4G/5G networks with integrated OTT, cloud, and AI services.

Continue Transforming Digital Connectivity and Digital Services at Home

Jio Platforms aims to continue connecting more households through high-speed broadband network built on JioFiber and JioAirFiber. Fixed broadband penetration in India is low at ~20% and expected to reach ~46% by FY2031. With 27.1 million customers already on the platform and 67.56% market share in net additions, Jio is well-positioned to capture a disproportionate share of this expansion through bundled plans with OTT, productivity tools, and smart home solutions.

Expand and Deepen Business Customer Base

Jio Platforms aims to expand market share with business customers by deepening penetration into small businesses and expanding wallet share from existing customers. The small and medium enterprise segment is significantly underpenetrated in India, with adoption across enterprise digital services at less than 3.0%. JioAirFiber provides fibre-like enterprise-grade connectivity for businesses across India, targeting 79 million MSMEs with managed services including cloud, IoT, and security solutions.

Monetise Platforms in Overseas Markets

Jio Platforms’ proprietary technology stack, including cloud-native RAN, 5G core, OSS/BSS platforms, UBR-based fixed wireless access solutions, and AI-driven network automation, has global applicability. The company intends to deploy these technologies in select international markets through partnerships with local operators, managed services arrangements, and strategic greenfield deployments, focusing on markets with opportunities for network upgrades, 5G rollout, and FWA-led fixed broadband expansion.

Leverage AI to Build and Deploy Autonomous Platforms

Jio Platforms is building autonomous platforms powered by AI across core operations. JioBrain, the proprietary AI engine, is embedded across multiple layers of network operations, enabling autonomous decision-making for capacity allocation, fault prediction and resolution, and real-time network optimisation. The company intends to extend digital connectivity platform capabilities, including JioBrain and autonomous network capabilities, to other global telecom companies and other industry verticals.