Jio Platforms Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 27,00,00,000 equity shares (Fresh only, no OFS)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Jio Platforms Limited

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 Limited filed its DRHP with SEBI on June 19, 2026, for a book-built IPO comprising a fresh issue of up to 27,00,00,000 equity shares, entirely a fresh issue with no offer for sale (OFS) component. The issue is expected to be one of the largest IPOs in Indian history. The company may consider a pre-IPO placement. Net proceeds from the fresh issue will be utilized for prepayment of certain outstanding borrowings availed by Reliance Jio Infocomm Limited (₹275,000 million) and general corporate purposes. Reliance Industries Limited is the promoter of the company, holding 66.43% pre-issue. Lead managers include Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, J.P. Morgan, Morgan Stanley, and others. Registrar: KFin Technologies Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Jio Platforms Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	27,00,00,000 equity shares
Fresh Issue	27,00,00,000 equity shares
Offer for Sale (OFS)	None
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	8,93,90,30,830 shares
Shareholding post-issue	8,93,90,30,830 shares

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Jio Platforms Limited IPO Reservation

Category	Limit	Cut-off
RII	Up to ₹2 Lakhs	Yes
sNII	₹2 Lakhs – ₹10 Lakhs	No
bNII	Above ₹10 Lakhs	No
Shareholder (SH)	Up to ₹2 Lakhs	Yes
Employee (EMP)	Up to ₹5 Lakhs	Yes

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 million)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	6,155,940	5,812,338	5,395,804
Revenue from Operations	1,468,853	1,282,184	1,095,581
Profit After Tax	300,491	261,090	214,232
Reserves and Surplus	3,270,379	2,961,084	2,693,474
Total Borrowings	707,810	730,603	543,489
Total Liabilities	2,785,178	2,750,526	2,601,587

Financial Status of Jio Platforms Limited

SWOT Analysis of Jio Platforms Limited

Strengths and Opportunities	Weaknesses and Threats
India’s largest digital connectivity provider with 524.4 million customers	Fixed broadband penetration in India is only ~20%, limiting near-term growth
Proprietary technology stack with cloud-native RAN, 5G core, and AI platforms	Revenue concentration on mobility segment; enterprise business is still scaling
Largest VoLTE network globally (outside China) with 268.5 million 5G customers	Significant debt burden of ₹707,810 million as of March 31, 2026
Pan-India network of 360,382 towers and 1.0 million route km fibre	Intense competition from Bharti Airtel and Vodafone Idea
27.1 million fixed broadband customers, #1 in India with 67.56% market share in additions	Regulatory uncertainty around spectrum pricing and licensing fees
Deepening digital ecosystem with MyJio App (215.9 million MAUs) and JioAirFiber	Customer acquisition costs remain high in rural and semi-urban areas
263.5 million 2G users in India represent significant upgrade opportunity	Technology obsolescence risks in rapidly evolving telecom sector
India’s fixed broadband penetration expected to rise from 20% to 46% by FY2031	Spectrum auctions and high capital expenditure requirements
JioBharat phone at ₹799 targets voice-only 2G users for 4G migration	Foreign exchange rate fluctuations affecting equipment imports

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.

Other IPO Pages Linking

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

• Total Customers: 524.4 million as of March 31, 2026
• 5G Customers: 268.5 million as of March 31, 2026
• Fixed Broadband Customers: 27.1 million (JioFiber and JioAirFiber combined)
• Market Share: ~60% of India’s wireless data traffic, 67.56% of net fixed broadband additions in Fiscal 2026
• Network Infrastructure: 360,382 Network Towers, over 1.0 million route km of fibre, 26,800.8 MHz spectrum

Consumer Digital Ecosystem

• MyJio App: 215.9 million average Monthly Active Users in Fiscal 2026
• JioTV+: Integrated OTT and live TV platform with over 1,000 digital TV channels and 15 OTT services
• JioSaavn: Music streaming service
• JioGames: Console-free cloud gaming platform
• JioAICloud: AI-powered cloud storage and compute
• JioSet-top-box: Digital gateway for home entertainment, cloud gaming, and cloud compute (JioPC)

Enterprise Solutions

• Cloud services (public, private, hybrid)
• CPaaS (Communications Platform as a Service)
• IoT services
• Private 5G offerings
• Managed security solutions
• Unified communications platforms

Technology Innovations

• JioBrain: AI engine for predictive insights and real-time anomaly detection
• JioGridX: Real-time network parameter tracking across 82 parameters
• Digital Twin: Network coverage and strength assessment in real-time
• UBR Technology: Eliminates need for physical last-mile fibre deployment
• Jio Tele OS: Operating system for smart TVs

Physical Distribution Network

• 1,059 Jio Centres
• 6,323 Jio Points
• 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:

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

• Total internet subscriptions in India reached 969.7 million as of June 2025, a 9.2% YoY increase.
• India’s digital economy is expected to grow significantly, with telecom and digital services sector projected to become a key driver of GDP growth.
• The smartphone installed base in India is expected to grow, further driving data consumption and digital services adoption.

How Will Jio Platforms Limited Benefit

• 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%.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.

FAQs

How can I apply for Jio Platforms Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Jio Platforms Limited IPO?

The IPO comprises a fresh issue of 27,00,00,000 equity shares, entirely a fresh issue with no OFS component.

When is the Jio Platforms Limited IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Jio Platforms Limited shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Jio Platforms Limited use the IPO proceeds?

Proceeds will be used for prepayment of outstanding borrowings (₹275,000 million) and general corporate purposes.

Infographic Content

Jio Platforms Limited IPO Highlights

Jio Platforms is India’s largest digital services company, serving 524.4 million customers with a proprietary technology stack spanning network infrastructure, software platforms, devices, and digital applications across consumer and enterprise segments.

• Offer Size:27,00,00,000 equity shares (entirely fresh issue; no OFS component)
• Purpose:Net proceeds will be used for prepayment of outstanding borrowings (₹275,000 million) and general corporate purposes.
• Financials (FY March 2026):Revenue ₹1,468,853 million; Profit After Tax ₹300,491 million; EPS ₹33.63;
• Listing:Mainboard IPO on BSE & NSE