Jio Platforms IPO: Brokerages See AI, Home Broadband, Overseas Tech Monetisation As Growth Levers

New Delhi: With the 5G rollout of its telecom arm largely completed, Jio Platforms is looking to AI, home broadband, enterprise services, and the export of in-house technology for its next leg of growth, multiple brokerages said ahead of its up to Rs 30,213-crore IPO opening this week.

The mega Jio Platforms IPO, a fresh issue priced at Rs 1,065-1,119 per share, opens on October 21 and closes on October 23, with anchor investor bidding scheduled for October 19.

Institutional investors, including leading domestic and global players, have indicated interest worth nearly Rs 2.5 lakh crore in Jio Platforms’ public issue, according to sources.

Abu Dhabi Investment Authority (ADIA), an existing investor in Jio Platforms, has also evinced interest in participating in the institutional portion of the IPO, sources said, although this could not be independently verified immediately.

Jio Platforms held its second round of pre-IPO meetings with brokers and analysts on Saturday, with JPL Managing Director Akash Ambani and twin sister Isha Ambani, a director on the company’s board, outlining the growth roadmap to participants, sources said.

An earlier round was held on Thursday.

Sources said interest in the IPO has also picked up among retail investors and employees, with the pre-IPO application process starting on some brokerage platforms.

Investors with demat accounts can access the application process through participating brokers, they added.

Employees have also started making enquiries, reflecting strong interest in the offering, they added.

Meanwhile, brokerages see the company’s next growth coming from AI, home broadband, enterprise services and overseas technology licensing.

“In-house technology stack positions JPL for the next set of growth levers,” Emkay Global said, adding that Jio has built strong in-house technology capabilities, including a ‘Made in India’ end-to-end 5G stack, comprising a 4G+5G combination core, 5G devices, and proprietary Operations Support Systems and Business Support Systems.

Its proprietary point-to-multipoint Unlicensed Band Radio technology has made it the first in India to offer fixed wireless access over UBR. Jio Platforms aims to deploy these technologies in partnership with local operators in select international markets, Emkay noted.

Citing the company’s market leadership, pricing power, growth opportunities and execution track record, the brokerage has recommended subscribing to the issue.

According to Emkay Global, the key risks include spectrum costs and regulatory changes; competitive intensity affecting average revenue per user (ARPU) and customer churn; dependence on Reliance Group entities; concentration in passive infrastructure and equipment vendors; and leverage and foreign exchange exposure.

GEPL, in its report, said the company’s indigenous standalone 5G technology stack, proprietary JioBrain AI platform and investments in 6G research, cloud-native architecture and AI-driven network automation provide a technological edge and potential opportunities to monetise capabilities through enterprise solutions and overseas markets.

“Overall, Jio Platforms is positioned to benefit from continued 5G adoption, fixed broadband expansion, enterprise digitalisation and AI-led services, with its technology ownership, scale advantages, diversified digital ecosystem and strong profitability supporting sustainable growth,” it noted.

International expansion through partnerships with telecom operators and the monetisation of its proprietary 5G core, cloud-native RAN, OSS/BSS and fixed wireless access technologies could create additional revenue streams beyond domestic connectivity services, according to GEPL.

“…Jio Platforms plans to extend its JioBrain AI platform and autonomous network capabilities to global telecom operators and other industries, leveraging its extensive network and operational data to develop scalable technology solutions,” it added.

Investments in satellite connectivity and renewable energy also represent potential avenues to improve network reach and operational efficiency, according to the report.

SMC pointed out that Jio’s strengths include “unmatched scale”, with 53.33 crore subscribers and about 60 per cent of wireless data traffic, an in-house technology stack, Reliance Retail’s distribution reach and a broad spectrum portfolio (spanning low-, mid- and high-frequency bands, including sub-GHz spectrum, enabling it to balance coverage, network capacity and data speeds).

It said that cash capital expenditure fell to 23.27 per cent of revenue in FY26, indicating a lower investment intensity relative to the company’s revenue base.

On risk factors, SMC said any adverse changes in telecom licensing terms, Adjusted Gross Revenue (AGR) calculations, or spectrum usage charge (SUC) regulations by the Department of Telecommunications could materially increase financial liabilities. Other risks cited are over 87 per cent revenue dependence on Reliance Jio Infocomm (RJIL), sole distribution through Reliance Retail, competition and cybersecurity.

SBI Securities observed that Jio is positioning itself as a technology platform, with its in-house stack, 5G leadership and spectrum depth giving it an edge beyond connectivity.

It expects growth from tariff rationalisation, 2G migration, home broadband and enterprise adoption, with further monetisation via AI, satellite and overseas deployment.

It said completed 5G capex should support healthy cash flow. It flagged capex intensity, infrastructure dependence, cybersecurity, spectrum renewal and network disruption as risks.

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