Jio Platforms Fixes IPO Price Band at Rs 1,065 to Rs 1,119; Issue Opens Oct 21

Mumbai, October 15: Jio Platforms Ltd has fixed a price band of Rs 1,065 to Rs 1,119 per equity share for its initial public offering, according to filings by its parent, Reliance Industries, with the stock exchanges late on Wednesday. The issue is a fresh sale of up to 27 crore equity shares, which by calculation would raise up to Rs 28,755 crore at the floor price and up to Rs 30,213 crore at the cap price. The IPO opens for subscription on October 21 and closes on October 23. 

What The Filings Say 

Reliance said the IPO Committee of the Jio Platforms board approved the price band, the employee discount and the minimum bid lot at a meeting on October 14. On the same day, Jio Platforms filed its Red Herring Prospectus dated October 14 with the Registrar of Companies, Gujarat, at Ahmedabad. 

The IPO is a fresh issue of up to 27,00,00,000 equity shares. Anchor investor bidding is on Monday, October 19. The issue will open on Wednesday, October 21, and close on Friday, October 23. 

How The Valuation Works Out 

The filings do not state a valuation, but the price band allows a simple estimate. Before the issue, Jio Platforms has about 893.9 crore equity shares, and the new issue would add up to 27 crore. On that post-issue count of about 920.9 crore shares, the company would be worth about Rs 9.81 lakh crore at the floor price and about Rs 10.30 lakh crore at the cap price, by calculation. 

Against FY26 basic earnings per share of Rs 33.63, the price band works out to about 32 times earnings at the floor and about 33 times at the cap. The cap price is also about three times the net asset value of Rs 373.66 per share reported in the draft prospectus. 

How To Bid 

Investors must bid for a minimum of 12 equity shares of Rs 10 face value each, and in multiples of 12 thereafter. One lot would therefore cost Rs 12,780 at the floor price and Rs 13,428 at the cap price. Eligible employees bidding in the employee reservation portion get a discount of Rs 54 per share. 

The issue has two reserved portions. Shares worth up to Rs 500 crore are reserved for eligible employees, and shares worth up to Rs 2,500 crore for eligible Reliance shareholders. The latter are individuals and Hindu undivided families, bidding directly or through the karta, who are public equity shareholders of Reliance as on October 14, the date the Red Herring Prospectus was filed. Persons who are not eligible to invest under applicable laws and regulations are excluded. 

The Numbers Investors Will Weigh 

Consolidated revenue from operations stood at Rs 1,46,885 crore for the year ended March 2026, marking a 14.6% increase from Rs 1,28,218 crore in the previous year. Profit after tax (PAT) rose 15.1% to Rs 30,049 crore from Rs 26,109 crore, while EBITDA increased 18.8% to Rs 76,255 crore, translating into an EBITDA margin of 51.91%. 

Reliance Jio Infocomm, a subsidiary of Jio Platforms, had 524.4 million subscribers as of March 2026. Its average revenue per user (ARPU) stood at Rs 214.0 in March, up from Rs 206.2 in the previous quarter. Borrowings decreased by approximately 3.1% to Rs 70,781 crore, while the net debt-to-EBITDA ratio declined to 0.36 times from 0.71 times. However, return on average capital employed fell to 10.76% from 12.50%. 

Utilisation of Funds 

Since this is a fresh issue, there will be no selling shareholders. According to the draft prospectus, the proceeds from the issue will be used for the prepayment of certain borrowings by Reliance Jio Infocomm and for general corporate purposes. 

Before the issue, Reliance Industries held a 66.43% stake in Jio Platforms. Meta Platforms, through one of its affiliates, held 9.98%, while Google International held 7.73%. 

Road to the Issue 

On June 19, Reliance announced that it had filed a draft prospectus. On August 28, it informed the exchanges that it had received an observation letter from SEBI on the draft prospectus, allowing the company to proceed with filing a Red Herring Prospectus. 

The issue price will be determined within the specified price band after the book-building process concludes. The issue has 19 book-running lead managers, while KFin Technologies Limited will act as the registrar. 

Backgrounder: Jio Platforms, What The Draft Prospectus Says 

 Jio Platforms Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 19, 2026, and the Red Herring Prospectus on October 14, 2026. This backgrounder is based on the draft abridged prospectus that summarises the DRHP, and the issue terms are as announced on October 14. 

The Company 

Jio Platforms describes itself as a technology platform built on pan-India digital connectivity. Its subsidiary, Reliance Jio Infocomm Limited (RJIL), served 524.4 million customers as of March 31, 2026. Consumers get mobile and fixed broadband, entertainment, cloud gaming, smart home services and AI assistants. Businesses get enterprise broadband, leased lines, cloud, IoT, managed Wi-Fi, private 5G and security tools. The company reports a single segment, and most operations are in India. 

Citing the Analysys Mason report, the prospectus says India’s digital economy is expected to reach USD 1.4 trillion by Fiscal 2031. It adds that about 41 per cent of mobile broadband customers moved to 5G in under four years as of December 31, 2025, while fixed broadband penetration still lags. 

Who Owns Jio 

Reliance Industries, the promoter, holds 66.43 per cent, or 5,937,841,645 shares, at a weighted average cost of Rs 89.58 per share. An affiliate of Meta Platforms holds 9.98 per cent and Google International holds 7.73 per cent. The Public Investment Fund of Saudi Arabia, a KKR affiliate and a Vista Equity affiliate hold 2.31 per cent each. Silver Lake, Mubadala, General Atlantic, Abu Dhabi Investment Authority and TPG entities hold between 0.93 and 1.88 per cent. These are pre-issue holdings. 

Three Years Of Financials 

Revenue from operations grew from Rs 1,09,558 crore in Fiscal 2024 to Rs 1,28,218 crore in Fiscal 2025 and Rs 1,46,885 crore in Fiscal 2026. EBITDA rose from Rs 54,959 crore to Rs 64,170 crore and then Rs 76,255 crore, and profit after tax from Rs 21,423 crore to Rs 26,109 crore and Rs 30,049 crore. Basic earnings per share was Rs 33.63 in Fiscal 2026, and return on average net worth was 9.42 per cent. 

Net leverage fell to 0.36 times EBITDA from 0.88 times in Fiscal 2024, and EBITDA less cash capex rose to Rs 42,071 crore from Rs 1,449 crore over the same period. 

Operating Numbers 

Net customer additions were 36.2 million in Fiscal 2026, against 6.4 million a year earlier. Exit-quarter ARPU was Rs 214.0 a month, up from Rs 206.2, and monthly data use per customer rose to 42.3 GB from 33.6 GB. Monthly churn eased to 1.67 per cent from 1.81 per cent. 

Risks, Litigation And Advisers 

The prospectus lists licence and spectrum renewal, network disruption, technology change, shared use of the Jio trademark across the Reliance group, related-party arrangements, dependence on passive infrastructure providers, cybersecurity, debt, regulation and customer churn among its top risks. 

Litigation against subsidiaries includes 18 criminal, 200 tax and 26 regulatory matters, aggregating Rs 10,811 crore. The auditors, Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP, reported no qualifications. Mukesh Ambani is Chairman, Akash Ambani is Managing Director and Pankaj Mohan Pawar is Chief Executive Officer. The issue has 19 book running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and J.P. Morgan, with KFin Technologies as registrar. Shares are proposed to be listed on BSE and NSE. 

Sources

• Reliance Industries stock exchange filings
• Jio Platforms draft abridged prospectus