The Jio Platforms IPO is on track to be India’s largest public issue ever. Reliance Industries plans to sell around 2.5% of its digital and telecom unit in 2026, with a target issue size of ₹33,000–37,000 crore, depending on the final valuation and new IPO rules. The IPO will be an important step in Mukesh Ambani’s plan to get more value out of Reliance’s consumer digital business while taking advantage of strong growth in subscribers, ARPU, and high-margin data offerings. The expected registrar is Kfin Technologies Limited.
An summary of the Jio Platforms IPO
Reliance’s digital services, such Reliance Jio Infocomm, are housed in Jio Platforms Limited (JPL). It has over 500 million members in India and offers 4G and quickly growing 5G services. The IPO is likely to put Jio Platforms on Indian stock exchanges as a separate company. When it starts trading, it would be one of the most valuable listed companies in the country by market capitalization.
-
Parent company: Reliance Industries Limited (RIL).
-
Business segments: Mobile connectivity, fiber broadband, enterprise solutions, digital apps and platforms (OTT, payments, cloud, etc.).
-
Strategic investors already on cap table: Meta (Facebook), Google, KKR, Silver Lake, General Atlantic, ADIA and others from the 2020 fund‑raise round.
IPO dates and timeline
Formal dates will be confirmed only after filing and SEBI approval of the DRHP, but management commentary and banker reports converge around a first‑half 2026 timeline.
| Event | Tentative timeline / status |
|---|---|
| Govt notification on norms | Awaited – Finance Ministry to notify revised IPO rules. |
| DRHP filing | After notification; work on draft prospectus already underway. |
| IPO open date | First half of 2026 (widely expected, exact dates TBA). |
| IPO close date | Within 3 working days of opening, as per mainboard norms. |
| Basis of allotment | Within ~1 week after issue close, subject to approvals. |
| Refunds & credit of shares | 1–2 working days after allotment. |
| Listing on exchanges | Targeted in H1 2026 on NSE and BSE. |
Size of the issue, price range, and value
Reports from bankers and the media say that Reliance wants to dilute its ownership in Jio Platforms by roughly 2.5%. This is possible because the minimum public float for extremely large companies is going to be lowered. This means that India’s biggest IPO ever, by issue size, is happening right now.
| Parameter | Indication / expectation |
|---|---|
| Expected dilution | About 2.5% of Jio Platforms equity, subject to new rules. |
| Indicative issue size | Roughly ₹33,000–37,000 crore (≈$4–4.5 billion) for 2.5% float. |
| Valuation range discussed | Around $170–180 billion in earlier banker talks. |
| Upside valuation talk | Some discussions in the $200–240 billion range as digital scale grows. |
| Potential post‑issue m‑cap | Among top 2–3 listed companies in India by market cap |
The final price band, face value and exact number of shares will be disclosed only in the RHP, and may adjust depending on market conditions and final government notification on public float norms.
Market lot size and investor categories
The DRHP hasn’t been filed yet, so we don’t know the exact lot sizes yet. However, Jio Platforms is likely to use the conventional large mainboard IPO structure with particular reservations and minimum lots.
| Category | Likely allocation pattern* | Notes |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 50% of net offer (including anchor portion). | Large domestic and global funds expected. |
| Non‑Institutional Investors (NII/HNI) | 15% of net offer. | Could see strong demand from large HNIs. |
| Retail Individual Investors (RII) | 35% of net offer. | Very high retail interest expected due to Jio brand. |
| Employees / shareholders | Possible reservation for RIL shareholders and/or employees (TBA). | To be confirmed in DRHP. |
| Category | Likely minimum lots | Description |
|---|---|---|
| Retail | 1 lot (≈₹14,000–₹16,000 ticket, depending on price band). | Aimed at mass participation. |
| HNI / NII | ≥14–15 lots | Higher minimum investment as per norms. |
New IPO norms and minimum public float
A key enabler for the Jio Platforms IPO is the proposed relaxation of minimum equity dilution for very large IPOs. SEBI has already approved a framework that allows companies with very high post‑issue market cap to dilute as little as 2.5% instead of the current 5%, but it still needs formal notification by the Finance Ministry.
-
For companies with post‑issue market cap above a specified threshold (reported around ₹5 lakh crore), minimum public float may be cut to 2.5%.
-
Jio Platforms cleanly fits into this category given the proposed valuation upwards of ₹15–16 lakh crore.
-
Reliance’s preference is clearly for a smaller float around 2.5% to create tighter supply and stronger pricing tension in the book.
Promoter and shareholding pattern
Before the IPO, Reliance Industries is the dominant shareholder in Jio Platforms, supported by several marquee global investors who bought minority stakes during the 2020 fund‑raise.
Pre‑IPO shareholder profile (high‑level)
| Shareholder group | Description |
|---|---|
| Promoter – Reliance Industries | Majority owner; RIL is expected to retain a very high stake even post IPO. |
| Global tech & PE investors | Meta, Google, KKR, Silver Lake, General Atlantic, ADIA and others hold strategic minority stakes. |
| Public shareholders | None yet at Jio Platforms level; public exposure is only via RIL shares. |
Company Information
Jio Platforms Limited is a key part of India’s digital revolution. It is the digital services arm of Reliance Industries Limited (RIL) and is run by Mukesh Ambani. It was registered as a non-government company limited by shares on November 15, 2019, with the CIN U72900GJ2019PLC110816. It has a full ecosystem that goes beyond traditional telecom and includes mobile connectivity, broadband, digital apps, cloud computing, and business solutions. The company is based at Office-101, Saffron, Near Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad, Gujarat 380006. It helps Reliance achieve its goal of providing “anything and everything digital” to hundreds of millions of Indians.
Reliance Jio Infocomm Limited (RJIL) is the main company behind Jio Platforms. It changed the Indian telecom market by offering cheap 4G services across the country in September 2016 after buying pan-India broadband spectrum in 2013. This disruptive entry quickly pushed Jio to the top spot, with subscriber growth so fast that by the end of Q3 FY26, it had over 515 million wireless users, more than 250 million of whom were on its rapidly growing 5G network. The platform has a lot of different services, such as VoLTE voice, wireless and fixed broadband, enterprise connectivity, and smart home solutions. It is based on an asset-light model that came about after the company split its tower and fiber assets in 2019.
Jio Platforms has grown into a powerful digital platform with a wide range of apps for communication (JioChat), entertainment (JioCinema, JioTV), music streaming, gaming, payments, security, health, and education technology. It also makes big investments in new areas like AI, media, logistics, and cloud and edge computing through strategic acquisitions between 2016 and 2019. This makes it a “rule breaker” in fields ranging from smart devices to streaming digital content. With nearly 52 crore subscribers and an ARPU of ₹213.7 in Q3 FY26 (up 5.1% YoY), this wide range of services shows how well it can make money through premium plans, more data use, and scaling up its digital services.
Jio Platforms had a strong financial performance in the third quarter of FY26, with revenue of ₹43,683 crore (up 12.7% year over year) and net profit of ₹7,629 crore (up 11.3% year over year). EBITDA margins stayed around 54% even though the company added nearly 9 million subscribers during the quarter. Kiran Thomas is the CEO, and the board is in line with Reliance’s strategic vision. With big-name investors like Meta, Google, KKR, and sovereign funds from its record-breaking 2020 fundraise of over $20 billion, Jio Platforms shows how Reliance turned a telecom business into a global digital platform that is ready for its IPO in 2026.
Company financial performance
Jio Platforms and its telecom arm continue to post strong double‑digit growth in revenue and EBITDA, supported by subscriber additions and premiumization of tariffs.
Key financial trends (Jio / RJIL)
| Metric | FY21 | FY22 | FY23 | FY24 | Recent quarter (Q3 FY26) |
|---|---|---|---|---|---|
| Operating revenue (₹ Cr, RJIL) | 69,888 | 76,977 | 90,786 | 100,119 | 37,262 for Q3 FY26. |
| EBITDA (₹ Cr, RJIL) | 31,461 | 37,857 | 47,034 | 52,878 | 19,303 in Q3 FY26; margin ~51.8%. |
| FY24 revenue growth YoY | – | – | – | 11.7% for Jio Platforms overall. | |
| FY24 EBITDA growth YoY | – | – | – | 12.8% with margin ~50.2%. | |
| Q3 FY26 net profit (₹ Cr, Jio Platforms) | – | – | – | – | 7,629 (+11% YoY). |
Peer comparison
Jio Platforms combines features of a large telecom operator with a broader digital ecosystem, so its peer set includes both Indian telcos and global digital infra or platform plays.
| Company | Business type | Subscribers / scale | FY24 / latest revenue trend | Profitability & margins | Valuation angle |
|---|---|---|---|---|---|
| Jio Platforms (IPO‑bound) | Integrated digital & telecom | 500M+ users, strong 4G & 5G footprint. | Double‑digit revenue growth; FY24 revenue up ~11.7%. | EBITDA margin ~50% with improving profitability. | Premium large‑cap digital infra story. |
| Bharti Airtel | Telecom & digital | Pan‑India mobile and Africa operations | Healthy revenue growth from 4G/5G and home broadband. | Strong but lower margins vs Jio due to mix. | Established listed peer; benchmark for telecom valuation. |
| Global telcos / infra | Telcos / tower / fiber | Large subscriber bases, mixed geographies | Moderate single‑digit to low double‑digit growth | Lower margins where competition is intense | Typically lower multiples than fast‑growing digital platforms. |
Valuation view and metrics
Bankers are pitching valuation bands that put Jio Platforms among the most valuable digital and telecom assets globally.
Illustrative valuation metrics
| Item | Approx figure / range |
|---|---|
| Equity valuation (base case) | Around $170–180 billion (₹15–16 lakh crore). |
| Bull‑case discussion | $200–240 billion depending on growth and sentiment. |
| Implied P/E / EV‑to‑earnings | To be detailed in DRHP; premium to traditional telcos due to digital platform optionality. |
| Revenue and EBITDA multiples | Expectation of higher multiples vs pure‑play telcos, similar to global digital infra plays |
Grey Market Premium (GMP) buzz
Even before official filings, market chatter has begun around a potential grey market premium for the Jio Platforms IPO, reflecting extremely high retail and HNI interest.
-
Early commentary indicates an indicated GMP of around ₹90+ per share in informal markets, assuming a notional price band in four digits.
-
These levels are purely indicative and often volatile, and should not be treated as a guarantee of listing gains.
Since there is no official price band yet, any GMP discussion is speculative and mainly captures sentiment rather than confirmed value.
Anchor investors and institutional interest
Given the scale and profile of Jio Platforms, the anchor book is expected to attract leading global and domestic institutions across long‑only funds, sovereign wealth funds and large mutual funds.
Merchant bankers and advisers
Reliance has engaged a consortium of top‑tier global and domestic investment banks to manage what is set to be a landmark offering.
While the full list will appear in the DRHP, media reports point to:
-
Leading global investment banks that regularly handle large tech and telecom IPOs, advising on valuation and international marketing.
-
Major Indian merchant bankers with strong domestic distribution networks for QIB, HNI and retail segments.
Jio Platforms IPO review: key positives and risks
From an investor’s perspective, the Jio Platforms IPO combines a blue‑chip promoter with a high‑growth, high‑margin digital business, but also carries telecom‑sector and regulatory risks.
Positives
-
Market leadership with over 500 million subscribers and nationwide 4G/5G coverage, driving scale benefits and strong network effects.
-
Robust financials with steady double‑digit revenue growth and EBITDA margins around 50%, supporting healthy cash generation.
-
Strong backing from Reliance Industries and marquee global investors, along with potential index inclusion and high institutional demand.
Key risks
-
Regulatory uncertainty around spectrum pricing, AGR‑style issues and sector policy, which can impact profitability and capex needs.
-
Intense competition in Indian telecom and digital services, including pricing pressure in mobility and broadband segments.
-
Execution risk in scaling newer digital platforms (cloud, content, enterprise solutions) to justify higher “tech‑style” valuation multiples.
Jio Platforms Limited – Company Details
-
Registered Office Address: Office-101, Saffron, Near Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad, Gujarat 380006, India
-
CIN: U72900GJ2019PLC110816
-
Phone: +91-79-3503 1200 (Corporate office line) or +91-22-7967-0000
-
Email: jpl.investorrelations@ril.com | secretarial.jpl@ril.com
-
Website: www.ril.com (parent Reliance site) or www.jio.com
Registrar to the Issue (Expected for Jio Platforms IPO – To be confirmed in DRHP)
-
Likely Registrar: KFin Technologies Limited (commonly used for large Reliance group IPOs)
-
Registrar Address: Selenium Tower B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad, Telangana 500032
-
Phone: +91-40-6716 1500 or 1800-309-4001
-
Email: einward.ris@kfintech.com (IPO-related)
-
Website for Allotment Check: https://ipostatus.kfintech.com
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
