Jio Platforms IPO: What India’s Biggest Public Issue Means for Investors
Jio Platforms, the digital and telecom arm of Reliance Industries, is getting ready for what is expected to be the largest IPO in Indian history. The issue is reported to open on 21 October and close on 23 October 2026, with listing expected on 28 October. At the top of the reported price band, it could raise about ₹30,200 crore, ahead of Hyundai Motor India’s ₹27,860 crore issue in 2024.
This is also the first public offer from the Reliance group since 2008, and the first from a consumer-focused business within the group. Global investors have reportedly indicated bids of more than $20 billion. Below is a plain-language look at the key terms, the numbers behind the business, and what it means for everyday investors, including mutual fund investors.
The IPO at a glance
Item | Details (as reported) |
Issue type | Fresh issue of up to 27 crore shares; money goes to the company |
Price band | ₹1,065 to ₹1,119 per share; to be confirmed in the Red Herring Prospectus (RHP) |
Issue size | About ₹30,200 crore at the upper end of the band |
Valuation | Up to ₹10.3 lakh crore (about $107 billion) |
Key dates | Anchor bids 19 Oct; public issue 21–23 Oct; allotment 26 Oct; listing 28 Oct on BSE and NSE |
Investor quota | Institutions (QIB) 50%, retail 35%, non-institutional 15%; reserved portions for Reliance shareholders and employees |
Retail lot | 13 shares, about ₹14,547 at the upper band |
Price band, dates and quotas are based on media reports and may change when the RHP is filed.
Where the money will go
Because this is a fresh issue, the proceeds go into the company rather than to selling shareholders. About ₹27,500 crore is meant to repay or prepay borrowings of Reliance Jio Infocomm, Jio’s main telecom subsidiary, and the rest is for general corporate purposes. Reliance Industries held 66.43% of Jio Platforms before the issue, as of 31 March 2026. The new shares are estimated at only about 2.93% of the company after the issue, so the slice on offer to the public is small compared with the size of the business.
The business behind the issue
₹ crore | FY24 | FY25 | FY26 |
Revenue from operations | 1,09,558 | 1,28,218 | 1,46,885 |
EBITDA | 54,959 | 64,170 | 76,255 |
Profit after tax | 21,423 | 26,109 | 30,049 |
Source: Draft Red Herring Prospectus, restated consolidated figures.
In FY26, revenue grew about 14.6% and profit after tax about 15%, with an EBITDA margin of 51.9%. Reliance Jio Infocomm had 524.4 million customers on 31 March 2026, of which 268 million use 5G, and average revenue per user (ARPU) was ₹214 a month. Higher ARPU and more 5G users are the main drivers analysts watch.
How the valuation looks
At the reported top valuation of ₹10.3 lakh crore and FY26 profit of ₹30,049 crore, the issue is priced at roughly 34 times earnings (a simple calculation on the figures above). That is lower than the $130–170 billion range that circulated earlier, which reflects weaker Indian equity markets in recent months. Some analysts also expect the listing to help narrow the discount at which Reliance shares trade compared with the value of its Jio stake, which is currently around 36%.
How investors can apply
Retail investors can apply through the UPI-based ASBA process in the 35% retail category. The minimum bid is one lot of 13 shares, and the reported maximum is 13 lots, which works out to about ₹1.89 lakh at the upper band. Eligible Reliance Industries shareholders can apply in the shareholder category and also in the retail or non-institutional category using the same PAN. The record date and eligibility rules will be confirmed in the RHP, which is expected around 15–16 October.
Points to weigh before applying
• Dependence on telecom: Around 80% of annual revenue has come from the telecom business, so tariff decisions matter a great deal.
• Competition: Bharti Airtel, Vodafone Idea and satellite broadband players such as Starlink are all competing for the same customers.
• Returns on capital: Return on average capital employed fell in FY26 even as revenue and profit rose.
• Price and market mood: At around 34 times earnings, there is less room for disappointment, and the listing-day price can land above or below the issue price.
• Concentration: Putting a large share of savings into one issue, however well known, reduces diversification.
What this means for mutual fund investors
Many diversified equity funds already hold Reliance Industries, which owns about two-thirds of Jio, so existing fund investors may already have some indirect exposure. After listing, whether a particular fund buys Jio will depend on its mandate and on index rules, and the small public holding may limit its initial weight in indices.
An IPO application can be one part of a portfolio, but it should not replace the core. A regular SIP in diversified mutual funds spreads money across many companies and sectors and builds wealth step by step, without relying on the outcome of a single issue. Your mutual fund distributor can help match any decision to your goals, time horizon and risk profile.
Disclaimer
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. Past performance is not indicative of future returns. IPO details in this article are based on media reports and company filings as of 13 October 2026 and may change when the Red Herring Prospectus is filed. This article is for educational purposes only and is not investment advice. Please consult a SEBI-registered investment adviser or your mutual fund distributor before making any investment decision.
Sources
1. Business Standard, “Jio Platforms IPO in final stages after concluding worldwide roadshows” – business-standard.com
2. Bloomberg, “Jio Platforms Said to Draw More Than $20 Billion in Bids for IPO”, 13 Oct 2026 – bloomberg.com
3. Kotak Neo, “Jio Platforms IPO Price Band Likely To Be ₹1,065–₹1,119” – kotakneo.com
4. Briefs Finance (citing Bloomberg), “Jio Platforms preps IPO with indicative price band and 10.3 trillion-rupee valuation target” – briefs.co
5. IPO Watch, “Jio Platforms IPO Date, Review, Price, Allotment Details” – ipowatch.in
6. 5paisa, “Jio Platforms IPO DRHP: Key Investor Takeaways” – 5paisa.com
7. 5paisa, “Jio Platforms FY26 Financials: Revenue & Profit” – 5paisa.com
8. mStock, “Jio Platforms IPO: Expected Date, Issue Size, Valuation” – mstock.com
9. BigGo Finance, “Jio Platforms Sets IPO Price Band at Up to ₹1,119” – finance.biggo.com
10. IPOji, “Jio Platforms IPO (Reliance Jio IPO) GMP, Date, Price & Details” – ipoji.com
11. Reuters, “Ambani’s Reliance Jio delays India IPO beyond this year, sources say” (2025) – reuters.com
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