In Progress
Valuation
Market Cap
₹10,30,490.55 Cr
P/E Ratio
33.31x
P/B Ratio
2.99x
Jio Platforms IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Jio Platforms Limited is a technology platform built on proprietary digital technology, with pan-India digital connectivity as its foundational layer, driving digital transformation in India. Through its material subsidiary, Reliance Jio Infocomm Limited, it provides 4G and 5G mobile broadband and JioFiber and JioAirFiber fixed broadband to 533.3 million customers. These services are bundled with consumer digital offerings such as JioTV+, JioSaavn, JioGames and JioAICloud, and enterprise solutions spanning connectivity, cloud, IoT, managed services and AI. Its vertically integrated stack covers network, device engineering, operating systems and applications, and is supported by JioBrain, its proprietary AI engine embedded across network operations.
Lots & IPO Size
Jio Platforms IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 12 | ₹13,428 |
| Retail (Max) | 14 | 168 | ₹1,87,992 |
| S-HNI (Min) | 15 | 180 | ₹2,01,420 |
| S-HNI (Max) | 74 | 888 | ₹9,93,672 |
| B-HNI (Min) | 75 | 900 | ₹10,07,100 |
Category Reservation
QIB 50%
NII 15%
Ret 35%
Employee
₹500 crores
Shareholder
₹2,500 crores - RIL Shareholders
Jio Platforms IPO Size
Total
₹30,213 Cr
Fresh Issue
₹30,213 Cr
(27.00 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Prepayment of certain outstanding borrowings availed by the Material Subsidiary, Reliance Jio Infocomm Limited (RJIL)
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
Reliance Jio Infocomm Limited (RJIL) holds the telecom licence and spectrum critical to operations. The unified licence is due for renewal in October 2033 and most spectrum expires between 2041 and 2042. Failure to maintain or renew these, or to bid successfully for new spectrum, could materially affect the business.
Key Risk Factors
Reliance Jio Infocomm Limited (RJIL) holds the telecom licence and spectrum critical to operations. The unified licence is due for renewal in October 2033 and most spectrum expires between 2041 and 2042. Failure to maintain or renew these, or to bid successfully for new spectrum, could materially affect the business.
The company relies on non-exclusive agreements with the Promoter, Reliance Retail Limited and other Reliance Group entities for key aspects of its business. The Promoter owns 66.43% of pre-Issue equity. Disruption in these services could adversely affect operations.
Reliance Retail Limited is the sole distributor of RJIL's pre-paid connectivity services, which were 77.08% of Fiscal 2026 revenue from operations. Any disruption would require new distribution arrangements, time and incremental investment.
RJIL contributes the bulk of consolidated numbers: 87.74% of revenue, 94.88% of EBITDA and 93.76% of PAT in Fiscal 2026. Any deterioration at RJIL would directly hurt consolidated results, and the disclosed KPIs mainly reflect digital connectivity rather than platform-specific metrics.
Network, passive infrastructure and technology are critical to service quality. The company has faced short, localised outages (such as a two-hour Gujarat 5G outage in Fiscal 2026) but no complete network outage. Disruptions could raise churn and hurt results.
The connectivity industry changes rapidly, requiring continuous investment in spectrum and equipment. Satellite-based broadband, which may be assigned spectrum administratively, could compete with JioFiber, JioAirFiber and enterprise offerings. Failure to adapt could cause technological obsolescence.
The 'Jio' trademark is owned by the Promoter and licensed to the company, and is also used by other Reliance Group entities such as JioMart, AJIO, Jio Financial Services and JioHotstar. Negative publicity from entities the company does not control could dilute the brand. The licence can be terminated if the Promoter loses management control.
The company owns active infrastructure but depends on a limited set of providers for passive infrastructure. Summit Digitel owns 174,451 of the 360,537 network towers used, and Jio Digital Fibre supplies about 98% of the optic fibre network. Disruption in availability could adversely affect operations.
The systems, networks and third-party cloud and data centres used are exposed to cyberattacks, data breaches and privacy incidents. No successful attacks or breaches occurred in the periods covered, but none can be ruled out. A breach could interrupt operations, create legal liability and damage reputation.
The company increasingly relies on AI and ML for network automation (JioBrain), customer engagement and service delivery. Model errors, poor data quality or algorithmic bias could produce inaccurate outputs, and evolving AI regulation may raise compliance costs or restrict use cases. The deployment may not yield the desired results.
Jio Platforms IPO Details Live GMP
GMP
₹238
Est. Price
₹1,357
Est. Gain
21.27%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 15 Oct | ₹238 (21.3%) | ₹1,357 |
| 14 Oct | ₹214 (19.1%) | ₹1,333 |
| 13 Oct | ₹227 (20.3%) | ₹1,346 |
| 12 Oct | ₹173 (15.5%) | ₹1,292 |
| 11 Oct | ₹161 (14.4%) | ₹1,280 |
| 10 Oct | ₹163 (14.6%) | ₹1,282 |
| 09 Oct | ₹184 (16.4%) | ₹1,303 |
| 08 Oct | ₹159 (14.2%) | ₹1,278 |
| 07 Oct | ₹172 (15.4%) | ₹1,291 |
| 06 Oct | ₹168 (15%) | ₹1,287 |
| 05 Oct | ₹148 (13.2%) | ₹1,267 |
| 04 Oct | ₹142 (12.7%) | ₹1,261 |
Jio Platforms IPO Peer Comparison
(Rs. in crores)
| Particulars | Jio Platforms | Bharti Airtel | Vodafone Idea |
|---|---|---|---|
| Revenue | 1,46,885.30 | 2,10,972.80 | 44,873.00 |
| PAT | 30,049.10 | 33,822.80 | 34,552.00 |
| EPS (₹) | 33.59 | 44.37 | 3.21 |
| NAV (₹) | 373.66 | 244.60 | -3.30 |
| RONW | 9.42% | 20.32% | |
| EBITDA | 51.91% | 57.48% | 42.35% |
| PAT Mrgn | 20.46% | 16.03% | 77.00% |
| PE Ratio | 33.31 | 40.71 | 3.99 |
| Customer Base (Cr) | 52.44 | 66.60 | 19.28 |
| Net Customer Addition (Cr) | 3.62 | 7.55 | -0.54 |
| ARPU | 214.00 | 257.20 | 174.00 |
All information pertains to FY 2025-26.
PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 13, 2026 for Peers
Airtel ARPU is for Mobile divison (Home=527, Services=158.9), whereas for Jio Platforms and Vodafone is consolidated
Jio Platforms IPO Financial Performance
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 39,172.90 | 1,46,885.30 | 1,28,218.40 | 1,09,558.10 |
| Profit | 7,764.10 | 30,049.10 | 26,109.00 | 21,423.20 |
| Net Worth | 3,41,778.50 | 3,34,013.40 | 3,04,022.40 | 2,77,866.10 |
| Borrowings | 61,372.20 | 70,781.00 | 73,060.30 | 54,348.90 |
| Assets | 6,22,905.30 | 6,15,594.00 | 5,81,233.80 | 5,39,580.40 |
| NAV (₹) | 382.34 | 373.66 | 340.11 | 310.85 |
| EPS (₹) | 8.68 | 33.59 | 29.17 | 23.93 |
Key Performance Indicators (KPIs)
Particulars
KPI
Customer Base (Cr)
52.44
Customer Addition
3.62
ARPU
214.00
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Jio Platforms IPO Financial Statements
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 39,172.90 | 1,46,885.30 | 1,28,218.40 | 1,09,558.10 |
| Other Income | 1,025.00 | 2,873.80 | 1,114.60 | 617.30 |
| Total Income | 40,197.90 | 1,49,759.10 | 1,29,333.00 | 1,10,175.40 |
| Network Operating Expenses | 8,873.30 | 34,492.40 | 33,354.60 | 30,337.70 |
| Access Charges | 389.90 | 1,636.90 | 1,281.00 | 1,066.20 |
| License Fees/Spectrum Charges | 3,107.30 | 11,710.40 | 10,495.30 | 9,213.40 |
| Employee Expense | 1,683.80 | 6,648.70 | 6,207.90 | 5,382.30 |
| Finance Costs | 2,979.90 | 8,653.40 | 4,905.10 | 4,047.60 |
| Depreciation | 7,457.50 | 27,248.90 | 24,137.60 | 22,103.10 |
| Selling Distribution Expenses | 1,190.40 | 4,564.80 | 3,695.00 | 2,545.40 |
| Other Expenses | 4,088.70 | 14,454.10 | 10,140.50 | 6,682.50 |
| Total Expenses | 29,770.80 | 1,09,409.60 | 94,217.00 | 81,378.20 |
| Profit Before Tax | 10,427.10 | 40,349.50 | 35,116.00 | 28,797.20 |
| Tax Expense | 2,663.00 | 10,300.40 | 9,007.00 | 7,374.00 |
| Profit After Tax | 7,764.10 | 30,049.10 | 26,109.00 | 21,423.20 |
| EPS — Basic (₹) | 8.69 | 33.63 | 29.21 | 23.96 |
| EPS — Diluted (₹) | 8.68 | 33.59 | 29.17 | 23.93 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 8,939.00 | 8,939.00 | 8,939.00 | 8,939.00 |
| Other Equity | 3,35,952.90 | 3,28,137.20 | 2,97,242.20 | 2,70,482.70 |
| Total Equity | 3,44,891.90 | 3,37,076.20 | 3,06,181.20 | 2,79,421.70 |
| Total Borrowings | 61,372.20 | 70,781.00 | 73,060.30 | 54,348.90 |
| Trade Payables | 10,948.10 | 8,931.60 | 7,656.10 | 6,443.40 |
| Payable to DOT | 1,04,513.70 | 1,04,513.70 | 1,09,145.90 | 1,12,843.70 |
| Deferred Tax Liabilities (Net) | 43,811.80 | 41,210.40 | 30,864.60 | 21,884.90 |
| Other Liabilities | 57,367.60 | 53,081.10 | 54,325.70 | 64,637.80 |
| Total Equity & Liab | 6,22,905.30 | 6,15,594.00 | 5,81,233.80 | 5,39,580.40 |
| Fixed Assets | 3,14,190.00 | 3,12,162.60 | 2,91,954.30 | 2,72,846.40 |
| Spectrum (incl. Under Development) | 1,94,732.90 | 1,96,731.70 | 2,01,298.30 | 1,99,454.00 |
| Trade Receivables | 3,150.70 | 2,526.80 | 2,461.40 | 2,851.20 |
| Cash & Bank Balances | 19,415.90 | 16,946.60 | 8,423.60 | 2,910.50 |
| Investments | 32,806.30 | 26,644.80 | 19,775.40 | 3,420.00 |
| Other Assets | 58,609.50 | 60,581.50 | 57,320.80 | 58,098.30 |
| Total Assets | 6,22,905.30 | 6,15,594.00 | 5,81,233.80 | 5,39,580.40 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Cash Flow from Operating Activities | 23,445.90 | 77,556.30 | 68,155.70 | 57,661.60 |
| Cash Flow from Investing Activities | -9,822.30 | -43,590.90 | -63,726.40 | -56,587.60 |
| Cash Flow from Financing Activities | -11,153.80 | -25,419.00 | 1,093.30 | 379.30 |
| Net Change in Cash & Equivalents | 2,469.80 | 8,546.40 | 5,522.60 | 1,453.30 |
| Cash & Equivalents at End of Period | 19,026.80 | 16,557.00 | 8,011.50 | 2,488.90 |
Contingent Liabilities
| Particulars | Amount (₹ Cr) |
|---|---|
| Claims / disputed liabilities against the Group not acknowledged as debts | 1468.80 |
| Total | 1468.80 |
Promoter Holding
Promoter
66.43%
Public
33.57%
Reliance Industries Ltd
66.43%
Management
Akash Mukesh Ambani
Age: 34
MD
Remuneration
₹₹10–20 Cr p.a. (₹100–200 million) + perquisites and allowances; annual increments set by NRC
Education
B.A. Economics (Brown University, USA)
Prior Experience
Leads the long-term strategic roadmap from 4G to 5G and AI. Chairman of RJIL; non-executive director on the boards of RIL, Reliance Retail Ventures and Jiostar India.
Pankaj Mohan Pawar
Age: 54
CEO
Remuneration
₹₹8.2 Cr paid in FY26 (incl. sitting fees as non-executive director)
Education
B.E. Instrumentation (University of Pune); MBA (University of Strathclyde, UK)
Prior Experience
With Reliance Group since 2000; also MD of RJIL. Held leadership roles across telecom and retail consumer businesses.
Saurabh Sancheti
Age: 41
CFO
Remuneration
₹₹7.1 Cr paid in FY26
Education
B.Tech Electronics & Communication (IIT Roorkee); PGDM (IIM Ahmedabad)
Prior Experience
With Reliance Group since 2013; roles across financial strategy, capital markets and M&A. Played a key role in the 2020 equity fundraise of ₹1.52 lakh crore.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (19)
Company Details
Name: Jio Platforms Limited
Address: Office-101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad 380 006, Gujarat, India
Number: +91 22 7967 0000
Email: jpl.investorrelations@jio.com
Website: https://www.jio.com
Frequently Asked Questions (FAQs)
What is Jio Platforms IPO?
Jio Platforms IPO is a Mainboard IPO having an issue size of
₹30,213 Crs.
Jio Platforms IPO is priced at
₹1065 - ₹1119 per
share.
The
issue opens on 21 Oct 26
and
closes on 23 Oct 26.
When will Jio Platforms IPO open?
Jio Platforms IPO opens on
21 Oct 26 and closes on
23 Oct 26.
What is the GMP of Jio Platforms IPO?
The estimated Grey Market Premium of Jio Platforms IPO is
₹238 per share (21.27%).
What is the lot size of Jio Platforms IPO?
The minimum lot size of Jio Platforms IPO is
12 shares & the minimum application amount
is
Rs.
13428.
When is the allotment of Jio Platforms IPO?
The allotment date of Jio Platforms IPO is
26 Oct 26.
What is the listing date of Jio Platforms IPO?
The listing date of Jio Platforms IPO is
28 Oct 26.
What is the subscription of Jio Platforms IPO?
Jio Platforms IPO is subscribed
-.
What is the price band of Jio Platforms IPO?
Jio Platforms IPO is priced at
₹1065 - ₹1119 per
share.
How to check allotment status of Jio Platforms IPO?
Click the allotment link on Jio Platforms IPO page of IPO360.
How to apply Jio Platforms IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Jio Platforms IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Jio Platforms IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Jio Platforms IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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