Jio Platforms' ₹37,700-crore IPO eyes November launch; price band still under wraps

Jio Platforms is moving into the final stretch of preparations for its proposed initial public offering, with November emerging as the target month and investor outreach expected to begin shortly, according to sources familiar with the company's plans. The proposed IPO could raise around ₹37,700 crore, potentially making it the largest public issue in India, although the final issue size, price band, valuation and timetable have not yet been fixed.

A newswire report, citing sources, has recently reported that that Jio Platforms was preparing investor meetings across the US, Singapore, Hong Kong, London and the Middle East, with November being discussed as the target for the IPO.

A Jio Platforms spokesperson could not be immediately contacted for comments, the report said. The deliberations are ongoing and the size, valuation and timing of the offering could change.

It was reported recently that Jio Platforms received Sebi’s observations on its draft offer document on August 28, after filing the DRHP on June 19. The proposed IPO comprises a fresh issue of up to 27 crore equity shares, with the shares proposed to be listed on both BSE and NSE.

Price band expected to be in ₹1,350-₹1,450 range

Jio Platforms has not announced an official IPO price band. The DRHP makes it clear that the floor price, cap price and issue price will be determined in consultation with the book-running lead managers through the book-building process.

However, the reported issue size and proposed share count allow an indicative calculation.

"If Jio raises ₹37,700 crore through all 27 crore shares, the implied issue price works out to approximately ₹1,396 per share. On that basis, a ₹1,350-₹1,450 per-share range can be used as a speculative, calculation-based range around the implied price," revealed a source requesting anonymity.

This is not an official price band and has not been indicated by Jio Platforms, Sebi or its investment bankers.

At an implied ₹1,396 a share, the proposed issue would value the post-issue equity at roughly ₹13 lakh crore, based on the approximately 2.9% dilution. The actual valuation will change depending on the final issue price and share count.

The proposed 27 crore shares amount to around 2.9% of Jio Platforms’ post-issue equity. There is no offer-for-sale component, meaning existing shareholders are not selling their holdings through the IPO.

FY26 revenue rises 14.6%, profit crosses ₹30,000 crore

Jio Platforms is approaching the IPO with a significantly larger financial base than it had when Reliance Industries brought global investors into the business in 2020.

According to Reliance Industries’ FY2025-26 annual report, Jio Platforms’ revenue from operations increased 14.6% to ₹1,46,885 crore in FY26, from ₹1,28,218 crore in FY25. Profit for the year rose 15.1% to ₹30,049 crore, from ₹26,109 crore a year earlier.

The company’s operating performance was stronger than its revenue growth. EBITDA increased 18.8% to ₹76,255 crore, while the EBITDA margin expanded by 190 basis points to 51.9%, according to Reliance’s FY26 results. Profit after tax crossed the ₹30,000-crore mark for the first time.

Jio’s scale has also expanded substantially. Its customer base crossed 524 million by March 2026, while data traffic on its network rose 30.8% year-on-year to 241 exabytes during FY26.

The financial numbers will be central to the valuation exercise as institutional investors assess the price at which Jio Platforms should enter the public market.

₹27,500 crore for debt; 19 bankers line up for IPO

Jio Platforms plans to use up to ₹27,500 crore of the IPO proceeds to prepay or repay borrowings of Reliance Jio Infocomm, according to its offer documents. The balance is proposed to be used for general corporate purposes.

If the proposed ₹37,700-crore issue materialises at that level, it would surpass Hyundai Motor India’s ₹27,870-crore IPO in 2024 and become India’s largest public issue.

Jio Platforms has appointed 19 book-running lead managers: Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India and 360 ONE WAM. KFin Technologies is the registrar to the issue.

According to industry analysts, the next key milestones are investor roadshows, announcement of the official price band and issue dates, followed by the book-building process. With November now being discussed as the target month, the final pricing will determine the valuation that public-market investors ultimately assign to Reliance’s telecom and digital businesses.