Jio sees base valuation above ₹13 lakh crore despite dull market

The deepening stock market rout has so far done little to shake investor confidence in IPO-bound Jio Platforms Ltd (JPL). Sources close to the developments said the base valuation is expected to be above ₹13 lakh crore, with the price band likely to be within the range of ₹1,300-1,450 a share. At the higher end, the valuation could touch ₹15 lakh crore, depending on the improvements in overall market sentiment, said a source.

JPL is expected to file its Red Herring Prospectus (RHP) on October 15 or 16, setting the stage for what would be India’s largest initial public offering (IPO). According to people familiar with the preparations, the anchor book is likely to open on October 19, followed by the public issue on October 21. The 27-crore fresh share issue is expected to close on October 23, with the shares targeted to list on the stock exchanges on October 28.

The proposed timeline is broadly in line with preparations underway at JPL. However, the listing date could change in line with market volatility, said sources.

The regulatory process with Sebi is largely complete, and global roadshows are also complete, with investor response described by sources as particularly strong. The feedback has strengthened expectations that Jio could command a valuation substantially above that of its listed telecom peer, Bharti Airtel.

The indicative price band is expected to be around ₹1,300-1,350 a share at the more conservative valuation, while the upper end could move towards ₹1,450 if the company is valued at around ₹15 lakh crore, according to sources.

Bharti Airtel acts as a yardstick

Bharti Airtel is being considered the key benchmark in the book-building exercise for JPL. Airtel currently commands a market capitalisation of about ₹10.86 lakh crore. Bankers tracking the issue believe JPL could command at least a 20% premium to Airtel, citing its digital ecosystem, technology assets and scale.

Airtel shares have fallen over 17.2% in 2026 so far, while the Nifty has dipped 14.2%. Reliance Industries, JPL’s parent, has also come under pressure. RIL closed at ₹1,170 on October 1, down 25.7% so far this year. Yet JPL is yet to see any substantial decline in investor interest, said sources.

The valuation argument for Jio is increasingly moving beyond its telecom business. Investors are looking at the company as a combination of connectivity, digital services and deep technology, rather than as a pure-play telecom operator. Its digital ecosystem, including more than 336 million monthly digital subscriptions alongside its connectivity business, is emerging as a key part of the valuation narrative.

Global technology companies including Google and Meta, besides marquee private-equity investors, entered Jio in 2020 at enterprise valuations ranging from about ₹4.62 lakh crore to ₹5.16 lakh crore. At a valuation of ₹13-15 lakh crore, the value of those investments would have risen to nearly three times their entry levels.

With the roadshows completed and the RHP filing expected within the next two weeks, attention will now shift to the formal issue documents, including the final offer structure and price band. If the October 19-23 timetable holds, the anchor book will be the first major test of institutional demand, followed by the public issue on October 21.