Jio Platforms IPO: From ₹15 lakh crore valuation to October listing, 10 things to know
ADVERTISEMENT
Jio Platforms is set to launch what could become India’s largest-ever initial public offering (IPO) this month, with the Mukesh Ambani-led company expected to file its Red Herring Prospectus (RHP) on October 15 or 16.
The anchor book is expected to open on October 19, followed by the public issue from October 21 to 23. Jio shares are targeted to list on the stock exchanges on October 28, industry sources told Fortune India.
The IPO is expected to comprise a fresh issue of up to 27 crore equity shares. While the final issue size is yet to be disclosed, market estimates peg it at around ₹37,700 crore. If completed at that size, the offering would surpass Hyundai Motor India’s ₹27,858.75-crore IPO and become the largest IPO in India.
Here are 10 key things to know about the much-awaited Jio Platforms IPO:
1. Valuation could touch ₹15 lakh crore
Jio Platforms is expected to have a base valuation of above ₹13 lakh crore, with the price band likely to be in the range of ₹1,300-1,450 a share. At the upper end, the company’s valuation could rise to around ₹15 lakh crore, depending on market conditions.
At these valuations, Jio Platforms would be valued at nearly three times the levels at which several global investors entered the company in 2020.
2. IPO could raise around ₹37,700 crore
Jio Platforms plans to raise capital through a fresh issue of up to 27 crore equity shares with a face value of ₹10 each.
The company has not yet disclosed the final issue size, but market estimates peg the offering at around ₹37,700 crore. The issue, if launched at this size, would overtake Hyundai Motor India’s ₹27,858.75-crore IPO.
3. Entire issue will comprise fresh shares
Unlike several large IPOs, Jio Platforms’ offering will comprise entirely a fresh issue of shares, with no offer for sale by existing shareholders.
The structure means the proceeds will flow into the company, with a substantial portion earmarked for reducing debt at Reliance Jio Infocomm (RJIL), its telecom subsidiary.
4. ₹27,500 crore earmarked for debt repayment
Jio Platforms plans to use around ₹27,500 crore of the IPO proceeds to repay or prepay, wholly or partly, outstanding borrowings of RJIL.
The remaining proceeds will be used for general corporate purposes, subject to a cap of 25% of the gross issue proceeds, according to the company’s DRHP.
Jio Platforms said the proposed deleveraging would reduce net debt and associated servicing costs while improving net leverage and its overall financial position.
5. Reliance Industries will retain control
The promoter and promoter group hold 66.43% of Jio Platforms’ equity share capital, while public shareholders hold 33.57%, according to the DRHP.
Reliance Industries held a 66.43% stake in Jio Platforms as of March 31, 2026. Since the IPO consists entirely of fresh shares, the listing is not expected to materially alter Reliance Industries’ control over the company.
6. How the IPO quota will be divided
According to Jio Platforms’ IPO papers, 50% of the issue will be reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).
The allocation structure will make the issue one of the biggest opportunities for institutional and retail investors to participate in the Reliance group’s digital and telecom business.
7. Google, Meta entered Jio in 2020
Global technology companies, including Google and Meta, along with marquee private-equity investors, invested in Jio Platforms in 2020.
Those investors entered at enterprise valuations ranging from around ₹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.
8. Jio’s balance sheet has strengthened
The proposed deleveraging comes after a significant improvement in Jio’s balance sheet.
Jio Platforms’ net leverage ratio declined from 0.88 times in FY24 to 0.71 times in FY25 and further to 0.36 times in FY26.
The company said a stronger balance sheet would give it greater flexibility to raise additional resources for future business opportunities.
9. 5G, AI and cloud remain key focus areas
Jio Platforms plans to continue investing in 5G network expansion and densification, fixed broadband, artificial intelligence and cloud services, enterprise digital solutions and international technology partnerships.
The company has emerged as India’s largest telecom operator since disrupting the market nearly a decade ago. Its subscriber base rose to 524.4 million at the end of FY26 from 488.2 million a year earlier.
10. Revenue, profit rise in FY26
Jio Platforms’ revenue from operations rose to ₹1.47 lakh crore in FY26 from ₹1.28 lakh crore in FY25 and ₹1.10 lakh crore in FY24.
Profit after tax increased to ₹30,049 crore in FY26 from ₹26,109 crore in FY25 and ₹21,423 crore in FY24.
The company generated EBITDA of ₹76,255 crore in FY26, translating into an EBITDA margin of 51.9%.
Jio Platforms filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) in June. Sebi issued its final observations on August 28, clearing the way for the company’s public listing.