Jio Platforms is the digital and telecom arm of Reliance Industries. Through its subsidiary Reliance Jio Infocomm (RJIL) it runs India's largest telecom network — 533.3 million customers as of 30 June 2026, across 4G/5G mobile and fixed broadband — alongside enterprise connectivity, cloud, IoT and AI services. At ₹30,213 crore it is India's largest IPO, overtaking Hyundai Motor India's ₹27,859 crore issue of October 2024.

The issue is a 100% fresh issue of 27 crore shares; no existing shareholder is selling. Employees get a ₹54 per share discount, and there is a separate quota for Reliance Industries shareholders (bids up to ₹2 lakh — check the eligibility date in the RHP). The anchor book opens on 19 October 2026.

Objects of the issue

  • ₹27,500 crore to repay or prepay borrowings of the subsidiary Reliance Jio Infocomm
  • General corporate purposes

Key numbers

  • Market cap at upper band: ₹10,30,491 crore
  • Valuation: about 33.3x FY26 earnings (pre-issue); price-to-book about 3x
  • FY26: revenue from operations ₹1,46,885 crore (+14.6%), EBITDA ₹76,255 crore (51.9% margin), return on net worth 9.42%
  • Borrowings: ₹70,781 crore at March 2026, ₹61,372 crore at June 2026
  • Promoter holding: Reliance Industries 66.43% pre-issue → 64.48% post-issue; existing investors include Meta, Google, KKR, Silver Lake and General Atlantic

Strengths

  • Market leader with about 50% of wireless broadband subscribers and steady growth: FY24–26 revenue CAGR around 16%, PAT CAGR around 18%, EBITDA margin above 50%
  • All money raised goes into the business, mostly to cut debt and interest costs
  • 35% retail quota plus a shareholder quota, so allotment odds are better than in small, heavily oversubscribed issues

Risks

  • Telecom is capital- and spectrum-heavy, so return on net worth is under 10%
  • Earnings upside depends on further tariff hikes, a regulatory and competitive call
  • Sizeable related-party dealings within the Reliance group
  • A very large issue means plenty of supply; listing gains on mega-IPOs tend to be modest

Financials are restated consolidated figures in ₹ crore; "Revenue" is total income. Q1 FY27 is the quarter ended 30 June 2026. Grey market premium is unofficial and changes quickly.