Jio Platforms IPO: GMP, Price Band, Issue Size, Financials & Review

Jio Platforms Ltd., the Reliance Industries subsidiary that owns Reliance Jio Infocomm (RJIL), opens its IPO on 21 October 2026. The issue closes on 23 October 2026, and the price band is ₹1,065 to ₹1,119 per share. It is a fresh issue of 27 crore shares with no offer for sale, so all the money goes to the company. At the upper band that comes to ₹30,213 crore, which would make it the largest IPO India has seen. This review covers the issue terms, financials, valuation, the Reliance shareholder quota and the main risks.

Jio Platforms IPO Details

There are 19 book running lead managers. They are Kotak Mahindra Capital, Morgan Stanley India, 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, JP Morgan India, SBI Capital Markets, UBS Securities India and 360 One WAM.

Getting the issue size right

Before the RHP was filed, media estimates of the issue size varied, and some were well above the final number. The RHP fixes the share count at 27 crore, so the size depends only on the price:

• At ₹1,119 (upper band): 27,00,00,000 × ₹1,119 = ₹30,213 crore
• At ₹1,065 (lower band): 27,00,00,000 × ₹1,065 = ₹28,755 crore

Some sources quote a slightly lower figure, about ₹30,188 crore. That version subtracts the ₹54 discount on employee-portion shares. The headline ₹30,213 crore is simply shares times upper price.

The Reliance shareholder quota

Individuals and HUFs who held Reliance Industries shares in demat form on 14 October 2026, the RHP filing date, can bid in a separate portion of up to ₹2,500 crore. Each bid in that portion is capped at ₹2 lakh, and there is no price discount. Eligible holders may also make a second bid in the retail or NII category under the same PAN. Our shareholder quota guide explains how this kind of reservation works.

About Jio Platforms

Jio Platforms was incorporated on 15 November 2019 and serves as the holding company for Reliance's digital businesses. Its main subsidiary, RJIL, runs the Jio mobile network. Other businesses include home and enterprise broadband and the in-house software and platforms behind these services.

Key facts disclosed in the offer documents:

• 533.3 million RJIL customers as of 30 June 2026
• Wireless broadband coverage reaching more than 99% of India's population
• A 49.78% share of India's mobile broadband customers, against 35.47% for Bharti Airtel, according to an Analysys Mason report cited in the RHP
• Average revenue per user (ARPU) of ₹181.7, ₹206.2 and ₹214.0 a month for FY24, FY25 and FY26
• 27,932 full-time employees and 63,795 contract staff as of 30 June 2026
• 7,220 patent applications filed and 1,043 granted

Financial Performance

Restated consolidated figures, ₹ crore:

• Total income rose about 17.4% in FY25 and 15.8% in FY26. PAT growth slowed more sharply, from about 21.9% to about 15.1%.
• EBITDA growth went the other way, from about 16.8% to 18.8%. The EBITDA margin reached 51.91% in FY26 and 53.26% in the June 2026 quarter.
• Borrowing peaked at ₹73,060 crore in FY25 and fell to ₹61,372 crore by June 2026. That is roughly 0.18 times net worth, which is low for a telecom operator.

Key Ratios and Valuation

You may see two different post-issue P/E figures. Our calculation divides the post-issue market cap by FY26 PAT (₹10,30,490.55 crore ÷ ₹30,052.7 crore), which gives about 34.3x. A figure of about 33.2x also circulates; it uses the June 2026 quarter's PAT multiplied by four, which assumes the next three quarters match the first. RoNW of 9.42% is modest next to the PAT margin because Jio carries a very large equity base. No listed peer comparison is used here. See IPO valuation ratios explained.

Objects of the Issue

1. Prepaying or repaying borrowings of the material subsidiary RJIL: ₹27,500 crore
2. General corporate purposes: the balance

Debt repayment takes about 91% of the ₹30,213 crore raised at the upper band. The ₹27,500 crore equals roughly 45% of consolidated borrowings as of 30 June 2026. Since there is no OFS, existing shareholders receive none of the proceeds. Our guide to fresh issue vs offer for sale explains why that difference matters.

Shareholding and Promoters

Reliance Industries is the promoter. Its holding falls from 66.43% to 64.48% because new shares are issued, not because it sells. Total shares rise from 8,93,90,30,830 to 9,20,90,30,830. The investors that came in during 2020 are not selling either, so their percentages shrink by the same proportion. Post-issue figures below are our own estimates, based on the pre-issue holdings in the offer documents:

India's Largest IPO in Context

At ₹30,213 crore, the issue is about 8% bigger than Hyundai Motor India's ₹27,870 crore IPO of October 2024, the largest until now. It is also about 44% bigger than LIC's ₹21,008 crore issue of 2022. The two record holders were built differently, though. Hyundai's IPO was entirely an offer for sale by its parent, while Jio's is entirely new shares. And measured against the company, the issue is small: the 27 crore new shares are only about 2.9% of the post-issue share count on a market value of about ₹10.3 lakh crore.

Jio Platforms IPO GMP Today

According to our tracker, the grey market premium was ₹221 on 17 October 2026, about 19.75% above the upper band. It was ₹206 on 14 October, ₹220 on 15 October and ₹221 on 16 October. GMP is unofficial and unregulated, and it can change quickly before listing. It does not reliably predict the listing price. Read how accurate IPO GMP is and track the live GMP.

Strengths (as stated by the company)

• Leadership in digital connectivity, with a large and engaged customer base
• A mix of consumer and enterprise services
• A nationwide distribution network
• An extensive 4G and 5G network
• A proprietary, in-house technology platform
• An innovation record backed by patents and AI capabilities

Risks to Consider

• Valuation: about 34.3x FY26 post-issue earnings and 2.99x book value, against a RoNW of 9.42%.
• Slowing profit growth: PAT growth fell from about 21.9% in FY25 to about 15.1% in FY26.
• Dependence on ARPU: profit growth relies heavily on revenue per user, which depends on tariffs in a market where Airtel holds about 35% of mobile broadband customers.
• Capital intensity: total assets of ₹6.23 lakh crore show how much capital the network needs. Borrowings remain even after the planned repayment.
• Parent control: Reliance Industries will still hold about 64.5% and will control major decisions.
• Supply of shares later: the 2020 financial investors together will hold about 31% after the issue. Sales by them after lock-ins expire could weigh on the price. See anchor investor lock-in expiry.

How to Check Allotment Status

KFin Technologies is the registrar, and allotment is expected on 26 October 2026. If you bid in both the shareholder and retail categories, check the result for each application. Use our Jio Platforms allotment page or follow our registrar-wise allotment guide.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.