Jio Platforms IPO

About Jio Platforms IPO

The public issue of the Jio Platforms IPO, a Mainboard IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of a fresh issue component. The fresh issue will include up to 27.00 crore equity shares. The total number of shares is 27,00,00,000 and the aggregate amount is yet to be finalised.

Jio Platforms IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Jio Platforms is a technology platform, built on proprietary digital technology and pan-India digital connectivity as its foundational layer, purpose-built to drive the digital transformation in India by democratising access to digital connectivity and digital services.

Objectives of Jio Platforms IPO

• Prepayment, in full or in part, of certain outstanding borrowings availed by the material subsidiary, namely, RJIL.
  
• General corporate purposes.
  

Jio Platforms IPO News

• June 25, 2026: SEBI sought clarifications on Jio Platforms' DRHP, a routine step in the regulator's review process. Based on standard SEBI timelines of 30–75 days, the earliest realistic listing window is now August–October 2026. (Source: SEBI filing portal)

• June 19, 2026 – Jio Platforms filed its DRHP with SEBI, proposing a fresh issue of up to 27 crore equity shares with no OFS component. Up to ₹27,500 crore of proceeds earmarked for debt repayment at RJIL.

• June 11, 2026 - Jio Platforms and NSE are both likely to file their DRHPs with SEBI the week of June 15, setting the stage for two of India's most closely watched public offerings. (Source: Business Standard, June 11)

• June 10, 2026 - Elara Capital valued Reliance Jio Infocomm at ₹12–13 lakh crore, based on 13x FY28E EV/EBITDA, projecting 11% revenue CAGR and 14% EBITDA CAGR over FY26–29E, ahead of the expected DRHP filing.

• June 4, 2026- Reliance Industries is scheduled to hold its 49th Annual General Meeting (AGM) on June 19. Market participants anticipate that Chairman and Managing Director Mukesh Ambani may provide greater clarity on the listing timeline and strategic roadmap.

• May 28, 2026 - In its FY26 Annual Report, Reliance Industries stated it was taking "deliberate steps" to strengthen Jio Platforms' governance framework ahead of a planned listing, with Chairman Mukesh Ambani writing that RIL would continue to evaluate strategic pathways to broaden stakeholder participation.

• May 27, 2026 - Reliance Industries filed a stock exchange notice scheduling its 49th AGM for June 19, 2026, with the Jio IPO timeline as the most-watched agenda item. The company fixed June 5 as the record date for its FY26 dividend of ₹6 per share.

• May 14, 2026 - Ahead of its planned IPO, Jio Platforms strengthened its leadership structure by appointing Akash M. Ambani as Managing Director for a five year term. The appointment became effective from 9 April and reflects the company's focus on long term strategic continuity.

• May 11, 2026 - Reliance revised its Jio IPO structure to an all-fresh issue, moving away from a previously planned OFS, after a valuation disagreement between Reliance and existing shareholders. The DRHP filing was expected within one to two weeks, with a possible July listing.

• April 29, 2026 - During Reliance Industries' FY26 earnings call, management confirmed the Jio IPO was "imminent." CreditSights (Fitch Group) reported the IPO may be delayed to H2 FY27 due to West Asia geopolitical tensions affecting global investor sentiment. Reliance reported FY26 revenue and EBITDA growth of 10% and 8% year-on-year respectively.

• March 26, 2026 - Reports confirmed Meta, Google, KKR, Vista Equity and sovereign funds PIF, ADIA and Mubadala - who together hold 32.9% of Jio - would partially trim stakes in the IPO. Investment banks estimated Jio Platforms' post-IPO valuation at $133-180 billion.

• March 13, 2026 - The Government of India issued the Securities Contracts (Regulation) Amendment Rules, 2026, via official gazette notification by the Ministry of Finance's Department of Economic Affairs. Companies valued above ₹5 lakh crore can now list with just 2.5% public float, giving Jio the critical regulatory unlock to structure its DRHP.

• March 2026 - Reliance dropped the OFS route entirely and decided to list Jio Platforms through a 100% fresh issue of ₹25,000 crore, ensuring all capital goes directly into Jio's business for debt repayment and AI/network infrastructure.

• August 29, 2025 - At Reliance Industries' 48th Annual General Meeting held virtually at 2:00 PM IST, Chairman Mukesh Ambani formally announced that Jio is making all arrangements to file for an IPO, aiming to list by the first half of 2026, subject to regulatory approvals. Jio Chairman Akash Ambani confirmed the company had crossed 500 million customers.

• September 12, 2025 - SEBI approved the reduced minimum public float framework at its board meeting, recommending that companies with a post-issue market cap above ₹5 lakh crore may list with just 2.5% dilution. The formal Ministry of Finance gazette notification was still pending at this stage.

• July 15, 2020 - Google announced it would invest $4.5 billion in Jio Platforms for a 7.73% stake at Reliance's 43rd AGM, bringing total fundraising to approximately $20 billion since April 2020.

• May 22, 2020 - KKR announced an investment of ₹11,367 crore ($1.5 billion) in Jio Platforms for a 2.32% stake - KKR's largest investment in Asia.

• May 17, 2020 - General Atlantic announced an investment of ₹6,598 crore ($870 million) in Jio Platforms for a 1.34% stake.

• May 8, 2020 - Vista Equity Partners announced an investment of ₹11,367 crore ($1.5 billion) in Jio Platforms for a 2.32% stake.

• April 22, 2020 - Facebook (now Meta) announced an investment of $5.7 billion (₹43,574 crore) in Jio Platforms for a 9.99% equity stake, making Facebook its largest minority shareholder and kickstarting one of the most significant fundraising sprints in Indian corporate history.

Industry Outlook

India’s digital ecosystem has undergone significant growth in recent years, supported by rising internet penetration, increasing data consumption and the broadening adoption of digital services across consumers and enterprises. India’s digital economy has emerged as one of the strongest drivers of national growth. Today, it is valued at 14% of the country’s gross value added (GVA), nearly ₹4960000 crores, placing India as the third-largest digital economy in the world. By FY2031, India’s digital economy is projected to more than double, reaching ₹12580000 crores, and shall contribute 22% to India’s GVA. This boom will be largely driven by growth in digital services for businesses. The foundational layer of digital connectivity is powering digital payments, e-commerce, cloud services, media and other digitally enabled sectors.

About Jio Platforms

Jio Platforms is a technology platform, built on proprietary digital technology and pan-India digital connectivity as its foundational layer, purpose-built to drive the digital transformation in India by democratising access to digital connectivity and digital services. Jio Platforms’ digital connectivity forms the fundamental pillar of India’s growing digital economy, which is expected to reach ₹12580000 crores by Fiscal 2031, as per the Analysys Mason Report.

A combination of mobile, fixed broadband and digital services across a unified platform, together with data and customer personalisation, positions them as a comprehensive digital gateway through which a significant proportion of Indian customers are able to access the internet, digital services and emerging technologies, including artificial intelligence (AI).

Strengths of Jio Platforms

• A technology company with deep-rooted engineering capabilities and full-stack proprietary capabilities.
• Transforming digital connectivity and digital services in India.
• Culture of pioneering and innovation driving execution engine excellence.
• The nation scale, digital gateway to India.
• Unique, future-ready and extensive network infrastructure.
• Access to pan-India tower and fibre network.
• Future ready network infrastructure.
• Proven track record of scale, growth and profitability with strong balance sheet.

Risks of Jio Platforms

• RJIL holds telecommunication licence and spectrum across different bands which are critical for its operations.
• Any disruption to their network, passive infrastructure and technology could impair their ability to ensure consistent performance and deliver uninterrupted customer experience.
• If they are unable to respond to changes in technology and the evolving demands of their customers.
• They do not control the use of the Jio trademark by other companies in the Reliance Group.
• They have entered into various agreements with the Promoter, Reliance Retail Limited and other Reliance Group entities for various aspects of their business.
• They depend on a limited group of passive infrastructure service providers for a substantial portion of their telecommunication towers and optic fibre network.
• Any cybersecurity, data or privacy breach could interrupt their operations and have an adverse effect on their reputation, brand, business, financial condition and results of operations.
• They have incurred significant indebtedness.

Source: All the financial information for listed peer companies mentioned above is on a consolidated basis and is sourced from the annual report or audited financial statements or audited financial results or quarterly IR pack or quarterly reports of the respective company for the financial year ended March 31, 2026, submitted to the Stock Exchanges.

Notes for peer Companies

(1) Revenue from operations for Bharti Airtel Limited is on consolidated basis (including the Africa Business) as reported in the consolidated audited results for the year ended March 31, 2026. Revenue from operations for India (excluding passive infrastructure) for Fiscal 2026 was ₹1,403,734 million as reported in the quarterly IR pack for the quarter and the year ended March 31, 2026.

(2) The revenue from operations of Vodafone Idea Limited for the year ended March 31, 2026, as per the audited consolidated financial results was ₹44,873 crore which has been multiplied by 10 to reflect the same in ₹ million.

(3) Basic and diluted EPS refers to the basic and diluted EPS sourced from the audited consolidated financial results of the peer companies respectively for the Fiscal ended March 31, 2026.

(4) P/E ratio of peer companies has been computed based on the closing market price of the equity shares of respective peer companies on NSE as on June 17, 2026, divided by diluted EPS for fiscal ended March 31, 2026.

(5) Return on average net worth (%) for Bharti Airtel Limited is computed as net income (after exceptional items) attributable to the owners for the year ended March 31, 2026, divided by average of consolidated total equity attributable to the owners as on March 31, 2026, and March 31, 2025.

(6) Net asset value per equity share for Bharti Airtel Limited is the book value per equity share as disclosed in the quarterly IR pack for the quarter and year ended March 31, 2026.

(7) Net asset value per equity share for Vodafone Idea Limited has been computed as total equity as of March 31, 2026, as per the audited consolidated financial results divided by the number of equity shares outstanding as of March 31, 2026.

Anchor Investor Bidding Date: TBA

Registrar Details
KFin Technologies Limited
Email: jioplatforms.ipo@kfintech.com
Tel.: + 91 40 6716 2222/ 1800 309 4001

Book Running Lead Managers

• Kotak Mahindra Capital Company Limited
  
• Morgan Stanley India Company Private Limited
  
• BofA Securities India Limited
  
• Axis Capital Limited
  
• BNP Paribas
  
• Citigroup Global Markets India Private Limited
  
• CLSA India Private Limited
  
• DAM Capital Advisors Limited
  
• Goldman Sachs (India) Securities Private Limited
  
• HDFC Bank Limited
  
• HSBC Securities and Capital Markets (India) Private Limited
  
• ICICI Securities Limited
  
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
  
• Jefferies India Private Limited
  
• JM Financial Limited
  
• J.P. Morgan India Private Limited
  
• SBI Capital Markets Limited
  
• UBS Securities India Private Limited
  
• 360 ONE WAM Limited
  

Jio Platforms Contact Details
Office - 101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad, Gujarat, 380006
Email: jpl.investorrelations@jio.com
Phone: +91 22 7967 0000

Jio Platforms Business Model

The company earns its revenue as a technology platform, built on proprietary digital technology and pan-India digital connectivity to drive the digital transformation in India by providing access to digital connectivity and digital services.

Jio Platforms Growth Trajectory

Jio Platforms’s Total Income for FY26 was ₹149,759.100 crores, whereas in FY25 and FY24 it was ₹129,333.000 crores and ₹110,175.400 crores, respectively.

The Profit After Tax for FY26 was ₹30,049.100 crores, whereas in FY25 and FY24 it was ₹26,109.000 crores and ₹21,423.200 crores, respectively.

Their EBITDA for FY26 was ₹76,255.400 crores, whereas in FY25 and FY24 it was ₹64,170.000 crores and ₹54,958.700 crores, respectively.

Jio Platforms Market Position

In Fiscal 2026, 60% of India’s wireless data traffic was on their network, and as of March 31, 2026, they were the largest digital connectivity player with 1.4 times the 4G+5G subscribers compared to the second largest player in India. Further, their digital connectivity network carried the most mobile data globally (excluding China) in Fiscal 2026. (Source: the Analysys Mason Report)

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹149,759.100 crores, ₹30,049.100 crores, and ₹76,255.400 crores, respectively.

How to apply for Jio Platforms IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.

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