Jio Platforms’ ₹30,213 Crore IPO Puts Broadband Market Share, Spectrum Dues and Subsidiary Losses Under The Spotlight
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Jio Platforms’ proposed IPO brings its broadband position, falling debt, and spectrum liabilities into focus. Read more to see what its financial figures reveal.
Jio Platforms is planning an initial public offering (IPO) worth up to ₹30,213 crore, potentially making it India’s largest-ever public issue. Following its listing, the company could rank among the country’s five most valuable listed companies.
The company’s financial figures show a mixed picture. While its customer base remains larger than Airtel’s, its average revenue per user and operating margins are lower. Its broadband market share has also slipped below 50%.
How Does Jio Compare With Airtel And Vodafone?
Jio’s customer count reached 533.3 million in June 2026. Airtel was next with 491.9 million, while Vodafone Idea had 193.1 million users. Yet Airtel brought in more new users during FY26, adding 58 million against Jio’s 36.2 million.
Airtel also earned more from each customer. Jio’s monthly average revenue per user (ARPU) stood at ₹215.6, while Airtel reported ₹263.9. So while Jio has more customers, Airtel earns ₹48.3 more per user each month.
What Do Jio’s Debt And Market Share Figures Reveal?
In March 2026, Jio’s share of the broadband market was 49.1%. Airtel had 34.6%, with Vodafone Idea accounting for another 12.1%.
Its debt figures offer a more positive development. Net debt fell from 0.88 times earnings before interest, taxes, depreciation and amortisation (EBITDA) in FY24 to 0.36 times in FY26. However, deferred spectrum payment obligations stood at ₹1.05 lakh crore in June 2026.
There are other figures investors may examine before the listing. 10 of Jio’s 32 subsidiaries reported losses in FY26. The Jio Platform IPO will therefore draw attention not only to the company’s scale but also to its ability to improve revenue per user and manage its outstanding obligations.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Neha Dubey has spent 6+ years turning market chaos into something readable. At Kotak Neo, she works on IPOs and writes for the Market Ready newsletter — making sense of the markets so you don't have to.
Off the clock, she's chasing good stories, new cuisines, and the occasional impromptu singalong. A believer in small pleasures, with excellent taste for a well-timed splurge.
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