Jio Platforms is lining up what would be India's biggest IPO: a fresh issue of up to 27 crore shares, about 2.93% of post-issue equity, reported at roughly ₹32,000 to ₹33,000 crore, at a valuation of about ₹11 lakh crore ($114 billion). SEBI issued its observation letter on August 28, 2026, and reports say the issue could open in the week of October 19 and list before October 30. All dates are tentative and the price band is not official yet. This review is updated to October 6, 2026 and covers the deal, financials, risks, valuation and what to watch.
Latest Update: What Changed on October 6, 2026
- Valuation: Jio is targeting about ₹11 lakh crore ($114 billion), lower than earlier expectations. Business Today, citing Bloomberg, says the Street range was $130 to $170 billion at one stage, with Motilal Oswal at $115 to $118 billion and Dolat Capital near $110 billion.
- Size: about ₹32,000 to ₹32,500 crore ($3.4 billion) per Bloomberg-sourced reports, from 27 crore fresh shares. India Infoline puts it at ₹33,000 crore or more. Our earlier version used ₹37,700 crore, a DRHP-stage estimate that is now out of date.
- Timeline: the issue is tentatively set to open in the week of October 19 and list before October 30. A Reuters-based report in Outlook Money gives the anchor round on October 19, opening October 21, closing October 23, allotment October 26 and listing October 28, all tentative, with the red herring prospectus expected after October 12.
- SEBI: the observation letter was issued on August 28, 2026, which cleared the draft prospectus for the next stage.
- Lead managers: 19 banks, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas and Citigroup.
- Ranking: Bloomberg-sourced reports say that at this valuation Jio would be India's third most valuable listed company, behind Reliance Industries and Bharti Airtel.
Sources: Business Today, Business Standard, India Infoline, Outlook Money and Outlook Business.
Why You Will See Different Numbers
- Issue size: ₹32,000 to ₹32,500 crore versus ₹33,000 crore or more. The final figure depends on the price band. If the expected band of ₹1,150 to ₹1,220 per share holds, 27 crore shares would raise about ₹31,050 to ₹32,940 crore, by our calculation. That band is an Economic Times report, not an official figure.
- Valuation: $114 billion is a market valuation, while some reports quote $143 to $146 billion, which appears to be enterprise value including debt. They are different measures, not a contradiction.
- Dates: "week of October 19" and "opens October 21" describe the same window. None of it is confirmed until the red herring prospectus is filed.
What We Corrected in This Version
- Issue size and valuation: replaced the ₹37,700 crore and $137 billion figures with the latest reported ones.
- Valuation multiples: the earlier text said about 4.5 times revenue and 9 times EBITDA, which did not match its own inputs. The corrected figures are in the valuation section.
- Removed unverified items: the older Jefferies and Nomura valuation targets and the Airtel EBITDA multiple.
- Verdict: reworded as considerations rather than a recommendation, since IPOLyst is not a SEBI-registered adviser.
Key Takeaways: Reliance Jio IPO at a Glance
- Issue size: reported ₹32,000 to ₹33,000 crore | 100% fresh issue, no offer for sale
- Valuation: about ₹11 lakh crore ($114 billion), lower than earlier Street expectations
- DRHP filed: June 19, 2026 | SEBI observation letter: August 28, 2026
- Timeline: tentatively opens the week of October 19 and lists before October 30, on NSE and BSE
- Price band: not official | Economic Times reports an expected ₹1,150 to ₹1,220 per share
- Lead managers: 19 banks
- FY26 revenue (per the DRHP): ₹1,46,885 crore | EBITDA ₹76,255 crore (51.9% margin)
- FY26 profit after tax: ₹30,000+ crore | YoY PAT growth +15.1%
- Subscribers (per the DRHP): 524 million total | 5G subscribers: 268 million
How we researched this: we track SEBI filings and Bloomberg, Reuters and Economic Times-sourced reports as they appear. Business and financial data in the sections below are as per the June DRHP, which the final prospectus may update. Last updated October 6, 2026.
Reliance Jio IPO Details
Issue Overview
- Issue type: book built issue, mainboard NSE and BSE
- Issue size: reported ₹32,000 to ₹33,000 crore (27 crore fresh equity shares, face value ₹10)
- Offer for sale: none, so Reliance Industries and the promoters are not selling shares
- Price band: not announced; to come with the red herring prospectus
- Lot size: not announced
- Subscription dates: tentatively the week of October 19
- Listing: NSE and BSE, tentatively before October 30
- Registrar: not announced
Use of IPO Proceeds
The June DRHP earmarked ₹27,500 crore for repaying Reliance Jio Infocomm's borrowings, with the balance for general corporate purposes such as AI infrastructure, data centres and 5G expansion. That split was drawn up for the larger ₹37,700 crore estimate, so it is likely to change with the smaller reported issue. India Infoline reports that a large portion of the proceeds is expected to repay debt of Jio's telecom division. The red herring prospectus will give the final split.
Because this is a 100% fresh issue, the money goes into the company and not to selling shareholders. That also means there is no promoter exit overhang.
About Jio Platforms: India's Digital Backbone
The Business
Jio Platforms is India's largest digital services company by subscribers, built on a nationwide 4G and 5G network. It operates across connectivity (Jio telecom), devices (JioPhone), digital apps (JioCinema, JioSaavn, JioMart) and enterprise solutions. It says it built its 5G technology stack in-house, without relying on foreign network vendors.
Scale and Market Position (as per the DRHP)
- 524 million total subscribers, India's largest telecom operator by a wide margin
- 268 million 5G subscribers as of March 31, 2026
- 6,817 patent applications filed
- Net leverage ratio improved from 0.88x (FY24) to 0.36x (FY26)
- EBITDA margin of 51.9%
Jio IPO Financials: FY24 to FY26 (as per the DRHP)
Revenue Growth
- FY26 revenue: ₹1,46,885 crore ($15.5 billion) | revenue CAGR FY24 to FY26: +15.79%
- FY26 EBITDA: ₹76,255 crore ($8.0 billion) | EBITDA CAGR FY24 to FY26: +17.79%
- FY26 profit after tax: ₹30,000+ crore | YoY growth: +15.1%
The ARPU Challenge
Jio's monthly average revenue per user (ARPU) was ₹214 as of March 2026, up a marginal 0.1% year on year. Bharti Airtel reported ₹257 to ₹259 in Q4 FY26. That gap of about ₹43 a month is a key concern for analysts: Jio has more subscribers but earns less per subscriber. Closing it through tariff hikes or premium 5G plans matters for supporting the valuation.
Strengths: Why Jio Could Attract Long-Term Investors
- In-house 5G stack: less vendor dependence and a possible technology export line that may not be priced in
- Subscriber scale: 524 million users, so switching costs and network effects are high
- Digital ecosystem: JioCinema, JioSaavn and JioMart tie users into more than connectivity
- AI and data centre ambitions: part of the proceeds is expected to fund AI infrastructure
- Fresh issue only: no promoter selling, so the proceeds strengthen the balance sheet
- Profitability: unlike many large tech listings, Jio already earns ₹30,000+ crore of profit
Risks: What Investors Must Watch
- ARPU gap with Airtel: if it does not narrow, revenue growth may lag valuation expectations
- High capital intensity: 5G, fibre broadband and AI data centres need continued heavy investment
- Regulatory risk: spectrum pricing, telecom policy and TRAI decisions can hit profitability directly
- Valuation sensitivity: at about ₹11 lakh crore Jio is valued at a premium to most emerging-market telecoms, so an earnings miss could hurt the stock
- Market conditions: the Nifty has fallen eight weeks in a row and foreign investors have been heavy sellers, which can weigh on demand for any large issue
- Satellite broadband competition: Starlink and OneWeb are entering India and could affect rural broadband
- Operational risk: with 524 million users, any network outage is a national event
Jio IPO Valuation: Is About ₹11 Lakh Crore Worth It?
What the Multiples Say
Using this article's own FY26 figures, a ₹11 lakh crore market value is about 7.5 times revenue (₹1,46,885 crore) and about 14 times EBITDA (₹76,255 crore), by our calculation. These are market value multiples, not enterprise value, so they are not directly comparable with peer EV-to-EBITDA ratios. We have no verified peer multiple for Bharti Airtel to compare with, so we do not draw a conclusion from one.
Street Views on the Valuation
- Earlier Street expectations: $130 to $170 billion at one stage, according to Bloomberg-sourced reporting
- Motilal Oswal: $115 to $118 billion
- Dolat Capital: about $110 billion
- Reported IPO target: about $114 billion, so the target sits near the lower analyst estimates and well below the earlier highs
The valuation has been marked down from the earlier chatter. The reports we reviewed do not say why. A reasonable inference, which is our own and not a stated reason, is that weak markets and heavy foreign selling made a lower number easier to price. Treat that as a hypothesis.
What a ₹32,000 Crore Issue Could Mean for Other IPOs
This is our analysis, not a forecast. An issue of this size will absorb a large share of institutional demand in October. If investors fund it by trimming other positions, smaller IPOs and secondary-market flows could see less liquidity in the same weeks. It is also a direct read on how the market values telecom, so Bharti Airtel and Vodafone Idea may face fresh valuation comparisons.
Weak sentiment already shows in listing results, as in our report on this week's IPO listings and our look at why the Indian stock market is falling.
GMP: Reliance Jio IPO Grey Market Premium
There is no official price band yet, so there is no reliable GMP. India Infoline's headline mentions an unofficial GMP of ₹160, but we could not verify it and a premium quoted before the price band is set is not meaningful. We will track it on the IPO GMP tracker once the band is announced.
Grey market premium is an unofficial, unregulated indicator and does not guarantee listing performance. Follow every open issue on our IPO GMP tracker.
Should You Apply for the Reliance Jio IPO? What to Weigh
Our view: Jio is not a typical retail IPO. It is a large, profitable business with a fresh-issue structure, so the main questions are price, ARPU growth and market conditions. IPOLyst is not a SEBI-registered adviser, so none of this is a recommendation to apply or avoid.
- A long-term investor would weigh the digital infrastructure growth story against the valuation and the ARPU gap.
- Someone focused on listing gains would normally wait for the price band, the anchor book and early subscription trends before deciding.
- A conservative investor might prefer to see the first quarterly results after listing.
We will update this page when the price band, lot size and final dates are announced.
How to Apply for the Reliance Jio IPO
- Step 1: Open your broker app (Zerodha, Groww, Angel One, HDFC Sky and others).
- Step 2: Go to the IPO section and search for Jio Platforms once subscription opens.
- Step 3: Choose your bid and apply at the cut-off price if you want the best chance of allotment.
- Step 4: Approve the UPI mandate before the closing-day cut-off, and note that banks can close their approval windows earlier.
- Step 5: Check allotment status at ipolyst.com/allotment after the allotment date.
Dates are tentative until the red herring prospectus is filed, so confirm them with your broker and the exchanges.
Frequently Asked Questions: Jio IPO 2026
When is the Reliance Jio IPO date?
Reports say the issue could open in the week of October 19, 2026 and list before October 30. One Reuters-based report gives opening on October 21, closing on October 23, allotment on October 26 and listing on October 28. All of these are tentative until the red herring prospectus, expected after October 12, is filed.
What is the Jio IPO price band?
It is not official. The Economic Times reported an expected band of ₹1,150 to ₹1,220 per share, but the final band will be confirmed in the red herring prospectus.
How big is the Jio IPO and what is the valuation?
Bloomberg-sourced reports put the issue at about ₹32,000 to ₹32,500 crore ($3.4 billion), from 27 crore fresh shares, at a valuation of about ₹11 lakh crore ($114 billion). Some reports say ₹33,000 crore or more, or a $143 to $146 billion enterprise value, because of different measures and the unset price band.
Has SEBI approved the Jio IPO?
SEBI issued its observation letter on August 28, 2026, which cleared the draft prospectus to proceed. The price band, lot size and final dates have still to be announced.
Is the Jio IPO a fresh issue or an offer for sale?
It is a 100% fresh issue of up to 27 crore equity shares, about 2.93% of post-issue equity. There is no offer for sale, so Reliance Industries is not selling existing shares.
Who are the lead managers for the Jio IPO?
Nineteen banks are on the deal, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas and Citigroup.
What will Jio do with the IPO money?
The June DRHP earmarked ₹27,500 crore to repay Jio Infocomm's borrowings and the balance for general corporate purposes. The split is likely to change with the smaller issue, and reports say a large portion will repay debt. The final allocation will be in the red herring prospectus.
Disclaimer
This review is for informational purposes only and does not constitute financial advice. IPOLyst is not a SEBI-registered advisor. Business and financial figures are as per Jio Platforms' DRHP and public reports, and the final prospectus may differ. Reported deal terms, dates and any price band or grey market premium are unofficial or tentative and can change. Please do your own research or consult a SEBI-registered investment advisor before making any investment decision.