Loading…
- Price band
- —
- Issue size
- —
- Lot size
- —
- Bidding
- —
- Grey market
- —
Face value ₹10.00
Split not disclosed
Listing date to be set
No quote recorded
The question this issue poses
In one sentence
India's largest-ever offer asks public money to pay a technology multiple for a business whose returns are still telecom-shaped: ₹1,46,885.3 Cr of FY26 revenue and a 51.91% EBITDA margin on one side, a 9.42% return on net worth against Bharti Airtel's 20.32% in Jio's own prospectus peer table on the other.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
65Balanced
IPOVista score 65 out of 100, graded Balanced.IPOVista score
A trade-off in both directions
56% of the scoring model was backed by disclosed data for Jio Platforms, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
PillarScoreWeight
Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2019 · Ahmedabad, Gujarat · 28,163 employees · part of Reliance Industries Limited
Jio Platforms is the holding company for Reliance's digital business. Its licensed telecom operator, Reliance Jio Infocomm Limited (RJIL), carries the network; Jio Platforms wraps consumer and enterprise digital services around it. It served 524.4 million customers at 31 March 2026, of whom 268.5 million were on 5G, up from 481.8 million total customers in FY24 and 488.2 million in FY25. Consumer services span mobile and fixed broadband (JioFiber, JioAirFiber) plus MyJio, JioTV+, JioSaavn and JioGames; enterprise services cover connectivity, cloud, IoT, 5G private networks and security. Monthly churn was 1.67% in FY26 against 1.81% in FY25. The company was incorporated on 13 November 2019 in Gujarat and employed 28,163 people at 31 March 2026.
Revenue is overwhelmingly subscription telecom: customers pay monthly for data and voice, and average revenue per user has climbed from ₹181.7 a month in FY24 to ₹206.2 in FY25 and ₹214.0 in FY26. That ARPU repricing, applied across a base that grew 42.6 million users in FY26 alone, is what drove revenue from operations from ₹1,09,558.1 Cr to ₹1,46,885.3 Cr over two years. Because the network is a largely fixed-cost asset, incremental ARPU converts to margin: EBITDA margin widened from 50.16% in FY24 to 51.91% in FY26 and PAT margin from 19.55% to 20.46%. The digital-services and enterprise layers — cloud, AI, IoT, media apps — are positioned as the growth optionality on top of the connectivity base rather than as material revenue today. Capital intensity is the other half of the model: FY26 total assets were ₹6,15,594 Cr against net worth of ₹3,34,013 Cr, and the IPO's entire stated purpose is to prepay up to ₹27,500 Cr of RJIL's borrowings out of a ₹70,781 Cr total borrowing book.
What makes it hard to copy
The group holds the largest spectrum bank of any Indian operator — 26,800.8 MHz with 16.0 years of average remaining life at 31 March 2026 — running over a fibre backbone of more than one million route kilometres, which is what lets a single network carry 524.4 million customers.
Where it operates
- Registered and corporate offices2
Ahmedabad, Gujarat · Navi Mumbai, Maharashtra
Markets served
India
Who runs it
- Mukesh Dhirubhai AmbaniChairmanChairman and Non-Executive Director; chairman and managing director of the promoter, Reliance Industries.
- Akash Mukesh AmbaniManaging DirectorAlso chairman of the licensed operator, Reliance Jio Infocomm Limited.
- Pankaj Mohan PawarChief Executive OfficerAlso managing director of Reliance Jio Infocomm Limited; with the Reliance group since 2000.
- Saurabh SanchetiChief Financial Officer
- Mathew OommenGroup President
The company on paper
- Legal name
- Jio Platforms Limited
- Incorporated
- 15 Nov 2019
- CIN
- U72900GJ2019PLC110816
- Parent group
- Reliance Industries Limited
- Sector
- Communication Services · Telecom & digital services
- Employees
- 28,163
- Registered office
- Office-101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad 380 006, Gujarat
- Statutory auditor
- Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP, Chartered Accountants (joint statutory auditors)
- Promoters
- Reliance Industries Limited
- Promoter holding, pre-issue
- 66.4%
- Website
- jio.com
The numbers
Financial performance
Revenue has compounded at 15.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
The company is loss-making, so there are no earnings to price
2 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹33.62
- EPS, post-issue
- ₹32.63
- Price / sales
- —
- Net asset value per share
- ₹373.66
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 9.4%
- Return on capital employed
- 10.8%
- EBITDA margin
- 51.9%
- Net margin
- 20.5%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 0.21×
Valuation against listed peers
P/E against operating margin
The peer table does not carry both a P/E and an operating margin for enough companies to plot.
The terms
How the issue is structured
- Fresh issue
- —
- Offer for sale
- —
- Total issue size
- —
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 8,93,90,30,830
- Employee discount
- None
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- General corporate purposes (capped at 25% of gross proceeds) — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
Bidding has not opened yet, so there is no subscription data to show.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
The lot size and price band are not fixed yet, so there is nothing to calculate.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations compounded from ₹1,09,558.1 Cr in FY24 to ₹1,46,885.3 Cr in FY26 — 34% over two years — entirely organically, on a customer base that reached 524.4 million.
- Profit rose in every year on the record: ₹21,423.2 Cr in FY24, ₹26,109.0 Cr in FY25 and ₹30,049.1 Cr in FY26, with PAT margin widening from 19.55% to 20.46%.
- EBITDA margin expanded to 51.91% in FY26 from 50.05% in FY25, which means the ARPU rise from ₹206.2 to ₹214.0 a month dropped almost entirely to the operating line.
- The offer is 100% fresh issue — no promoter or private-equity holder is selling — so every rupee of the roughly ₹28,755–30,213 Cr raise goes into the company rather than to an exiting shareholder.
- The balance sheet is already deleveraging without the IPO: total borrowings fell from ₹73,060 Cr in FY25 to ₹70,781 Cr in FY26 while net worth grew to ₹3,34,013 Cr, and ₹27,500 Cr of the proceeds are earmarked to prepay RJIL's borrowings on top of that.
What to weigh against it
- Return on net worth is 9.42% and return on capital employed 10.76% — low absolute returns for a company seeking a roughly ₹10.3 lakh Cr valuation. The prospectus peer table puts Bharti Airtel's return on average net worth at 20.32%, more than double Jio's.
- The ₹3,34,013 Cr net worth is the arithmetic problem: ₹30,049.1 Cr of FY26 profit sits on a very large capital base, so scale here has been bought with equity rather than compounded out of it.
- Total assets of ₹6,15,594 Cr against ₹1,46,885.3 Cr of revenue means asset turnover below 0.25× — a reminder that this is network infrastructure, not an asset-light platform, whatever the digital-services framing.
- Deferred spectrum-related payments of approximately ₹1,04,514 Cr are reported to sit outside the ₹70,781 Cr headline borrowing figure, so true leverage is materially higher than the balance-sheet number suggests.
- Concentration and dependency: the business relies on promoter Reliance Industries for brand and group support, and roughly 48% of the 360,382 towers RJIL uses are owned by a single affiliate, Summit Digitel Infrastructure.
- RJIL's unified telecom licence comes up for renewal in October 2033, and satellite connectivity is named in the filing itself as a potential disruptor to terrestrial networks.
Easy to miss in the prospectus
- The DRHP dated 19 June 2026 offers up to 270,000,000 fresh equity shares of face value ₹10 and no offer for sale, and leaves the offer price as [●]. No price band has been filed and the exchanges carry no forthcoming issue, so there is no issue size in rupees to report: the figures circulating are 27 crore shares multiplied by a price nobody has fixed. The share count is recorded in the pre- and post-issue capital instead.
- Nothing about the terms is final. The DRHP was filed on 19 June 2026 and SEBI's observation letter came on 28 August 2026, but no RHP has been filed: the ₹1,065–₹1,119 band, the 21–23 October bidding window and the 13-share lot are press reports (Bloomberg, 9 October 2026), not confirmed terms. The implied ₹28,755–30,213 Cr size moves if the band moves.
- Do not read the peer EPS column straight across. Jio's ₹33.63 basic EPS sits on a ₹10 face value; Bharti Airtel's ₹45.96 sits on a ₹5 face value. The comparable figures are the P/E of 42.27× for Airtel and the return-on-net-worth gap, not the EPS numbers.
- Vodafone Idea shows a 4.65× P/E and positive ₹3.21 EPS in the peer table while its net asset value per share is negative at ₹(3.30) — that P/E is not a normal earnings multiple and should not be averaged into a peer mean.
- The free float is small relative to the headline. 27,00,00,000 new shares on 9,20,90,30,830 post-issue shares is about 2.93% of the company; promoter Reliance holds 66.43% pre-issue and the balance sits with Meta (9.98%), Google (7.73%), the Saudi Public Investment Fund (2.31%) and a group of private-equity holders.
- Revenue from operations of ₹1,46,885.3 Cr and total income of ₹1,49,759 Cr differ by roughly ₹2,874 Cr of other income — margin ratios quoted on the two bases will not reconcile.
- Grey market premium stood at ₹180, about 16%, on 12 October 2026. It is an unofficial, unregulated sentiment reading quoted against a price band that has not been confirmed.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, ICICI Securities Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited
- Registrar
- KFin Technologies Limited
How these figures were checked
Built from 8 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
HD Fire Protect
Fire protection equipment & suppression systems
Open · Mainboard · closes in 2 days
GMP ₹86up 31.7%
- Price band
- ₹258 – ₹271
- One application
- ₹14,905
- Score
- 70/100
Fusion CX
Customer experience management & business process outsourcing
Opens tomorrow · Mainboard
GMP ₹19up 6.6%
- Price band
- ₹275 – ₹289
- One application
- ₹14,739
- Score
- 72/100
Bonfiglioli
Power transmission and industrial drive systems — gear motors, gearboxes and drives
Opens in 2 days · Mainboard
GMP ₹150up 25.6%
- Price band
- ₹558 – ₹586
- One application
- ₹14,650
- Score
- 63/100