Jio Platforms, the telecom and digital services subsidiary of Reliance Industries, is preparing to launch India’s largest initial public offering (IPO), targeting ₹30,213 crore ($3.2 billion) at the upper end of its price band. The public offering, scheduled for October 21–23, 2026, values Mukesh Ambani’s digital business at approximately ₹10.3 lakh crore ($108.3 billion), establishing a major valuation benchmark for India’s telecom industry.
The Jio Platforms IPO price band has been fixed at ₹1,065–₹1,119 per share. The company will issue up to 27 crore new equity shares, with proceeds primarily directed toward reducing borrowings at its telecom subsidiary, Reliance Jio Infocomm.
The offering is expected to surpass Hyundai Motor India’s ₹27,800 crore IPO in 2024, becoming the largest public issue in Indian stock market history, Reuters news report said.
Jio Platforms IPO 2026: Key Figures
| IPO parameter | Details |
| IPO price band | ₹1,065–₹1,119 |
| Maximum issue size | ₹30,213 crore |
| Equity shares offered | 27 crore |
| Maximum company valuation | ₹10.3 lakh crore |
| Employee reservation | Up to ₹500 crore |
| Reliance shareholder reservation | Up to ₹2,500 crore |
| Employee discount | ₹54 per share |
The IPO consists entirely of fresh equity shares rather than a sale of shares by existing investors. This structure allows the company to receive the issue proceeds directly, strengthening its financial position.
Jio Plans to Reduce Telecom Debt Using IPO Proceeds
One of the most important aspects of the Jio Platforms IPO is its focus on debt reduction.
The company plans to use up to $2.89 billion from the offering toward borrowings associated with Reliance Jio Infocomm, its principal telecom operating subsidiary.
Reducing debt could improve Jio’s balance sheet and lower financing expenses as the company continues investing in 5G networks, fiber broadband, fixed wireless access and digital services.
Its future spending requirements will depend on network capacity expansion, broadband subscriber growth, enterprise connectivity and digital platforms.
Jio Platforms Revenue Reaches ₹1.47 Lakh Crore in FY2026
Jio’s financial performance provides an important foundation for the proposed valuation.
The company reported revenue from operations of ₹1,46,885 crore in FY2026, compared with ₹1,28,218 crore in FY2025, representing approximately 14.6 percent growth.
Profit after tax increased from ₹26,109 crore to ₹30,049 crore, an improvement of approximately 15.1 percent.
| Financial metric | FY2026 | FY2025 | Growth |
| Revenue | ₹1,46,885 crore | ₹1,28,218 crore | 14.6% |
| Net profit | ₹30,049 crore | ₹26,109 crore | 15.1% |
During the June 2026 quarter, revenue increased to ₹39,173 crore from ₹35,032 crore a year earlier. Quarterly net profit reached ₹7,764 crore, compared with ₹7,110 crore.
These results demonstrate Jio’s ability to expand revenue and earnings while maintaining its position as India’s largest mobile telecom operator.
Jio’s 533 Million Subscribers Strengthen Its IPO Investment Case
Jio’s scale is a major factor supporting its valuation.
As of June 30, 2026, the company had approximately 533.3 million subscribers, making it one of the world’s largest telecom operators by customer base.
Its network carried nearly 60 percent of India’s mobile data traffic, highlighting its significant position in the country’s digital connectivity market.
Reliance Industries and Bharti Airtel Shares Rally After Jio IPO Announcement
The announcement of Jio’s IPO price band triggered gains in Indian telecom stocks on October 15, 2026.
Reliance Industries shares rose 3.44 percent to ₹1,215, their strongest daily percentage gain in more than two months.
Bharti Airtel shares increased 3.3 percent to ₹1,854, recording their largest percentage gain in six weeks.
The rally reflects expectations that Jio’s public listing will establish a clearer market valuation for India’s telecom businesses.
Reliance Industries is expected to retain approximately 64.5 percent ownership in Jio Platforms after the offering. The listing will provide investors with a separately traded valuation for the subsidiary, making it easier to assess Reliance’s telecom assets alongside its energy, retail and other operations.
Jio IPO Valuation Compared With Bharti Airtel
Jio Platforms’ proposed valuation of $108.3 billion places it close to Bharti Airtel, valued at approximately $118 billion in the October 15 analysis.
Nomura estimates suggest Jio could command a higher valuation multiple than Airtel.
| Valuation indicator | Jio Platforms | Bharti Airtel |
| Equity valuation | $108.3 billion | Approximately $118 billion |
| Estimated EV/EBITDA | 10.5–10.9 times | 9.2 times |
Airtel benefits from higher average revenue per user, premium postpaid customers, enterprise services and its international operations.
Jio, meanwhile, has a larger domestic subscriber base, extensive data traffic and an expanding digital services portfolio.
The IPO will give investors a new basis for comparing the financial performance, network investments and earnings potential of India’s two largest private telecom operators.
Analysts Expect 15–20% Jio IPO Listing Gains
Market indicators on October 15 suggested potential listing gains of 15–20 percent, although these estimates are not guaranteed.
At the upper IPO price of ₹1,119, such a premium would imply an illustrative trading range of approximately ₹1,287–₹1,343 per share.
Jio shares are expected to begin trading on October 28, 2026.
Analysts consider the IPO broadly fairly valued, with future share-price performance dependent on revenue growth, profitability and the company’s ability to expand beyond traditional mobile services.
The central question is whether Jio can generate higher-margin revenue from its large subscriber base through AI, cloud, enterprise connectivity, digital applications and data centers.
Meta and Google Investments Support Jio’s Digital Expansion
Jio Platforms attracted more than $20.5 billion from 13 international investors in 2020, selling approximately 33 percent of its equity at valuations ranging from $57 billion to $65 billion.
Its investors include Meta and Google, which helped position Jio as a telecom and digital technology platform rather than a conventional mobile operator.
The proposed $108.3 billion IPO valuation represents a substantial increase over those earlier investment valuations.
However, Jio’s updated prospectus also identifies risks associated with India’s telecom and data-protection regulations, which could constrain its ability to monetise customer data and expand digital advertising services.
Jio’s Next Growth Drivers: Tariff Increases, AI, Cloud and Broadband
With India’s telecom subscriber market becoming more mature, the industry’s next growth phase will depend increasingly on revenue generated per customer.
Analysts expect telecom tariff increases to become a major driver of earnings growth as opportunities for large-scale subscriber additions diminish.
For Jio, the principal growth opportunities include expanding fiber broadband and 5G fixed wireless access, increasing enterprise connectivity revenue, and developing AI, cloud and digital platform services.
Data centers and low-earth-orbit satellite communications could provide additional revenue opportunities over the longer term, although their earnings contributions remain uncertain.
What Jio’s ₹30,213 Crore IPO Means for Indian Telecom
Jio Platforms’ listing represents a major development for India’s telecom investment landscape.
At a valuation of ₹10.3 lakh crore, Jio would become one of India’s four most valuable listed companies. Its public-market debut will also provide investors with greater visibility into the earnings and capital requirements of a telecom operator serving more than 533 million subscribers.
The immediate financial benefit will be the ability to use IPO proceeds to reduce telecom borrowings. Over the longer term, investors will assess Jio’s ability to improve profitability, generate returns on network investments and build substantial digital services revenue.
The October 28 listing will test whether India’s largest telecom subscriber base can support a valuation exceeding $108 billion and sustain growth beyond mobile connectivity.
BABURAJAN KIZHAKEDATH
