Jio Platforms IPO has attracted more than $77 billion in investor bids, becoming India’s most subscribed public offering by bid value and surpassing the record set by Reliance Power in 2008. The ₹30,213 crore initial public offering (IPO) of Mukesh Ambani’s telecom and digital services business received more than 13.8 million applications, highlighting strong investor interest in India’s largest mobile operator.
The IPO, which values Jio Platforms at up to $108.3 billion, received subscriptions exceeding 22 times the shares available to public investors. Institutional investors led demand, while retail investors, employees and existing Reliance Industries shareholders also participated, Reuters news report said.
Jio Platforms, which serves more than 524 million telecom subscribers, is expected to begin stock market trading on October 28, 2026.
Jio Platforms IPO Subscription: Key Figures
| Indicator | Reported figure |
| Total investor bids, including anchor demand | Over $77 billion |
| IPO issue size | ₹30,213 crore |
| Maximum implied valuation | $108.3 billion |
| Public IPO subscription | Over 22 times |
| Institutional investor subscription | 70.55 times |
| Retail investor subscription | 2.70 times |
| Employee subscription | 2.93 times |
| Reliance shareholder subscription | 7.60 times |
| Total applications | Over 13.8 million |
| Anchor investor bids | $25.6 billion |
| Anchor allocation | $854 million |
| Upper price band | ₹1,119 per share |
The IPO was fully subscribed within approximately two hours of opening, reflecting substantial demand ahead of the final bidding day.
Institutional participation was particularly strong. The anchor investor book attracted $25.6 billion in bids against an allocation of $854 million, equivalent to approximately 30 times the shares available.
Major investors participating in the anchor process included Abu Dhabi Investment Authority, BlackRock and Fidelity.
Jio Revenue Reaches ₹1.46 Lakh Crore, EBITDA at ₹76,255 Crore
Jio Platforms’ financial performance provides an important foundation for its IPO valuation.
According to figures highlighted by GlobalData, Jio Platforms generated approximately ₹1.46 lakh crore in revenue during FY2026, while EBITDA reached ₹76,255 crore.
The company reported pretax profit of ₹40,353 crore, demonstrating the earnings scale of its telecom and digital operations.
| Financial indicator | FY2026 figure |
| Revenue | ₹1,46,000 crore |
| EBITDA | ₹76,255 crore |
| Pretax profit | ₹40,353 crore |
| EBITDA margin, calculated | 52.2% |
| Cash taxes paid | ₹118 crore |
| Deferred tax expense | Over ₹10,000 crore |
Jio’s EBITDA margin of approximately 52.2% reflects the operating profitability of its large-scale telecom business.
However, its cash-tax payments remain significantly below pretax earnings because of tax benefits associated with historical network investments and depreciation.
GlobalData expects Jio’s annual cash-tax payments could potentially increase to ₹11,000 crore or more as existing tax benefits diminish, possibly around FY2029.
Jio’s 524 Million Subscribers Support 5G and Broadband Growth
Jio Platforms has established a dominant position in India’s telecommunications industry through its nationwide mobile network, extensive 5G infrastructure and expanding digital ecosystem.
With more than 524 million subscribers, Jio controls close to half of India’s wireless subscriber market, according to GlobalData.
The company has expanded beyond mobile connectivity into several growth businesses, including 5G fixed wireless access, home broadband, enterprise connectivity, cloud services and digital applications.
These businesses offer opportunities to increase revenue per customer and diversify earnings beyond traditional mobile subscriptions.
Jio’s reported customer churn rate of 1.67%, compared with 2.43% for Bharti Airtel, also indicates relatively strong customer retention, although the figures should be compared using consistent reporting periods and definitions.
Jio’s scale makes average revenue per user (ARPU) a particularly important financial indicator.
According to GlobalData’s analysis, a ₹10 increase in monthly ARPU across Jio’s subscriber base could generate more than ₹6,000 crore in additional annual revenue, assuming the customer base remains stable and the increase is fully realized.
This illustrates the financial significance of tariff increases, premium 5G plans and customer upgrades.
IPO Proceeds to Reduce Jio Borrowings
One of the main objectives of the Jio Platforms IPO is to strengthen the balance sheet of Reliance Jio Infocomm through repayment of conventional bank borrowings.
However, the company’s financial obligations extend beyond its reported net debt.
GlobalData estimates that Jio carries approximately ₹1.04 lakh crore in deferred spectrum-payment obligations.
The company also reported net debt of approximately ₹9,539 crore at the end of June 2026, according to the figures cited in the analysis.
The difference between conventional net debt and broader financial commitments is significant because spectrum payments and lease obligations represent future cash outflows.
Although IPO proceeds could reduce interest expenses, deferred spectrum liabilities will continue to influence Jio’s long-term cash flow.
For investors, future capital expenditure on 5G network capacity, broadband expansion and enterprise digital infrastructure will also be important determinants of free cash flow.
Jio Valuation Compared With Bharti Airtel
The IPO places Jio Platforms among India’s most valuable listed companies, with an implied valuation reaching $108.3 billion at the upper end of the price band.
GlobalData analyst Murthy Grandhi noted that Jio’s headline price-to-earnings valuation appears lower than that of Bharti Airtel, but its enterprise value relative to EBITDA indicates a premium.
The comparison is important because telecom operators require substantial investment in spectrum, mobile networks, fiber infrastructure and technology upgrades.
Jio’s future valuation will therefore depend on its ability to improve ARPU, expand broadband and enterprise revenue, manage network expenditure and generate sustainable free cash flow.
The presence of Meta Platforms and Alphabet among Jio’s long-standing investors also highlights the strategic importance of its digital ecosystem.
Jio IPO Signals Strong Investor Interest in India’s Digital Infrastructure
Jio Platforms’ IPO represents a major milestone for Reliance Industries, marking Mukesh Ambani’s first major public offering in approximately two decades.
The record subscription demonstrates substantial investor demand for businesses combining telecommunications infrastructure, digital platforms and large customer bases.
Nevertheless, the longer-term investment case will depend on Jio’s ability to translate its 524 million-plus subscribers into higher revenue, stronger cash generation and diversified digital earnings.
The key indicators to watch after listing will be ARPU growth, 5G monetization, home broadband additions, enterprise revenue, capital expenditure, spectrum liabilities and free cash flow.
While the $77 billion bidding response establishes a new benchmark for Indian IPO demand, Jio’s operating and financial performance in the coming years will determine whether its premium valuation can be sustained.
BABURAJAN KIZHAKEDATH
