Jio Platforms Ltd

Jio Platforms Ltd IPO

Jio Platforms Ltd

₹12,780 /12 sharesMinimum investment

IPO listing details

Listed on
28 Oct '26
Issue price
₹1,119.00
Listing price
₹1,358.00
Listing gains
₹239.00 (21.36%)
Exchange
BSE

IPO details

Minimum investment
₹12,780
Price range
₹1,065 - ₹1,119
Lot size
12
Issue size
30,213 Cr
Face value
10
IPO document

Subscription rate

Qualified Institutional Buyers67.68x
Non-Institutional Investor13.99x
Retail Individual Investor2.70x
Employees2.91x
Shareholder7.58x
Total21.46x
As of 23 Oct'26, 06:55 PM

Schedule

21 Oct 2026
IPO open date
23 Oct 2026
IPO close date
26 Oct 2026
Allotment date
26 Oct 2026
Funds unblock or debit
28 Oct 2026
Tentative listing date

About

Jio Platforms is a technology company that provides digital connectivity and digital services across India. Its subsidiary, Reliance Jio Infocomm Limited, offers mobile connectivity, fixed broadband, and digital services. These services provide access to the internet, digital applications, and emerging technologies, including artificial intelligence (AI). The company develops and operates its own technology stack, covering network infrastructure, device engineering, software, operating systems, and digital applications. Its technology portfolio includes 4G, 5G, cloud-native core network architectures, and AI-driven network automation. The company also develops digital products and technologies for consumers and businesses. As of June 30, 2026, Jio Platforms and its subsidiaries had applied for 7,220 patents in India and other countries across various digital technology areas. The company had 12,477 employees in its digital products and technology development team as of the same date. Its business combines digital connectivity infrastructure with software, applications, and other digital services. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Prepayment, in full or in part, of certain outstanding borrowings availed by the material subsidiary, Reliance Jio Infocomm Limited (RJIL) — Rs 27,500 crore General corporate purposes;
Founded in
2019
MD/CEO
Mr Akash M. Ambani
Parent organisation
Jio Platforms Ltd
Jio Platforms Ltd IPO
https://www.youtube.com/watch?v=sxMcnYBPFmE

Jio Platforms Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
1,09,5581,28,2181,46,885202420252026

Strengths & Risks

Strengths
Risks
Jio Platforms claims to have vertically integrated technology capabilities across network infrastructure, device engineering, software, operating systems, and digital applications. As of June 30, 2026, the company and its subsidiaries had applied for 7,220 patents in India and foreign jurisdictions, including technologies related to 4G, 5G, 6G, and AI-driven network automation.
The company claims to operate an end-to-end 5G standalone technology stack nationwide, covering its core network, devices, and OSS/BSS operating systems. It also uses proprietary unlicensed band radio (UBR) technology to provide fixed wireless broadband connectivity, with bandwidth of up to 1 Gbps.
As of June 30, 2026, the company had access to a pan-India network comprising 360,537 network towers and over 1.0 million route kilometres of fibre. Its wireless broadband network covered more than 99% of India’s population, while its fixed broadband coverage extended to approximately 98% of the country’s pin codes.
The company offers fixed broadband services through JioFiber and JioAirFiber. As of June 30, 2026, these services had a combined customer base of 28.6 million, while JioAirFiber had approximately 14.0 million customers.
Jio Platforms offers consumer applications such as MyJio, JioTV+, JioSaavn, JioAICloud, and JioGames, along with business solutions such as managed Wi-Fi and hybrid cloud services. As of June 30, 2026, JioTV+ aggregated over 1,000 digital TV channels and 15 OTT services.
The company uses its proprietary AI platform, JioBrain, for network capacity allocation, fault prediction, anomaly detection, and network optimisation. It also uses digital twin technology to assess network coverage, plan infrastructure rollouts, and guide field engineers during customer installations.
The company reported revenue from operations of Rs 146,885.3 crore and EBITDA of Rs 76,255.4 crore in FY26. Its net leverage ratio declined from 0.88 times in FY24 to 0.36 times in FY26.
Jio Platforms has entered into various agreements with Reliance Industries Limited, Reliance Retail Limited, and other Reliance Group entities for project execution, business support, equipment supply, and distribution services. Reliance Retail Limited is the sole distributor of the company’s prepaid connectivity services, which contributed 76.37%, 77.88%, 77.08%, 78.57%, and 79.35% of consolidated revenue from operations in the three months ended June 30, 2026 and 2025, and FY26, FY25, and FY24, respectively. Any disruption or termination of these arrangements could adversely affect the company’s business, financial condition, and results of operations.
Reliance Jio Infocomm Limited (RJIL), the company’s material subsidiary, contributed 87.74% of consolidated revenue from operations, 94.88% of EBITDA, and 93.76% of profit after tax in FY26. For the three months ended June 30, 2026, its contribution was 87.34%, 93.89%, and 92.31%, respectively. Any deterioration in RJIL’s business or financial performance due to competition, regulatory changes, technological disruption, or other adverse events could materially affect the company’s consolidated financial results. Further, the company’s key performance indicators primarily reflect RJIL’s digital connectivity services and may not adequately represent its technology platform business, potentially limiting investors’ ability to assess its performance in this area.
Jio Platforms depends on a limited number of service providers for passive network infrastructure. As of June 30, 2026, Summit Digitel Infrastructure Limited owned 174,451 of the 360,537 network towers used by the company, while Jio Digital Fibre Private Limited met approximately 98% of its optic fibre network requirements, excluding the last-mile fibre network owned by RJIL. RJIL has long-term agreements with both providers, which require minimum payments and do not permit termination by RJIL. Any disruption in tower or fibre availability, failure to meet service commitments, or relocation of infrastructure could cause network outages, service degradation, and customer losses, adversely affecting the company’s business and financial performance.
Jio Platforms’ systems, networks, applications, and data may be exposed to cybersecurity threats, including ransomware, phishing, malware, and data or privacy breaches. Although the company reported no successful cyberattacks or security breaches during the three months ended June 30, 2026, or FY24 to FY26, future incidents could require significant expenditure to investigate and resolve, disrupt operations, and damage its reputation. The company also relies on data centre infrastructure provided by its promoter in Jamnagar, Nagpur, and Mumbai, as well as third-party cloud hosting and edge infrastructure services. Any disruption or termination of these arrangements could affect service quality, increase customer churn, and adversely affect the company’s business and financial performance.
Jio Platforms’ telecommunications business is subject to extensive and evolving regulations covering licensing, spectrum usage, data privacy, and digital services. RJIL faces regulatory demands, including Rs 27.1 crore in financial disincentives imposed by TRAI for alleged violations relating to unsolicited commercial communications and service quality, which are under appeal. RJIL also faces a disputed additional spectrum usage charge demand of Rs 138.91 crore, which was set aside by TDSAT but is subject to an appeal before the Supreme Court. The company has previously incurred Rs 123.2 crore in non-performance penalties and liquidated damages for prolonged service interruptions in specified locations. Changes in licence fees, spectrum charges or other regulations, or failure to comply with applicable requirements, could increase costs, result in penalties or restrict services, adversely affecting the company’s business and financial performance.
Jio Platforms operates a capital-intensive business, with cash capital expenditure of Rs 34,184.3 crore in FY26, Rs 44,268 crore in FY25 and Rs 53,509.6 crore in FY24, representing 23.27%, 34.53% and 48.84% of revenue from operations, respectively. In FY26, network expenditure accounted for Rs 29,377.1 crore of cash capital expenditure. Significant spending on network expansion, technology upgrades, and digital platforms may take time to generate returns and depends on regulatory approvals, funding availability, and customer adoption. Cost overruns, delays, or lower-than-expected demand for new services could reduce the returns on these investments and adversely affect the company’s financial performance.
Fifteen subsidiaries of Jio Platforms incurred losses during the three months ended June 30, 2026, with combined losses after tax of Rs 20.5 crore. In FY26, 11 subsidiaries reported combined losses after tax of Rs 100.6 crore, compared with Rs 162.8 crore in FY25 and Rs 57.4 crore in FY24. Although these losses were not material to the company’s consolidated financial results during these periods, continued losses may require additional financial support or equity infusions by the company and could adversely affect its financial condition and results of operations.

Application details

For Jio Platforms IPO, eligible investors can apply as Regular, Employee & Shareholder.

Apply asPrice bandApply rangeLot size
Regular₹1065 - ₹1119Upto ₹2 Lakhs12
Employee₹1011 - ₹1065Upto ₹5 Lakhs12
Shareholder₹1065 - ₹1119Upto ₹2 Lakhs12
High Networth Individual₹1065 - ₹1119₹2 - ₹5 Lakhs12

About

Objective of Jio Platforms IPO Proceeds

Particulars

Estimated Amount (in ₹ Cr.)

Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL

27,500.00

General Corporate Purposes

[.]

Total

[.]

Book Running Lead Managers & Registrar of Jio Platforms IPO

Book Running Lead Managers

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited, 360 ONE WAM Limited

Registrar to the Issue

KFin Technologies Limited

Key Performance Indicators (KPIs) of Jio Platforms Ltd.

KPI

Value (for the financial year ended March 31, 2026)

EBITDA Margin (%)

51.91

PAT Margin (%)

20.46

Return on Net Worth (RoNW) (%)

9.42

Net Asset Value (NAV) per Equity Share (₹)

373.66

Jio Platforms IPO Contact Details

Company Name

Jio Platforms Limited

Registered Office

Office-101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad 380 006, Gujarat, India

Phone

+91 22 7967 0000

Email

[email protected]

Website

www.jio.com

Jio Platforms IPO Registrar Contact Details

Company Name

KFin Technologies Limited

Phone

+91 40 6716 2222/ 1800 309 4001

Email

[email protected]

Website

www.kfintech.com

Frequently Asked Questions