Jio Platforms Limited is planning a fresh issue of up to 27 crore equity shares of face value ₹10 each. The price band, lot size and bidding dates have not been officially announced yet, because the Red Herring Prospectus (RHP) has not been filed. This page covers the issue structure, three years of restated financials, how to work out the P/E once the price band is out, the use of proceeds and the key risks, all from the Draft Red Herring Prospectus (DRHP) dated 19 June 2026.
Jio Platforms IPO Key Details
| Parameter | Details |
|---|---|
| IPO Dates | Not officially announced. Media reports point to 21 October to 23 October 2026 (tentative) |
| Anchor Book | Not officially announced. One media report says 19 October 2026 (tentative) |
| Face Value | ₹10 per equity share |
| Price Band | Not yet announced. To be disclosed in the RHP |
| Lot Size | Not yet announced |
| Issue Type | Book-built, fresh issue only |
| Total Issue Size | Up to 27,00,00,000 (27 crore) equity shares. Rupee size depends on the price band |
| Fresh Issue | Up to 27,00,00,000 equity shares |
| Offer for Sale | Not applicable |
| Listing Exchanges | BSE and NSE |
| Allotment Date | Not officially announced. One media report says 26 October 2026 (tentative) |
| Credit to Demat | Not yet announced |
| Listing Date | Not officially announced. One media report says 28 October 2026 (tentative) |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India, 360 ONE WAM |
Issue structure, face value, registrar and lead managers are from the DRHP dated 19 June 2026. The dates are from media reports of 6 October and 8 October 2026, not from the company, and schedules often shift. This page will be updated when the RHP is filed.
How the Issue Is Divided
The issue is made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Shares are reserved for QIBs, NIIs, RIIs, Eligible Employees and Eligible RIL Shareholders. The percentage split is Not disclosed in the DRHP summary and will be confirmed from the RHP (the DRHP covers it under “Issue Structure” on page 467).
What a Retail Application Will Cost
Retail investors can bid up to ₹2,00,000 in one application. Once the lot size and price band are announced, the numbers work like this:
- One lot costs lot size multiplied by the price.
- Your bank blocks funds at the cap price, even if the final price is lower.
- Maximum retail lots equal ₹2,00,000 divided by the value of one lot at the cap price, rounded down to a whole number.
- One lot above that limit moves your application into the small non-institutional category.
The exact figures will be added after the price band is announced.
About Jio Platforms
Jio Platforms Limited (CIN U72900GJ2019PLC110816) has its registered office in Ahmedabad, Gujarat, and its corporate office in Ghansoli, Navi Mumbai. Its promoter is Reliance Industries Limited (RIL). The company describes itself as a technology platform built on digital connectivity, offering mobile and fixed broadband, entertainment, cloud, smart home and AI-based products to consumers and businesses.
- Its subsidiary Reliance Jio Infocomm Limited (RJIL) had 52.44 crore customers on 31 March 2026, up from 48.82 crore a year earlier.
- RJIL added 3.62 crore customers in FY 2025-26, against 0.64 crore in FY 2024-25.
- ARPU for the March 2026 quarter was ₹214.0 per month, up from ₹206.2 a year earlier.
- Monthly data use per customer was 42.3 GB in the exit quarter, against 33.6 GB a year earlier.
- Monthly churn for the exit quarter was 1.67%, against 1.81% a year earlier.
- The company reports a single segment under Ind AS 108, so there is no revenue split by business line.
- Promoter RIL holds 66.43% before the issue. Jaadhu Holdings (a Meta Platforms affiliate) holds 9.98% and Google International LLC holds 7.73%.
Financial Performance (Restated Consolidated)
| Particulars (₹ crore) | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue from Operations | 1,46,885 | 1,28,218 | 1,09,558 |
| EBITDA | 76,255 | 64,170 | 54,959 |
| EBITDA Margin | 51.91% | 50.05% | 50.16% |
| EBIT | 49,007 | 40,032 | 32,856 |
| Profit After Tax (PAT) | 30,049 | 26,109 | 21,423 |
| PAT Margin | 20.46% | 20.36% | 19.55% |
| Net Worth | 3,34,013 | 3,04,022 | 2,77,866 |
| Total Borrowings | 70,781 | 73,060 | 54,349 |
| Net Leverage (Net Debt to EBITDA) | 0.36x | 0.71x | 0.88x |
| Return on Average Net Worth | 9.42% | 8.97% | 8.02% |
| Return on Average Capital Employed | 10.76% | 12.50% | 12.83% |
| Net Cash from Operating Activities | 77,556 | 68,156 | 57,662 |
| EBITDA less Cash Capex | 42,071 | 19,902 | 1,449 |
Over two years, revenue grew at about 15.8% a year, EBITDA at about 17.8% and PAT at about 18.4%. These are our calculations from the table. Revenue growth slowed from 17.0% in FY 2024-25 to 14.6% in FY 2025-26, while PAT growth slowed from 21.9% to 15.1%. Margins, however, held steady or improved.
The cash picture changed more sharply. EBITDA less cash capex rose from ₹1,449 crore to ₹42,071 crore in two years, and net leverage fell from 0.88x to 0.36x. Operating cash flow of ₹77,556 crore was about 2.6 times PAT, which is common in a business with heavy depreciation. Return on average capital employed, however, slipped from 12.83% to 10.76%, because the capital base grew faster than operating profit.
These are historical disclosures and do not indicate future performance.
Valuation Metrics Explained
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Basic EPS | ₹33.63 | ₹29.21 | ₹23.96 |
| Diluted EPS | ₹33.59 | ₹29.17 | ₹23.93 |
| Net Asset Value per Share | ₹373.66 | ₹340.11 | ₹310.85 |
| Return on Average Net Worth | 9.42% | 8.97% | 8.02% |
Weighted average EPS and RoNW are Not disclosed in the DRHP summary, and market cap at the cap price depends on the price band.
The formulas, in plain words
- EPS is profit after tax divided by the average number of shares. It shows the profit earned per share.
- P/E is the share price divided by EPS. It shows how many rupees you pay for each rupee of yearly profit.
- RoNW is profit divided by net worth. It shows how much profit the company earns on shareholders’ money.
- NAV is net worth divided by the number of shares. It is the book value behind each share.
Working out the P/E
The DRHP does not show the share price yet. The company decides the price band only after the DRHP is filed, so every figure that depends on the price is still left blank in the document. Once the price band is announced, you can work these figures out yourself in a few steps. Here is how, using the numbers we already know:
- P/E at floor and at cap: divide each price by the FY 2025-26 diluted EPS of ₹33.59. Every ₹100 of share price equals about 2.98 times earnings.
- Post-issue P/E: the fresh issue adds 27 crore shares to the existing 893.90 crore, giving 920.90 crore shares after the issue (assuming full subscription). Post-issue EPS is ₹30,049 crore divided by 920.90 crore, about ₹32.63, so post-issue P/E is the price divided by ₹32.63.
- Price to book: divide the price by the NAV of ₹373.66.
- Market cap: price multiplied by 920.90 crore shares. Every ₹100 of price equals about ₹92,090 crore.
- Fresh issue proceeds: every ₹100 of price equals about ₹2,700 crore on 27 crore shares.
How that compares with listed peers
The DRHP carries a comparison with listed industry peers under “Basis for Issue Price”, including KPI comparisons. That table is not in the document we worked from, so we have not reproduced it. The peer comparison will be added from the RHP.
These ratios are shared for educational understanding, not as investment guidance.
Objects of the Issue
The issue is a fresh issue only, so the money raised goes to the company and not to selling shareholders. Net proceeds will be used for two purposes:
| Object | Amount |
|---|---|
| Prepayment, in full or in part, of certain borrowings of RJIL | Not yet disclosed. Price dependent |
| General corporate purposes | Not yet disclosed. Price dependent |
Total fund-based borrowings of the company and its subsidiaries were ₹71,529 crore on 31 March 2026. Lender names, interest rates and the share of that debt to be repaid are Not disclosed in the DRHP summary. SEBI rules cap general corporate purposes, and any unidentified acquisitions, at 25% of gross proceeds in total, but the company’s own split is Not disclosed in the DRHP summary. No credit rating is disclosed there either.
The company also expects to gain a public market for its shares and the other benefits of listing.
Strengths and Risk Factors
| Strengths | Risks |
|---|---|
| RJIL served 52.44 crore customers on 31 March 2026 | Total borrowings of ₹71,529 crore on 31 March 2026, with debt covenants needing consent for mergers and dividends |
| EBITDA margin of 51.91% in FY 2025-26 | Monthly churn of 1.67% in the March 2026 quarter |
| Net leverage fell from 0.88x to 0.36x in two years | RoCE fell from 12.83% to 10.76% in two years |
| Data traffic rose from 14,850 crore GB to 24,140 crore GB over two years | The “Jio” trademark is also used by other Reliance Group companies, which the company does not control |
| Operating cash flow of ₹77,556 crore in FY 2025-26 | Reliance on a limited group of passive infrastructure providers for towers and optic fibre |
| Monthly data use per customer rose from 28.7 GB to 42.3 GB in two years | Licences and spectrum must be renewed or won at auction, and a failure would hurt operations |
Other disclosed risks include dependence on related-party agreements with RIL and Reliance Retail, cybersecurity and data breaches, and extensive regulation by TRAI and the Department of Telecommunications.
Litigation is large in rupee terms. Matters against RJIL and other subsidiaries total about ₹10,811 crore, including 200 tax proceedings. GST input tax credit disputes of ₹6,767 crore are not treated as contingent liabilities. Matters against the promoter RIL total about ₹40,311 crore plus US$4.13 billion.
This table is a summary. The full list is in the “Risk Factors” section starting on page 29 of the DRHP.
How to Apply via Findoc
- Log in to your Findoc account or open a demat account.
- Open the IPO section and select the Jio Platforms IPO issue once bidding opens.
- Enter your UPI ID and the number of lots. Quantity must be in multiples of the lot size.
- Place your bid within the price band.
- Approve the UPI mandate on your UPI app before 5:00 PM IST on the closing date.
You can also apply through your bank’s ASBA facility. If you do not have a demat account yet, open one before the bidding window closes.
Checking Your Allotment
The allotment date is not yet confirmed. Once it is, you can check status on the website of the registrar, KFin Technologies, or on the BSE and NSE IPO allotment pages. You will need your application number, PAN or demat account details. Refund and demat credit dates will be added once announced.
Key Takeaways
- The IPO is a fresh issue of up to 27 crore equity shares of face value ₹10, with no offer for sale.
- Price band, lot size and official dates are not yet announced. Media reports suggest bidding around 21 to 23 October 2026.
- Revenue was ₹1,46,885 crore and PAT ₹30,049 crore in FY 2025-26, with an EBITDA margin of 51.91%.
- Diluted EPS is ₹33.59 and NAV is ₹373.66, so you can work out P/E and P/B as soon as the price band is out.
- Proceeds go to prepaying RJIL debt and general corporate purposes. RIL’s stake falls from 66.43% to about 64.48% after the issue, assuming full subscription.
- Key risks include debt, licence and spectrum renewal, churn, related-party dependence and a large litigation book.
Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.
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