Jio Platforms IPO at a glance
| Detail | Value |
|---|
| Issue opens | Wednesday, 21 October 2026 |
| Issue closes | Friday, 23 October 2026 |
| Price band | ₹1,065 to ₹1,119 per share |
| Face value | ₹10 per share |
| Lot size | 12 shares |
| Issue type | Bookbuilding IPO, fresh issue only |
| Issue size | 27 crore shares, up to ₹30,213 crore |
| Listing | BSE and NSE, tentatively 28 October 2026 |
| Market cap at upper price | ₹10,30,491 crore |
| Employee discount | ₹54 per share |
| Promoter | Reliance Industries Ltd. |
| Registrar | Kfin Technologies Ltd. |
All new shares, and where the money goes
Because every share in the issue is new, the whole ₹30,213 crore goes to Jio Platforms and no existing shareholder is cashing out. The offer documents earmark ₹27,500 crore to repay all or part of certain borrowings of Reliance Jio Infocomm (RJIL), its main operating subsidiary. The rest is for general corporate purposes.
For scale, consolidated borrowings were ₹61,372 crore at 30 June 2026, down from ₹70,781 crore in March 2026 and ₹73,060 crore in March 2025. Reliance Industries stays the promoter, but as new shares are added its holding moves from 66.43% to 64.48%.
| Shareholding | Before the issue | After the issue |
|---|
| Promoter and promoter group | 66.43% | 64.48% |
| Public | 33.57% | 35.52% |
| Total shares | 8,93,90,30,830 | 9,20,90,30,830 |
How the shares are split
Like most bookbuilt issues, the offer is divided by investor category.
| Investor category | Share of the net issue |
|---|
| QIB (institutions) | Not more than 50% |
| Retail | Not less than 35% |
| NII (HNI) | Not less than 15% |
What an application costs
A retail investor can apply for 1 to 14 lots. Above that, the application moves into the HNI categories. Employees get a ₹54 per share discount, and holders of Reliance Industries shares can apply under a separate shareholder category of up to ₹2 lakh, subject to the eligibility terms in the offer documents.
| Application | Lots | Shares | Amount (at ₹1,119) |
|---|
| Retail (min) | 1 | 12 | ₹13,428 |
| Retail (max) | 14 | 168 | ₹1,87,992 |
| S-HNI (min) | 15 | 180 | ₹2,01,420 |
| S-HNI (max) | 74 | 888 | ₹9,93,672 |
| B-HNI (min) | 75 | 900 | ₹10,07,100 |
What Jio Platforms is
Jio Platforms was incorporated on 15 November 2019 and holds the Jio digital business: mobile and fixed broadband, digital entertainment, cloud services, and connectivity and technology for companies. RJIL, the operating subsidiary, had 533.3 million customers at 30 June 2026.
By the company's own account, its wireless broadband network covers more than 99% of India's population, with fibre across more than 1,200 facilities and over 100 edge nodes. It reports 7,220 patent applications (1,043 granted), an in-house 5G stack and an AI platform called JioBrain. It has 27,932 full-time employees and 63,795 contract workers. The registered office is in Ahmedabad, Gujarat.
The numbers the offer documents disclose
Restated consolidated figures, in ₹ crore. In FY26, income rose 16% and profit after tax 15% over FY25.
| ₹ crore | FY24 | FY25 | FY26 | 3 months to 30 Jun 2026 |
|---|
| Total income | 1,10,175.40 | 1,29,333.00 | 1,49,759.10 | 40,197.90 |
| Profit after tax | 21,434.00 | 26,120.30 | 30,052.70 | 7,764.10 |
| EBITDA | 54,958.70 | 64,170.00 | 76,255.40 | 20,864.50 |
| Total borrowing | 54,348.90 | 73,060.30 | 70,781.00 | 61,372.20 |
How the issue is priced
Valuation figures as disclosed, at the upper end of the band. Pre-issue EPS uses FY26 earnings; post-issue EPS uses annualised earnings for the three months to 30 June 2026. These are reported numbers, not our view on whether the price is fair.
| Metric | Pre-issue | Post-issue |
|---|
| EPS | ₹33.62 | ₹33.72 |
| P/E | 33.28x | 33.19x |
| Market capitalisation | ₹10,00,278 crore | ₹10,30,491 crore |
Dates to remember
| Event | Date |
|---|
| Issue opens | Wednesday, 21 October 2026 |
| Issue closes | Friday, 23 October 2026 |
| Allotment | Monday, 26 October 2026 |
| Refund and share credit | Tuesday, 27 October 2026 |
| Listing (tentative) | Wednesday, 28 October 2026 |
Quick answers
| Question | Answer |
|---|
| Is any existing shareholder selling? | No. It is a fresh issue only, with no offer for sale. |
| Where will it list? | On BSE and NSE, tentatively on 28 October. |
| What is the smallest retail application? | One lot of 12 shares, ₹13,428 at the upper price. |
| Is there a quota for Reliance Industries shareholders? | Yes, a shareholder category of up to ₹2 lakh, subject to the offer documents' eligibility terms. |
| How do I apply? | Through ASBA via your bank or broker, usually confirmed with a UPI mandate. The amount is blocked in your account, not debited, until allotment. |
| Who runs the issue? | Nineteen lead managers led by Kotak Mahindra Capital. Kfin Technologies is the registrar. |
That is the issue as the offer documents describe it. We are not recommending that you apply or stay away. If you want help with the application, or want to talk through how an issue this size sits next to what you already hold, call us.
About the author
Aditya Patel
Co-Founder | Research & Investment
B.E. in Civil Engineering · M.B.A. in Finance · NISM-certified Research Analyst · NISM-certified Equity Derivatives
With a passion for financial markets spanning more than a decade, Aditya's work is centred around understanding businesses, markets, and the sectors in which they operate. He believes that meaningful wealth creation is built over the long term through disciplined investing, continuous learning, and informed decision-making. His primary focus is equity and sector-specific research — he continuously studies companies, industries, and market trends, with this research forming an important part of the stock and mutual fund selection process at Vision Investment.
“Good investing begins with good research — and good research never stops.”
Co-Founder
Dip Modi
Co-Founder | Mutual Funds, Insurance & Taxation
B.Com. in Taxation · LL.B. · NISM-certified Equity Derivatives · AMFI-certified Mutual Fund Distributor
With more than a decade of interest and experience in financial markets, Dip brings a complementary perspective to Vision Investment, combining investment knowledge with a strong understanding of taxation, mutual funds, and insurance. He has been involved in GST-related matters since the introduction of GST in India, developing practical experience in the evolving tax and compliance environment. His primary areas of focus are mutual fund investments, insurance solutions, and taxation-related matters — helping clients understand the financial and tax implications of their decisions.
“The right financial decision is not only about returns — it is about understanding the complete picture.”
