Jio Platforms IPO: Getting to #4

• 21st Oct 2026
• Sector: Telco, Digital Services
• It opens from 21-23^rd Oct, at ₹ 1,065 – 1,119/share
• Large Cap. of ₹ 10,30,000 cr., IPO is ₹ 30,213 cr. entirely a Fresh Issue
• PE is 33.25, PEG is 2X
• Opinion: Buy

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Summary

• Why Jio: Jio’s launch in 2016 disrupted India’s telecom market, and in 10 years it has grown in stature to the #1 player by customers and #2 by revenues. Mobile penetration is fair in India, so high growth may continue due to growing users, higher demand, value added services, affluence, ecommerce and digital govt. services. Jio has an integrated ecosystem of mobile connectivity, consumer apps and enterprise tech. solutions. Strong brand, new platform services and international opportunities will support its long-term growth.
• Why now in IPO: The largest ever IPO from India provides public investors another opportunity to participate in an established telecom firm, after Bharti Airtel and VI. The issue is a fresh issue, with a major portion of the proceeds meant to strengthen the Jio balance sheet. This will help reduce interest costs and improve financial flexibility. Jio is now at a mature and steady phase. The IPO also provides a liquidity event, and opportunity for new investors to enter. The PE TTM will be 33.25X, and PEG of 2X is justified by duopoly status, growth possibilities & strong brand. Jio targets #4 by market capitalization in India.
• Risks: 1) High capex and opex investments of telecom sector 2) Regulatory changes may affect tariffs and revenues 3) Increasing competition from Bharti Airtel and VI in 5G and broadband 4) High valuation may limit near-term upside 5) Technology, cybersecurity and network-disruption risks 6) Execution risks in monetising AI, cloud and enterprise services.
• Opinion: Buy

IPO highlights

• IPO application dates: 21–23 October 2026, with a price band of ₹ 1,065–1,119,
• The Face Value is ₹ 10 per share, and a lot size of 12 shares.
• The ₹ 30,213 cr. IPO is entirely a Fresh Issue of up to 27 cr. shares. There is no Offer for Sale (OFS).
• The IPO offering is about 3% of the market cap of Jio.
• IPO allocation quotas are: QIB up to 50%, NII 15%, Retail 35%.
• All Fresh Issue proceeds will accrue to Jio Platforms. Objects: of the net proceeds, ₹ 27,500 cr. (91%) is for the prepayment of outstanding borrowings of its subsidiary, Reliance Jio Infocomm Ltd. (RJIL), with the remaining amount, allocated towards general corporate purposes.
• The Grey Market Premium is ₹ 254/sh. (19^thOct’26), but it’s unofficial and may change before listing.
• IPO allotment is expected by 26^th Oct’26, and listing on BSE and NSE is scheduled for 28^th Oct’26.

Introduction to Jio

• Jio Platforms Ltd. (Jio) is the digital and telecommunications arm of Reliance Industries Ltd. (RIL), providing digital connectivity, consumer services and enterprise technology solutions across India. It is the #1 telecom firm in India with 52.44 cr. subscribers.
• Jio’s reported FY26 revenue from operations of ₹ 1,49,759 cr., EBITDA ₹ 76,255 cr. and PAT ₹ 30,988 cr. Revenue, EBITDA and PAT grew at 16.6%, 17.8% and 19.7%, CAGR resp., between FY24-26. EPS increased from ₹ 23.5 in FY24 to ₹ 33.65 in FY26. (See Fig. 1b.)
• Jio’s telecom services are primarily delivered through its subsidiary, Reliance Jio Infocomm Ltd. (RJIL). Jio launched its telecom services in Sept’16 with free voice calls and data under its introductory offer, followed by affordable tariffs. This helped lower telecom rates in India, establish Jio as a major player in India’s telecom market and accelerated the adoption and penetration of mobile internet services.
• Jio has a strong position in India’s digital connectivity market, with a large subscriber base across mobile, 5G and fixed broadband services, supported by its extensive telecom infra. (See Fig. 1a.)
• Beyond mobile Jio has expanded into digital consumer, TV and enterprise services.

Fig 1a – Jio’s Customers

Fig 1b Jio’s Financials

• Jio’s Q1 FY27 Revenue was ₹ 40,198 cr., EBITDA ₹ 20,865 cr. and PAT ₹ 7,817 cr. Q1 FY27 performance remained strong (FY27 EPS here is annualised, Q1 FY27 *4), see Fig. 1b.
• Revenue Mix: In FY26, value of services contributed 98.2% of total sales and services, while value of sales accounted for 1.8%. In Q1 FY27, services contributed 97.9%, while sales accounted for 2.1%.
• Jio’s ARPU increased from ₹ 181.7 (FY24) to ₹ 215.6 (Q1 FY27), supported by higher data consumption, tariff changes and service bundling.
• Leadership: Mukesh Ambani-Ch’man, Akash Ambani-MD, Pankaj Pawar-CEO & Saurabh Sancheti-CFO.
• Reliance Ind. is the promoter of Jio Platforms, holding 66.43% stake, which will be 64.48% post-IPO.

The above excerpts are from the Equity Research report, you can download the entire report here for a full reading.

Disclaimers and Disclosures

• Punit Jain discloses that he has no shareholding in Jio, or any group company. In addition, JainMatrix Investments Bangalore (JMI) and its promoters/ employees also have no direct or financial interest in Jio, and no known material conflict of interest as on date of publication of this report. Punit Jain does have a JioFi internet connection since 4 years. He may take part in the IPO in line with his reported views. 
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