The much-anticipated initial public offering (IPO) of Jio Platforms, the digital services arm of Reliance Industries, is moving closer to the secondary market. With the Securities and Exchange Board of India
(Sebi) issuing its observation letter in August, investor attention is increasingly turning to potential issue size, valuation, financial performance and listing timeline.
The proposed Jio IPO could rank among India’s most closely watched public offerings, given the company’s scale in telecommunications, its growing digital ecosystem and its role in Reliance Industries’ broader technology ambitions. However, the company has yet to announce the final IPO date, price band or bidding schedule.
Jio Platforms filed its draft red herring prospectus (DRHP) on June 19, 2026. Sebi issued its observation letter on August 28, marking an important step towards the proposed listing. The issue is now being closely tracked by investors awaiting further details from the company.
Jio IPO: Issue Size And Key Details
According to the DRHP, the proposed offering comprises a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each. The offering does not include an offer for sale (OFS), meaning existing shareholders are not proposing to sell their shares through the IPO. The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).
The final issue size will depend on the price determined through the book-building process. According to Bloomberg, Jio Platforms is looking to raise around Rs 30,200 crore through the offering, which could become India’s largest IPO, surpassing Hyundai Motor India’s Rs 27,870-crore public issue in 2024.
With this, Jio Platforms is poised to enter an exclusive club of Indian companies with a market capitalisation of more than Rs 10 lakh crore, joining Reliance Industries, Bharti Airtel and HDFC Bank.
When Is The Jio IPO Expected?
The IPO timeline remains a key point of interest. The issue is expected to open for subscription on October 21, although investors are awaiting the final announcement of the offer details. Investors will need to watch for the updated offer documents, the price-band announcement and the official bidding schedule for greater clarity.
Why Is Jio Raising Money Through The IPO?
One of the most important aspects of the proposed IPO is the planned use of its proceeds. The DRHP states that the proceeds are intended primarily for the repayment or prepayment, in full or in part, of certain borrowings of Reliance Jio Infocomm Ltd (RJIL), a material subsidiary of Jio Platforms. The remaining funds are earmarked for general corporate purposes. Reports have indicated that up to Rs 27,500 crore could be allocated towards debt repayment.
This makes the proposed IPO significant not just as a potential listing event but also as a balance-sheet exercise. Repaying borrowings could reduce interest costs and improve financial flexibility, potentially allowing the company to direct more resources towards its business priorities.
Jio Platforms reported total borrowings of Rs 70,781 crore in FY26, while its net leverage declined to 0.36 times from 0.71 times in FY25. The lower leverage provides a useful indication of the company’s improving balance-sheet position, although the overall impact of the IPO will depend on the final issue structure and the actual amount used for debt repayment.
Jio Platforms Financial Performance: FY26 Numbers
Jio Platforms entered the IPO process with a substantial revenue base and strong operating profitability. For FY26, the company reported revenue from operations of Rs 1,46,885 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 76,255 crore, translating into an EBITDA margin of 51.91%.
Profit after tax (PAT) came in at Rs 30,049 crore, highlighting the company’s ability to generate significant earnings from its telecommunications and digital services businesses.
Jio Platforms Q1 FY27 Results: Revenue And Profit Grow
Jio Platforms reported operating revenue of Rs 39,173 crore in the April-June quarter of FY27, registering year-on-year growth of 11.8%. EBITDA stood at Rs 20,865 crore, while the EBITDA margin improved to 53.30%. Profit after tax was reported at Rs 7,764 crore.
Jio’s Subscriber Base And Digital Ecosystem
Jio’s appeal extends beyond its mobile connectivity business. Jio Platforms operates across mobile and fixed broadband, entertainment, cloud computing, cloud gaming, storage, smart-home solutions and artificial intelligence-based products.
Its enterprise offerings include broadband, cloud services, internet of things (IoT), private 5G, security and managed digital services.
As of March 31, 2026, Jio served 524.4 million customers. Its customer base increased to 533.3 million in the April-June quarter of FY27, including 285 million 5G users. Fixed broadband connections reached 28.6 million, while average revenue per user (ARPU) rose to Rs 215.6. Monthly data consumption stood at 43.7 GB per customer.
Disclaimer: News18 is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
