Jio Platforms IPO
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IPO Price Range: Not Announced Yet
Objectives of IPO
- Jio Platforms Limited is only a fresh issue of up to 27 crore equity shares. The IPO is expected to have an issue size of around ₹30,000 crore to ₹40,000 crore, making it the largest public issue in Indian history. Since this IPO does not have an Offer for Sale (OFS), no existing shareholders are selling their shares. Instead, the entire amount raised will go directly to the company. It plans to use the net proceeds for the following purposes:
- It will use ₹27,500 crore to repay certain large loans taken by its main subsidiary, Reliance Jio Infocomm Limited (RJIL). These are foreign currency term loans, also called external commercial borrowings, borrowed from banks outside India. Repaying these loans early will reduce the company's debt and lower its interest costs. A stronger balance sheet will also give it more financial flexibility to invest in future growth areas such as expanding its 5G network, home broadband services, artificial intelligence (AI), cloud services, and global technology partnerships. Some of the major loans it plans to repay include ₹6,410.9 crore and ₹2,669.1 crore borrowed in June 2023, ₹11,380.2 crore and ₹2,484.4 crore borrowed in November 2022, and ₹7,112.6 crore borrowed in March 2022.
- The remaining net proceeds will be used for the company's regular business needs and future expansion. This includes funding strategic initiatives, acquiring or expanding businesses, paying government dues related to spectrum airwaves (radio frequencies used for telecom services), marketing and brand building, purchasing equipment, and meeting day-to-day operating expenses.
Financial Performance of Jio Platforms
Jio Platforms delivered strong and consistent financial growth between FY24 and FY26. Its revenue grew at a healthy compound annual growth rate (CAGR), or average yearly growth, of 16.6%, increasing from ₹110,175.4 crore to ₹149,759.1 crore. According to the company, this growth was driven by a larger customer base, industry-wide tariff hikes, higher data usage per customer, and a growing share of 5G and fixed broadband users. As revenue increased, profits also rose steadily at an annual rate of 18.4%, reaching ₹30,049.1 crore in FY26.
The company remained highly profitable during this period. Its operating profit margin (EBITDA margin), which shows how much profit the business earns before interest, taxes, depreciation, and amortisation, improved from 50.16% to 51.91%. This improvement came as network operating costs became a smaller percentage of revenue, helped by better cost efficiencies and greater automation. At the same time, total assets grew at an annual rate of 6.8% to ₹615,594.0 crore, mainly due to continued investments in network infrastructure, new telecom spectrum, and other intangible assets such as software and licences.
The company's borrowings moved up and down during these three years. Debt increased from ₹54,348.9 crore in FY24 to ₹73,060.3 crore in FY25 before easing slightly to ₹70,781 crore in FY26. The sharp rise in FY25 was mainly due to heavy investments in building its standalone 5G network and expanding fixed broadband services.
Strengths and Risks
Strengths
It is the clear leader in India's telecom market, serving 52.44 crore customers and carrying around 60% of the country's wireless data traffic. This huge customer base brings in steady recurring revenue and strengthens its position as the country's biggest digital platform.
The company's spending on physical infrastructure reduced sharply, helping its free cash flow (cash left after business and capital expenses) improve from 2.64% in FY24 to 55.17% in FY26. This shows it is now earning stronger returns from the heavy investments it made over the past few years.
Jio is the only telecom company in the world with a fully in-house 5G technology stack, including its core network and operating systems. This reduces its dependence on external vendors, lowers long-term costs, and gives it an opportunity to sell this technology to telecom operators around the world.
It owns the industry's largest spectrum portfolio, with an average remaining life of 16 years. Since it has low, mid, and high-band spectrum for 5G, it can deliver better network quality while avoiding the need for major spectrum purchases in the near future.
Jio is also India's largest fixed broadband provider, serving 2.71 crore customers. Its fixed wireless access service helped it capture 67.56% of all new broadband customer additions in FY26, creating another strong growth opportunity.
Customers use an average of 42.3 GB of data every month on Jio's network, highlighting strong engagement. This has also helped the company steadily increase its average revenue per user (ARPU), or the monthly income earned from each customer, to ₹214 in 2026, reflecting healthy pricing power.
Risks
Despite generating strong cash flows, the company still owes ₹104,513.7 crore to the government for telecom spectrum. These payments are spread over the next 13 to 18 years, which means a significant portion of its future cash flows will go toward repaying these dues.
Running a telecom business requires continuous investment. In FY26 alone, the company spent ₹34,184.3 crore on capital expenditure (capex), or money spent on building and upgrading long-term assets like network infrastructure. As technology continues to evolve, it may have to keep investing heavily, which could put pressure on its finances.
The company depends on periodic tariff hikes to grow its revenue. However, increasing prices in India's highly competitive telecom market can lead to higher customer churn (users leaving the network). Even in FY26, it reported a monthly churn rate of 1.67%, which translates into millions of customers switching away over time.
The company faces unresolved legal claims and disputed tax demands worth ₹1,502.1 crore that are not yet recorded as debt. In addition, its subsidiaries are involved in tax disputes totaling ₹10,811 crore. If these cases are decided against the company, they could have a meaningful impact on its financial position.
The company relies on a small group of external providers for telecom towers and optical fibre networks. Since most of its towers are owned by third parties, any disagreement or disruption with these partners could impact the quality and availability of its network services.
The company depends heavily on a related Reliance group company, which acts as its sole distributor for prepaid recharges and contributes 77.08% of its revenue. Any disruption in this relationship or changes to the existing agreements could affect its sales and day-to-day operations.
How to Apply for Jio Platforms IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on Jio Platforms IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of Jio Platforms
Company | Operating Revenue (₹ Cr) | EBITDA Margin | Profit (₹ Cr) | EPS (Earnings Per Share) | Customers | ARPU | Monthly Data Consumption per Customer |
Jio | ₹146,885 Cr | 51.91% | ₹30,049 Cr | ₹33.59 | 52.4 Cr | ₹214 | 42.3 GB |
₹210,973 Cr | 57.48% | ₹33,823 Cr | ₹44.37 | 66.6 Cr | ₹257 | 31.4 GB | |
₹44,873 Cr | 42.35% | ₹34,552 Cr | ₹3.21 | 19.3 Cr | ₹174 | 20.2 GB |
Jio Platforms Shareholding Pattern
| Promoters | 66.43% | |
| Name | Role | Stakeholding |
| Reliance Industries Limited | Promoter | 66.43% |
| Public | 33.57% | |
| Name | Role | Stakeholding |
| Jaadhu Holdings (Meta Platforms) | Public | 9.98% |
| Google International | Public | 7.73% |
| The Public Investment Fund | Public | 2.31% |
| Omicron Asia Holdings II | Public | 2.31% |
| VEPF VII AIV I Ltd. | Public | 2.31% |
| SLP Redwood Holdings | Public | 1.88% |
| MIC Redwood 1 RSC | Public | 1.85% |
| General Atlantic Singapore | Public | 1.34% |
| Platinum Jasmine A 2018 Trust | Public | 1.16% |
| Others | 2.7% |
About Jio Platforms
The company mainly earns money by selling mobile and internet recharge plans to individuals and businesses. In FY2026, prepaid recharge plans contributed 77.08% of its core operating revenue. To make these plans easily available across the country, Jio uses Reliance Retail Limited as its master distributor, selling recharge vouchers through its vast retail network. Beyond consumer services, it also provides advanced digital solutions, secure private networks, and cloud services to large businesses, including the State Bank of India, HDFC Bank, ICICI Bank, and Wipro.
Jio Platforms is the clear market leader in India, serving 52.44 crore customers as of March 2026. Of these, 26.85 crore use its ultra-fast 5G network, making it the largest 5G network outside China by subscriber base. The company also leads the home broadband segment with 2.71 crore fixed broadband customers. Its network is so widely used that around 60% of all wireless data consumed in India passes through Jio's infrastructure.
One of Jio's biggest strengths is that it built its entire 5G technology and software in-house from the ground up. This makes it the only telecom company in the world with a complete end-to-end "Made in India" 5G system. Going forward, Jio plans to take this technology global by offering its 5G and home broadband solutions to telecom operators in other countries. It is also investing heavily in artificial intelligence through its "JioBrain" platform to make its networks smarter and is exploring satellite internet to bring connectivity to even the most remote parts of the country.
For more details, visit here: www.jio.com
Know more about Jio Platforms
If Jio Has Huge Cash Reserves and Strong Profits, Why Is It Going Public?
Jio's IPO isn't about survival capital. Learn why the telecom giant is reducing debt, managing liabilities, and preparing for future growth.
Frequently Asked Questions of Jio Platforms IPO
Can we invest in Jio Platforms IPO?
What would be the listing gains on the Jio Platforms IPO?
What is 'pre-apply' for Jio Platforms IPO?
When is the Jio IPO coming?
Jio has not announced its official IPO dates yet. The company has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through a fresh issue of up to 27 crore equity shares. Unlike many IPOs, this one does not include an Offer for Sale (OFS), which means existing shareholders are not selling any of their shares.
Who are the promoters of Jio?
Reliance Industries Limited is the sole promoter of Jio Platforms Limited. According to the DRHP, it owns 66.43% of the company before the IPO, which works out to 593.78 crore equity shares.
Who are the competitors of Jio?
Jio competes with other telecom and digital service providers in India. Its biggest listed rivals are Bharti Airtel and Vodafone Idea. As of March 2026, Jio held the largest wireless broadband market share at 49.95%, followed by Bharti Airtel at 35.13% and Vodafone Idea at 12.65%.
How does Jio make money?
Jio mainly earns money by selling mobile and home internet recharge plans to consumers and businesses. In FY26, prepaid connectivity plans contributed 77.08% of its core operating revenue. Overall, the company reported total operating revenue of ₹146,885.3 crore during the year.
Is there a shareholder quota in the Jio IPO?
Yes. According to the DRHP filed with SEBI, the Jio Platforms IPO includes a proposed reservation for public shareholders of its parent company, Reliance Industries Limited (RIL).
Who is eligible for the shareholder quota?
Retail investors must own Reliance Industries Limited (RIL) shares in their Demat account on the official shareholder record date to qualify. The company will announce this date closer to the IPO. Since share purchases take time to settle, investors should ideally buy RIL shares at least 1 to 2 trading days before the record date.