Incorporated in November 2019, Jio Platforms is the digital holding company of the Reliance group's consumer technology businesses. Its material subsidiary, Reliance Jio Infocomm (RJIL), holds the telecom licence and spectrum. As of June 30, 2026, Jio served 533.3 million customers, of which 284.9 million were on its standalone 5G network, among the largest 5G bases globally. A further 28.6 million use JioFiber or JioAirFiber, giving it the country's largest fixed wireless base. Reliance Industries remains the promoter, with 66.43% pre-issue.

Details of the Offer

The offer is a fresh issue of up to 27 crore equity shares of ₹10 face value, with no Offer for Sale, so existing shareholders are not selling. That is roughly 3% of the 893.9 crore shares outstanding today. Anchor bidding is on October 19, and the issue opens on October 21 and closes on October 23. The price band is ₹1065 - ₹1119, valuing the company at ~₹30,213 crores at the upper end of the price band. Up to ₹500 crore is reserved for employees and up to ₹2,500 crore for eligible RIL shareholders, while retail investors get at least 35% of the net issue.

The money has a clear destination. ₹27,500 crore will go towards prepaying RJIL's borrowings, which stood at about ₹59,140 crore in fund-based debt on June 30, 2026, and whatever remains goes to general corporate purposes, capped at 25% of gross proceeds.

Financial Overview

The June quarter shows where Jio stands against its peers.

Jio's EBITDA grew faster than its revenue, 15.1% against 11.8%, which points to operating leverage building in the business. That shows up in profit too: Jio earned ₹7,764 crore, almost matching Airtel's ₹8,057 crore on roughly a third less revenue, which works out to a net margin near 20% against about 14% for Airtel. Airtel still leads on growth, margin and ARPU, so Jio's gap with the sector leader lies in monetisation rather than scale.

Key Risks to Watch

• Distribution concentration: Reliance Retail is the sole distributor of Jio's prepaid services. Prepaid contributed 76.37% of Q1 FY27 revenue, so any disruption would hit the core business.
• Leverage and currency exposure: RJIL's borrowings include external commercial borrowings, exposed to forex movements despite hedging.
• Regulation and spectrum: The unified licence is due for renewal in October 2033 and the licensor can amend its conditions. Licence fees and spectrum charges already take about 8% of revenue.
• Promoter control: Reliance will retain a dominant stake after the issue, alongside significant related-party dealings with the group.

At roughly ₹10 lakh crore, Jio is asking investors to pay for market leadership and a fast-improving balance sheet. Jio has done the hard part of building the network. The next phase is about earning more from it, and that is what investors will be betting on at this price.