Jio Platforms Files for Record IPO Worth Over Rs 30,000 Crore

Jio Platforms Ltd has filed its red herring prospectus for an initial public offering expected to be India's largest at over ₹30,200 crore. The public offer opens on October 21 and closes on October 23, with anchor bidding set for October 19 and share listing expected on October 28.

Offer Details

The IPO is a fresh issue of up to 27 crore equity shares with a face value of ₹10 each, featuring a price band of ₹1,065 to ₹1,119 per share. Investors must bid for at least 12 shares and multiples thereof, making one lot cost ₹13,428 at the cap price. The issue includes reserved portions of up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible Reliance shareholders holding shares as of October 14, with employees receiving a ₹54 per share discount.

Financial Growth

In the year leading up to March 2026, consolidated revenue from operations rose 14.6% to ₹1,46,885 crore, while net profit climbed 15.1% to ₹30,049 crore. Earnings before interest, tax, depreciation, and amortization grew 18.8% to ₹76,255 crore with a margin of 51.91%. The telecom giant served over 524 million subscribers and recorded an average revenue per user of ₹214 in the March 2026 quarter, alongside a 3.1% drop in total borrowings to ₹70,781 crore.

Potential Risks

The company highlighted several business challenges in its filings, including potential competition from satellite broadband that could undermine its advantages. Rising inflation may also pressure profit margins and complicate pricing adjustments, while customer acquisition hurdles, maintaining average revenue per user levels, and cybersecurity threats pose ongoing risks to operational integrity.

Context

Initial public offerings allow private companies to raise capital from public markets by issuing new shares to fund business expansion and pay down debt. Large public offerings of this scale typically draw significant participation from both domestic and international institutional investors.