Jio Platforms Plans Record Public Offering With Shares Priced Up to 1,119 Rupees

Jio Platforms has announced its upcoming initial public offering in a price band of 1,065 to 1,119 rupees per share, aiming to raise 30,213 crore rupees at the upper end to potentially become India's biggest public offering. The share sale will feature a fresh issue of up to 27 crore equity shares with a face value of 10 rupees each, running for subscription from 21 October to 23 October after anchor investor bidding on 19 October.

Market Response

The grey market premium stands at plus 235 rupees, pointing to an estimated listing price of 1,354 rupees per share, which marks a 21 percent increase over the top of the price band. Analysts note the grey market premium has fluctuated by 87 rupees across the past 15 sessions without forming a clear direction.

Financial Growth

Revenue from operations climbed from 1,09,558 crore rupees in financial year 2024 to 1,46,885 crore rupees in financial year 2026, while profit after tax advanced from 21,422 crore rupees to 30,064 crore rupees over the same period. For the first quarter of financial year 2027, the company registered revenue of 39,173 crore rupees alongside a profit after tax of 7,765 crore rupees. Its customer base grew to 533 million users by 30 June 2026, supported by an average revenue per user of 215.6 rupees in the first quarter of financial year 2027 and a monthly churn rate of 1.6 percent.

Network and Research

Through its subsidiary Reliance Jio Infocomm Limited, the company operates India's first standalone 5G network and held 284.9 million 5G subscribers in the first quarter of financial year 2027, making it the world's third-largest 5G user base. Jio holds India's largest spectrum portfolio at 26,800.8 megahertz with an average remaining life of 16 years, and has filed 7,220 patent applications across technologies like 5G, 6G, and artificial intelligence.

Context

Public stock offerings allow major private companies to raise capital from public markets by issuing shares to institutional and retail investors. Technology and telecom firms require continuous heavy investment in spectrum acquisition and infrastructure upgrades like 5G and fiber networks to maintain competitive positioning.