Jio Platforms launches India’s largest IPO worth ₹30,213 crore

Jio Platforms has launched India’s biggest ever share sale, a ₹30,213 crore IPO priced between ₹1,065 and ₹1,119 per share. The telecom giant reported 533.3 million customers in June 2026, holding about 50% of wireless broadband and 42.6% of fixed broadband market share, and it runs the largest 5G subscriber base outside China. Jio carries roughly 60% of the country’s wireless data traffic. Consolidated revenue grew at a 15.8% compound annual rate from ₹1.10 trillion in FY24 to ₹1.47 trillion in FY26, outpacing Bharti Airtel’s 13.3% and Vodafone Idea’s 2.6% growth. Net profit rose 18.4% to ₹30,049 crore and EBITDA reached ₹76,255 crore. Emkay values the company at 15.6 times FY26 EV/EBITDA and recommends the IPO; Centrum puts equity value at ₹11.5 trillion using a 12‑times FY28 EBITDA multiple. By comparison, Airtel trades at 8.6 times its FY28 EBITDA. Analysts flag a key risk: Jio’s average revenue per user (ARPU) was ₹214 in the March 2026 quarter, below Airtel’s ₹257.2. Return on capital employed fell from 12.83% in FY24 to 10.76% in FY26, while Airtel’s rose to 19%. Saikat Kumar of Red Lions Capital estimates that a ₹10 rise in monthly ARPU could add about ₹6,360 crore of annual revenue. The issue opens on Wednesday and closes on Friday. At the top of the price band, Jio would be valued at roughly ₹10.3 trillion. Of the proceeds, ₹27,500 crore will be used to repay or prepay borrowings of subsidiary Reliance Jio Infocomm, cutting financing costs. A grey‑market premium of ₹252, about 22.5% above the upper issue price, indicates strong listing expectations.

Context

Jio’s IPO follows years of rapid subscriber growth and heavy investment in 5G and broadband. Converting its large user base into higher spending is crucial for delivering the returns investors expect at the premium valuation.