Reliance Jio Platforms IPO Opens October 21 With ₹30,213 Crore Issue Size

IPO Details

Reliance Jio Platforms' initial public offering opens for subscription on October 21, 2026, with an issue size of ₹30,213 crore. The price band is set between ₹1,065 and ₹1,119 per share. The offering consists entirely of a fresh issue of 27 crore shares with no offer for sale. Motilal Oswal recommends that investors subscribe for both listing gains and the long term. The grey market premium was recorded at ₹247 as of October 20, pointing to an estimated listing price of ₹1,366 and an expected listing gain of 22.07 percent.

Financials And Valuations

At the upper price band, Jio is valued at about 34 times its post-issue FY26 earnings. This is lower than Bharti Airtel's trailing price-to-earnings multiple of roughly 40 times. Jio reported an FY26 revenue of ₹1,46,885.3 crore and a net profit of ₹30,049 crore, with revenue and profit growing at a compound annual growth rate of about 16 percent and 18 percent between FY24 and FY26. Its EBITDA margin stood at 51.9 percent in FY26 and rose to 53.26 percent in the first quarter of FY27. For the June 2026 quarter, revenue reached ₹39,172.9 crore, EBITDA hit ₹20,864.5 crore, and net profit touched ₹7,764.1 crore. Meanwhile, Bharti Airtel recorded an FY26 revenue of ₹2,10,972.8 crore and a higher return on average net worth of 20.3 percent compared to Jio's 9.4 percent.

Subscriber Scale And Use Of Proceeds

Jio serves 533 million subscribers and handles roughly 60 percent of the country's wireless data traffic, alongside 14 million JioAirFiber customers. Its average revenue per user grew from ₹181.7 in FY24 to ₹214 in FY26 and ₹215.6 in the June 2026 quarter, while monthly data consumption reached 43.7 GB and churn stood at 1.61 percent. Jio's net leverage is low at 0.36 times. Up to ₹27,500 crore from the fresh issue proceeds will go toward repaying or prepaying borrowings of Reliance Jio Infocomm, while the rest will support general corporate purposes.

Context

Initial public offerings allow private companies to raise capital from public markets by issuing new shares. Brokerage recommendations like the one from Motilal Oswal help investors evaluate valuations, financial health, and growth prospects before placing bids. Key metrics such as average revenue per user and net leverage are standard measures used to track the operational performance of telecom service providers.