| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹1,065 to ₹1,119 | 21 | 21st Oct, 2026 – 23rd Oct, 2026 | ₹30,213 Cr |
Jio Platforms Ltd
Jio Platforms is a B2B2C company that commenced its business on November 15, 2019, under Reliance Industries Ltd., with the aim of expanding its presence in the telecommunications industry under a separate name and with the support of an experienced management team. The company provides platforms for digital products and services, such as JioSaavn, JioAICloud and JioPC, and has expanded into the entertainment segment through JioHotstar, following its merger with The Walt Disney Company, with a controlling stake of 63.2%, strengthening its presence in international markets. Another major service provided by the company is digital connectivity, which includes 4G and 5G networks, delivering pan-India coverage to over 99% of the population for wireless broadband as of June 30, 2026. Through its penetration strategy, the company has managed to capture an approximate 60% market share in the industry within a relatively short period. The company also provides applications such as the MyJio app, which enables customers to manage their benefits and other subscriptions offered by the company. Jio Platforms has established its presence through offline stores across over 1,000 cities, with more than 1,000 Jio Centres and over 6,000 Jio Points, indicating a strong physical distribution network across India. In addition, the company provides online platforms and 24/7 customer care services. The company also focuses on proprietary technology and has filed over 7,000 patent applications across 4G, 5G, 6G, cloud-native core network architectures, AI-driven network automation and other digital technologies, of which 1,043 had been granted as of June 30, 2026. The company also aims to integrate AI into everyday use by embedding it across its technology stack and offerings, with the objective of achieving Level 4 on the TM Forum’s Autonomous Networks scale, potentially reducing costs and improving margins. 4G and 5G services are among the company’s major revenue drivers. In line with the Indian Government’s Made in India initiative, the company has developed an indigenous, end-to-end 5G technology stack, including its own portfolio of 4G and 5G combination core networks, as well as Operations Support Systems (OSS) and Business Support Systems (BSS), making it one of the few connectivity providers with such a stack deployed at a nationwide scale. In terms of its customer base, the company was serving over 500 million customers as of June 30, 2026.
Objective of Jio Platforms Ltd
The IPO comprises a fresh issue aggregating up to Rs. 30,213 crores
- Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL
- General corporate purposes.
Rationale To Jio Platforms Ltd
Investment Rationale
A technology company with inherent engineering and full-stack proprietary capabilities
The company is built on a vertically integrated, proprietary technology stack, with core capabilities across network technology, device engineering, software, operating systems, and applications. As of June 30, 2026, the company had over 12,000 employees in its digital product and development team, accounting for more than 45% of its overall workforce, reflecting its strong focus on research and development. The company continues to invest in technological advancements to maintain its competitive position, with a focus on 6G research, AI-driven network automation through JioBrain, cloud-native platform development, and new digital services. It has applied for 7,220 patents across 4G, 5G, 6G, cloud-native core network architectures, AI-driven network automation, and other digital technologies in India and overseas. Of these, 2,655 patent applications were filed in India and 4,565 outside India. The company’s technological capabilities in network technology include key products and solutions such as 4G VoLTE, 5G networks, an end-to-end 5G stack, and UBR technology, which contribute to its business operations and revenue generation.
Transforming digital connectivity and digital services in India
The company has played a significant role in India’s digital adoption by expanding access to digital services through its digital connectivity network. It has invested in new technologies to offer customers a differentiated value proposition, helping it expand its customer base and increase the use of digital services such as streaming, cloud gaming, cloud computing, and AI. As of June 30, 2026, JioAirFiber had established a strong presence in the Fixed Wireless Access (FWA) segment, serving over 28 million customers and maintaining the largest FWA customer base in India. The complementary strengths of JioFiber and JioAirFiber, along with the company’s proprietary UBR technology, have helped it capture approximately 61.7% market share in this segment. The company’s expansion into 5G has also supported its growth amid increasing technology adoption and digitalisation, enabling it to capture approximately 78.6% market share in the 5G segment. Jio has also contributed to the development of India’s telecommunications industry by increasing download speeds from 2.5 Mbps to over 68 Mbps, improving operational efficiency for many businesses. Additionally, it has significantly reduced data prices from Rs. 228 per GB to Rs. 7.5 per GB, making digital connectivity more affordable for consumers.
Valuation of Jio Platforms Ltd
The company’s core operations include providing digital connectivity through 4G and 5G networks, supported by its proprietary technology stack and R&D capabilities. The company currently holds a leading position in the industry, with approximately 60% market share. Its continuous investment in R&D has contributed to achieving this position within a relatively short period. The company’s growth strategies include adding new mobility consumers and extending its market leadership by providing a differentiated network and digital services experience. With more than 260 million users still on 2G networks as of June 30, 2026, the company has a significant opportunity to expand its customer base and increase revenues. Another strategy adopted by the company is to provide services such as OTT video, music, cloud storage and computing, cloud gaming, and other digital productivity tools, all seamlessly integrated to provide a smooth and effortless consumer experience, thereby helping the company retain consumers. The company plans to build large-scale AI computing infrastructure in Jamnagar, Gujarat, with the aim of deploying proprietary AI tools such as JioBrain. It is also preparing for a software-defined, capital-expenditure-light 6G rollout in the early 2030s. The company is also partnering with local telecom operators, including those in the USA and Germany, to license its end-to-end 5G stack, cloud-native core, and network automation software. On the financial front, the company recorded revenue of Rs. 1,46,885 crore in FY26, representing a CAGR of 10.2% over three years. EBITDA recorded a three-year CAGR of 24.6%, while PAT increased at a CAGR of 23.8%, indicating cost reductions and improving margins, with positive cash flow from operations supporting the increase in PAT. At the upper price band of Rs. 1,119, the company is valued at 33.33x FY26 P/E, while the industry P/E stands at 40.4x, suggesting that the company may be undervalued. We, thus, recommend a “SUBSCRIBE” rating for the issue.
What is the Jio Platforms Ltd IPO?
The initial public offer (IPO) of Jio Platforms Ltd an early investment opportunity in. A stock market investor can buy Jio Platforms Ltd IPO shares by applying in IPO before Jio Platforms Ltd get listed at the stock exchanges. An investor could invest in Jio Platforms Ltd for short term listing gain or a long term.
How to apply for the Jio Platforms Ltd IPO through StoxBox?
To apply for the Jio Platforms Ltd through StoxBox one can apply from the website and also from the app. Click here
When will the Jio Platforms Ltd IPO open?
Jio Platforms Ltd is opening on 21st Oct 2026. Apply Now
What is the lot size of the Jio Platforms Ltd IPO?
The Lot Size of Jio Platforms Ltd 12 equity shares. Login to your account now.
When is the Jio Platforms Ltd IPO allotment date?
The allotment Date for Paras Healthcare Limited IPO 26th oct 2026. Login to your account now.
When is the Jio Platforms Ltd IPO listing date?
The listing Date for Jio Platforms Ltd is 28th Oct 2026. Login to your account now
What is the minimum investment required for the Jio Platforms Ltd IPO?
In the Retail segment the minimum investment required is Rs 13,428 Login to your account now
What is the maximum investment allowed for Jio Platforms Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,87,992 Login to your account now
What are the risks associated with investing in the Jio Platforms Ltd IPO?
- The company’s operations are critically dependent on maintaining valid telecommunication licences and securing spectrum across various frequency bands. Any failure to renew or maintain these licences, or to successfully acquire the required spectrum through future auctions, could adversely affect its business operations, financial condition and overall financial performance.
- The company relies on various agreements with its Promoter, Reliance Retail Limited and other Reliance Group entities for supporting different aspects of its business operations. Any disruption, termination or failure to provide services under these agreements could adversely affect its business operations, financial condition and overall financial performance.
- The company relies on Reliance Retail Limited (RRL) as the sole distributor of its prepaid connectivity services, while RRL also provides channel distribution, marketing and promotional support. Any disruption in this arrangement could adversely affect the company’s distribution network, customer acquisition and business operations, thereby impacting its financial condition and overall financial performance.
When will the Jio Platforms Ltd IPO shares be credited to my Demat account?
The Jio Platforms Ltd will be credited to the account on allotment date which is 26th Oct 2026. Login to your account
Where can I find the Jio Platforms Ltd IPO prospectus?
The prospectus of Jio Platforms Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
