Jio Platforms Ltd is preparing to file its red herring prospectus (RHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering slated to raise approximately Rs 30,000 crore, according to people familiar with the matter. Backed by billionaire Mukesh Ambani-led Reliance Industries Ltd, the offering is positioned to become India’s largest-ever share sale, surpassing the Rs 27,800 crore IPO executed by Hyundai Motor India in October 2024. The milestone share sale also marks the first major public offering from the Reliance group in three decades, offering public investors direct exposure to one of the nation’s largest digital and telecommunications ecosystems.
IPO Structure, Timeline, and Issue Composition
According to reports citing sources close to the development, the public issue is scheduled to open for public subscription from October 21 to October 23, with the anchor book potentially opening on October 19. The listing is targeted for October 28. The offering is expected to consist entirely of a fresh issue of shares, with no offer-for-sale (OFS) component.
The absence of an OFS means that existing marquee backers—such as Meta Platforms, Google, Saudi Arabia’s Public Investment Fund, KKR, Vista Equity Partners, Silver Lake, Mubadala, General Atlantic, Abu Dhabi Investment Authority, and TPG—are not looking to exit through the transaction. Instead, reports indicate that some current participants seek to increase their exposure during the share sale. Among external backers, Meta affiliate Jaadhu Holdings holds the largest external stake at 9.98%, followed by Google International at 7.73%.
Financial Overview and Business Model
Positioned as an integrated technology platform rather than a pure-play telecom provider, Jio’s operations span mobile connectivity, fixed broadband, cloud computing, entertainment, enterprise technology, and artificial intelligence initiatives. Research reports, including analysis by Religare, highlight the company’s substantial scale, projecting FY26 revenue from operations at Rs 1,46,885 crore and an EBITDA of Rs 76,255 crore, reflecting an EBITDA margin of 51.9%. Net profit for the period is estimated at Rs 30,049 crore, backed by an active subscriber base exceeding 524 million.
Market Positioning and Grey Market Sentiment
Ahead of the official RHP filing, the offering has reportedly generated over $20 billion in early preliminary bids from institutional participants, including international names like Fidelity, Allianz, and Capital Group. Concurrently, unofficial grey market indicators suggest strong preliminary appetite, with shares trading at an unofficial grey market premium of about Rs 218 (or roughly 19%) over the anticipated upper price boundary.
Valuation and Financial Analysis
Market estimates place Jio Platforms’ targeted equity valuation between Rs 9.8 lakh crore and Rs 10.3 lakh crore, with a likely price band ranging from Rs 1,065 to Rs 1,119 per share. At the upper end of this proposed band, the issue size is expected to reach approximately Rs 30,200 crore.
| Financial / Valuation Metric | Reported Estimate / Range | Analysis |
|---|---|---|
| Projected FY26 Revenue | Rs 1,46,885 crore | Demonstrates massive top-line scale derived from high subscriber penetration and diversified digital offerings. |
| Projected FY26 EBITDA & Margin | Rs 76,255 crore (51.9% margin) | Reflects high operational efficiency and robust cash generation capabilities in core telecom and data segments. |
| Projected FY26 Net Profit | Rs 30,049 crore | Highlights strong bottom-line conversion supported by moderating capital expenditure intensity. |
| Implied EV / EBITDA (Nomura) | 10.5x to 10.9x (FY28E) | Positions Jio at a modest premium compared to Bharti Airtel’s India operations, valued at approximately 9.2x FY28E EV/EBITDA. |
Market and Business Impact
The sheer scale of the Rs 30,000 crore capital raise is poised to alter capital market dynamics in India. By focusing strictly on a fresh issue, the exercise acts as a primary capital-raising mechanism designed to fund future technological expansion rather than providing an exit route for incumbent shareholders. International and domestic roadshows led by executive leadership have underscored institutional interest, driven by expectations of average revenue per user (ARPU) expansion, 5G monetization, and enterprise artificial intelligence adoption.
For the parent entity, Reliance Industries Ltd—which is anticipated to retain roughly 66.4% of Jio Platforms post-listing—the event provides an independent market benchmark. Brokerage analyses from Nomura and Motilal Oswal suggest that assigning an independent market valuation to Jio could compress the holding company discount historically applied to Reliance shares, while keeping the parent exposed to retail, energy, and emerging green energy verticals.
Key Takeaways
- Jio Platforms is targeting an IPO size of approximately Rs 30,000 crore via a pure fresh issue of shares.
- The proposed price band is estimated between Rs 1,065 and Rs 1,119 per share, implying an equity valuation of up to Rs 10.3 lakh crore.
- Projected FY26 financials include revenue of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore (51.9% margin), and a net profit of Rs 30,049 crore.
- The issue timeline targets public subscription between October 21 and October 23, with an anticipated listing date of October 28.
- Existing major investors, including Meta and Google, are retaining their stakes, with Meta affiliate Jaadhu Holdings holding 9.98% and Google International holding 7.73%.
Frequently Asked Questions
The IPO is expected to raise about Rs 30,000 crore.
The IPO is likely to open for public subscription from October 21 to October 23.
No, the offering is expected to comprise only a fresh issue of shares without any OFS component.
Market estimates indicate a likely price band of Rs 1,065 to Rs 1,119 per share.
Meta affiliate Jaadhu Holdings is the largest external investor with a 9.98% stake.
Reports cite projected FY26 revenue of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore, and a net profit of Rs 30,049 crore.
Reliance Industries is likely to retain about 66.4% of Jio Platforms after the public offering.
The listing for the mega issue is targeted for October 28.
