Jio Platforms is set to launch India's largest public issue on October 21, 2026, with the IPO opening for subscription until October 23. According to The Hindu BusinessLine, the company's ₹30,213 crore IPO is set to become India's biggest-ever public issue, surpassing Hyundai Motor India's ₹27,870 crore offering in 2024. The offering comprises a fresh issue of up to 270 million equity shares with a face value of ₹10 each, with anchor investor bidding scheduled for October 19. At the upper end of the reported price band of ₹1,065-1,119 per share, the company is valued at ₹10.3 lakh crore, making it one of India's most valuable listed companies. This represents a significant milestone as Reuters reports the funds are expected to be used partly to repay debt at its telecom subsidiary, with the remainder allocated to general corporate purposes.
The ₹30,213 crore IPO will dilute the percentage stakes of existing investors while leaving their share counts unchanged, as reported by The Economic Times. Reliance Industries' stake will decline from 66.35% to 64.41% after the IPO, though its total shareholding remains unchanged at around 593.7 crore shares. Meta Platforms' affiliate Jaadhu Holdings will see its stake fall to 9.68% from its current 9.98% position, while maintaining approximately 89.2 crore shares. Google International's stake will stand at 7.49%, followed by The Public Investment Fund and KKR subsidiary Omicron at 2.24% each. Other major investors include SLP Redwood at 1.83%, Mubadala Investment's MIC Redwood at 1.80%, General Atlantic's stake declining to 1.30%, Abu Dhabi Investment Authority at 1.12%, and TPG Capital at 0.90%. The key distinction is that lower percentage stakes do not indicate share sales - instead, the fresh issue expands Jio Platforms' total equity base, reducing existing shareholders' proportional ownership while maintaining their individual share counts.
Analysts view the IPO as fairly priced with moderate room for listing gains, though they warn that anticipated growth may already be priced in. As per The Economic Times, Abhinav Tiwari, Senior Research Analyst at Bonanza, noted that Jio's valuation at the upper band works out to about ₹10.30 lakh crore and roughly 33.5 times trailing 12-month earnings. The company is valued at 33.5x PE compared to Bharti Airtel's 38.9x, implying a 14% discount to Airtel. However, Jio's mobile ARPU stands at ₹215.6 against Airtel's ₹264, making Jio cheaper on current earnings while leaving space for future growth if tariffs rise. Paresh Bhagat, Chairman of Mangal Keshav Financial, called the pricing reasonably fair with a price-to-earnings multiple of around 34.6 times FY26 consolidated earnings of ₹30,049 crore. The grey market premium already hints at ₹150 to ₹200 per share, though these rates are speculative in nature.
Jio Platforms demonstrated robust financial growth with revenue from operations rising to ₹1.47 lakh crore in FY26 from ₹1.28 lakh crore in FY25 and ₹1.10 lakh crore in FY24, according to the DRHP. Profit after tax increased to ₹30,049 crore from ₹26,109 crore in FY25, while EBITDA stood at ₹76,255 crore with a margin of 51.9%. The company's subscriber base reached 524.4 million at the end of FY26, compared with 488.2 million a year earlier, with more than 27 million fixed broadband customers. Centrum India projects 13% revenue growth rate over the next four to five years, alongside 200 to 300 basis point improvement in EBITDA margins, with profit after tax margins expected to remain steady at around 20%. However, analysts note that Jio's first-quarter FY27 profit grew 9.2%, much slower than Airtel's 37.3% growth, and the company's lower ARPU versus Airtel suggests further tariff hikes and premiumisation are needed to drive earnings growth.
Jio Platforms' global investor base includes 13 technology giants and sovereign wealth funds who invested ₹1.52 lakh crore in 2020, as reported by ET Now. Key investors include Meta/Jaadhu Holdings (9.98% stake), Google International LLC (7.73% stake), and The Public Investment Fund (2.31% stake). The IPO will terminate special shareholder rights held by Meta and Google under Group A Shareholder Agreements, which currently grant exclusive governance rights including board nomination rights. Currently, neither Meta nor Google has an active nominee on the Board, with Meta's representative having resigned in March 2026. This termination ensures Reliance retains firm control while bringing the company's valuation to public markets. However, analysts note that if only 2.5-3% of Jio is listed, Reliance will still own the vast majority of the business, and investors would continue to access Jio largely through RIL unless they get allotment directly in the IPO.
Jio Platforms is evolving from a telecom-led business into a broader technology platform, with artificial intelligence (AI) and cloud computing emerging as key areas of investment. The company, founded by Mukesh Ambani, was incorporated in November 2019 as a holding company for Reliance Industries' digital businesses, including Reliance Jio Infocomm. Its portfolio spans digital applications, technology services, and platforms for consumers and businesses. As per Business Standard, Jio's future priorities include artificial intelligence development for consumers and businesses, including applications designed for Indian languages and local needs, AI infrastructure building in Jamnagar, Gujarat, cloud computing services for businesses, developers and organizations, enterprise technology solutions with AI-enabled services, and continued expansion of 5G and broadband services including JioFiber and JioAirFiber. Reliance has also announced AI partnerships with Google and Meta, while its collaboration with Nvidia is aimed at developing AI computing infrastructure in India.
