Jio Platforms has secured SEBI approval for its ₹35,000 crore IPO, marking a significant milestone in India's public offering landscape. According to the latest update with the market regulator on Friday, the company obtained SEBI's final observations on August 28, which represents a key step in the IPO process after which companies can proceed with further preparations for the public issue, subject to applicable regulatory requirements. The approval paves the way for Jio Platforms to formally begin marketing the IPO, with company management expected to participate directly in the process. As per Mint reports, initial discussions have indicated strong interest from global investors, including sovereign wealth funds and pension funds, with the company expected to pursue a stock market listing within the next couple of months.
Centrum India's Piyush Pandey has provided detailed analysis on Jio Platforms' valuation, projecting the company at ₹12 lakh crore based on an EV/EBITDA multiple of around 13 times projected FY28 earnings. According to CNBC TV18, at the valuation of ₹11.5 lakh crore, it would be fairly attractive for investors to participate in the IPO. Pandey noted that the current valuation already factors in a tariff increase of around 12% expected by November-December, with Jio currently serving close to 530 million customers at an average revenue per user (ARPU) of ₹240 per month. Over the next five years, he expects the share of enterprise services, Internet of Things (IoT), cloud and fixed broadband in Jio's revenue to climb to 15-20% from around 10% currently as these businesses scale.
Jio Platforms has demonstrated robust financial performance that supports its IPO ambitions, with the company reporting consolidated net profit of ₹7,764 crore and revenue of ₹39,173 crore in Q1FY27. According to Mint reports, the company's net profit increased 9.2% year-on-year compared with ₹7,110 crore in the corresponding quarter of the previous year, while revenue from operations rose 11.8% year-on-year from ₹35,032 crore. The growth was supported by continued gains in subscriber market share, higher average revenue per user (ARPU) and increased contribution from its digital services business. The company's telecom arm had previously reported EBITDA growth of 15% to ₹20,865 crore with margins expanding by 150 basis points, while the digital segment showed impressive growth of 20% annually. Centrum's Piyush Pandey highlighted that Jio's EBITDA minus capital expenditure doubled from under ₹20,000 crore in FY25 to ₹42,000 crore in FY26, indicating improved operational efficiency.
The Jio Platforms IPO is expected to be the largest IPO in India's history, raising around ₹35,000 crore at a valuation of around $133 billion. According to Mint reports, the company will issue 270 million equity shares with a face value of ₹10 each, with the entire gross proceeds from the issue accruing to the company since there will be no offer-for-sale (OFS) component. The proposed issue is being closely watched given Jio Platforms' scale and position as the digital and telecommunications arm of Reliance Industries. If completed at the targeted size, the IPO would surpass previous record offerings by Hyundai Motor India Ltd and Life Insurance Corp. of India (LIC), as well as the proposed ₹30,000 crore IPO of the National Stock Exchange of India Ltd. The IPO proceeds are proposed to be used primarily for up to ₹27,500 crore to prepay certain borrowings of its material subsidiary, Reliance Jio Infocomm Ltd (RJIL), with the balance for general corporate purposes.
Jio Platforms dominates India's telecommunications landscape with Reliance Jio Infocomm holding a 32.89% market share in fixed-line connections and 39.29% share in mobile connections. The telecom arm serves 157.9 million customers in fixed-line and 506 million customers in mobile connections, making it India's largest mobile operator. The company has expanded its global footprint significantly, with more than 53.5 crore subscribers as of July-end, making it the world's second-largest single-country mobile operator after China Mobile. Jio leads the Fixed Wireless Access segment globally with approximately 1.5 crore subscribers, roughly 1.5 times the second-largest player, US-based T-Mobile. The company operates the largest 5G Standalone network outside China with 26.85 crore 5G customers as of June 2026, and claims that its 5G network's carrying capacity is close to 60% of India's wireless data traffic, one of the largest in the world.
