Jio Platforms is set to open its IPO subscription on Wednesday, October 21, 2026, with the record-breaking issue closing on October 23. The IPO comprises a fresh issue of 270 million shares with a price band of ₹1,065-1,119 per share, potentially valuing the company at nearly ₹30,213 crore or approximately $3.2 billion. According to the latest DRHP filed by Reliance Industries, the company is seeking to raise as much as $3.2 billion in what could become India's largest IPO. The proceeds will be used partly to reduce debt at the telecom subsidiary and partly for general corporate purposes. As per The Economic Times, the IPO forms part of Jio's broader strategy to lower its debt and advance corporate goals.
The Jio Platforms IPO has generated significant market interest, with the grey market premium (GMP) reaching ₹220 on Friday, October 16, indicating potential listing gains of nearly 20% above the upper price band of ₹1,119. According to multiple reports, experts highlight that Jio's long-term growth prospects remain strong due to rising data consumption trends, increasing 5G penetration, and ongoing subscriber migration to premium networks. Centrum Broking expects Jio's ARPU growth to be driven by tariff hikes, improved subscriber mix, and continued monetization of digital services, with the brokerage ascribing a current equity valuation of ₹11.5 lakh crore at an EV/EBITDA of 12 times on FY28E EBITDA. However, experts emphasize that while Jio's proposed valuation at nearly 12 times EV/EBITDA and market leadership offer a strong foundation, long-term investors should maintain a cautious outlook and monitor critical operational metrics relative to market peers.
Jio Platforms holds 535 million subscribers as of Q1FY27, holding the top position in the mobile telecom user space and also dominating the 5G user category at ~285 million users. In contrast, Bharti Airtel holds 490 million subscribers in India and over ~188 million subscribers in Africa, collectively holding more than 680 million users as of Q1FY27. However, Bharti Airtel has shown stronger growth in subscriber additions, adding over 55 million users in Q1FY27 compared to Jio's previous year's 35 million users. On the key sectoral metric, Bharti Airtel has surpassed Reliance Jio by significant margin, with ARPU standing at ₹264 per user compared to Jio's ₹215 per user for the period ending September 2026. Despite Jio's subscriber base being more than 250% higher, Jio Platforms makes less revenue per user than Bharti Airtel, with experts noting that sustained pricing power and tariff hikes will be vital for Jio to narrow this gap.
Bharti Airtel holds ₹43,140 crore in free cash flow as of FY26 compared to ₹14,157 crore for Jio Platforms, meaning Bharti Airtel offers more value at the current valuation. Bharti Airtel's India businesses delivered a 57.4% EBITDA margin as of Q1FY27, compared to 53.2% for Jio Platforms for the same period. For a 3-year period, profitability has grown at >60% CAGR for Bharti Airtel, while Jio Platforms focuses on scalability and growth approach. Jio aims to become an all-in-one technological platform by providing Internet-to-streaming services all under one umbrella, while Airtel focuses on multinational growth with its strong and growing customer base in Africa. Notably, Jio's debt has fallen sharply as part of its broader financial restructuring efforts.
Once listed, Jio Platforms is projected to become one of the top five companies by market value in India, marking a significant milestone for the telecom sector. However, Jio's filings reveal that while it remains India's biggest telecom network by customers and data use, it trails Bharti Airtel on revenue per user, margins and customer additions. Additionally, Jio's broadband market share has recently slipped below the 50% mark, indicating some market share challenges in the competitive broadband segment. The IPO's success will largely depend on Jio's ability to maintain its subscriber leadership while improving revenue metrics and expanding its digital services portfolio beyond telecommunications. Fund managers view Jio as a compelling addition to their telecom portfolios rather than a replacement, with its attractive valuation and strong growth prospects offering fresh investment opportunities. Jio's expected size makes it a strong candidate for inclusion in major domestic and global indices once it satisfies applicable listing requirements, potentially creating additional demand for telecom sector exposure.
