Jio Platforms’ Rs 30,200 crore initial public offering (IPO) is attracting a grey market premium of Rs 245, implying a potential listing gain of 22% over the upper end of its price band. Strong demand ahead of the issue is accompanied by subscription recommendations from brokerages, which cite the company’s market leadership, pricing power and multiple avenues for growth.
The IPO is priced at Rs 1,065-1,119 per share and will open on October 21, closing on October 23. At the upper end of the price band, the grey market premium points to an indicative listing price of Rs 1,364 per share.
The issue comprises 27 crore shares and is entirely a fresh issue, making it India’s largest public offer. Jio Platforms intends to use Rs 27,500 crore of the proceeds to repay or prepay borrowings. At the upper price band, the company’s post-issue market capitalisation is estimated at Rs 10.30 lakh crore.
Jio IPO raises Rs 8,110 from anchor investors
Mukesh Ambani-led Jio Platforms has raised nearly Rs 8,110 crore from 212 anchor investor accounts and schemes ahead of its Rs 30,213 crore initial public offering, which opens for public subscription on Wednesday. The investors include Life Insurance Corporation of India (LIC), BlackRock, Fidelity, Singapore's sovereign wealth fund GIC and Abu Dhabi Investment Authority.
The telecom and digital services company allotted 7.25 crore shares to anchor investors at Rs 1,119 apiece, the upper end of its IPO price band, according to an exchange filing on Monday.
The anchor book saw participation from global institutional investors, domestic mutual funds, insurance companies and pension funds. Among those allotted shares were BNP Paribas, Allianz, JPMorgan, HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund.
Domestic mutual funds accounted for 34.34% of the anchor allocation, with 95 schemes receiving 2.49 crore shares worth approximately Rs 2,785 crore. Another 22 insurance companies and pension fund accounts were allotted shares worth around Rs 1,090 crore, or 13.44% of the total allocation.
LIC was one of the largest individual allottees, receiving 44.68 lakh shares worth nearly Rs 500 crore, equivalent to 6.17% of the anchor book. BNP Paribas Financial Markets was allotted shares worth approximately Rs 303 crore, while New World Fund received shares worth about Rs 486 crore.
Among overseas investors, the Government of Singapore received 30.47 lakh shares worth nearly Rs 341 crore, while the Monetary Authority of Singapore was allotted shares worth Rs 84 crore. Abu Dhabi Investment Authority secured an allocation of about Rs 150 crore through its Monsoon investment vehicle.
Global asset managers BlackRock and Fidelity participated through multiple funds and investment accounts. Other investors in the anchor book included Allianz Global Investors, Ninety One, JPMorgan, Schroders, Capital Group, Florida Retirement System and California State Teachers' Retirement System.
The allocation also featured schemes managed by HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund and Mirae Asset Mutual Fund. Insurance companies such as HDFC Life, SBI Life, ICICI Prudential Life, Axis Max Life and Kotak Mahindra Life were also among the allottees.
What are brokerages saying?
Emkay Global has recommended a ‘Subscribe’ rating to the IPO, highlighting Jio’s leading position in India’s telecom market and its growing footprint across broadband, enterprise connectivity and digital services.
Through Reliance Jio Infocomm, Jio Platforms operates the country’s largest telecom network. As of June 2026, it had 533.3 million customers, accounting for 50% of wireless broadband subscribers and 42.6% of fixed broadband subscribers. Its network carries around 60% of India’s wireless data traffic. According to Emkay, Jio also has the largest 5G customer base outside China.
Emkay expects Jio’s future growth to come from a broader range of businesses beyond mobile connectivity. The company plans to consolidate its position in mobility through greater 5G adoption and the migration of customers from 2G to 4G and 5G. Home broadband is another key growth area, while its relationships with enterprises and small businesses are expected to expand through managed services. Jio also plans to offer its proprietary technology stack to telecom operators overseas.
Its digital-services portfolio spans entertainment, cloud, gaming, smart-home solutions, the Internet of Things, communication and artificial intelligence-enabled platforms. These include MyJio, JioTV+, JioSaavn, JioGames, JioAICloud, JioPC and JioBrain. For enterprise customers, the company offers internet leased lines, MPLS, VPN, CPaaS, managed Wi-Fi, private 5G, SD-WAN, cloud, cybersecurity and managed network services.
Technology development is another part of Jio’s strategy. The company has built an integrated technology stack covering network infrastructure, device engineering, software, operating systems and digital applications. In the first quarter of FY27, it had 12,477 employees working on digital product and technology development, accounting for around 45% of its workforce. Its investments include research into 6G, cloud-native platforms, network automation and new digital services.
On valuation, Emkay places Jio Platforms at 31.7-33.3 times FY26 earnings and 15-15.6 times FY26 EBITDA at the upper end of the IPO price band. SBI Securities estimates a post-issue FY26 price-to-earnings multiple of 34.4 times at the same price and values the company at Rs 20,117 per subscriber on an enterprise value basis.
These valuations reflect Jio’s scale, earnings growth, technology capabilities and potential to monetise its businesses over the long term, according to the brokerage.
SBI Securities has also highlighted the company’s continuing capital expenditure needs, reliance on infrastructure providers, cybersecurity and privacy risks, dependence on spectrum licences and the possibility of network disruptions.
Jio Platforms IPO financials
The company’s cash generation and profitability have also improved. Jio Platforms reported operating cash flow of Rs 77,556 crore and free cash flow of Rs 43,301 crore in FY26. EBITDA increased from Rs 54,341 crore in FY24 to Rs 73,382 crore in FY26, while profit after tax rose from Rs 21,422 crore to Rs 30,064 crore. Its EBITDA margin edged up from 49.6% in FY24 to 50% in FY26.
Emkay expects cash generation to improve further as the 5G investment cycle approaches its end. The IPO note also states that repayment of borrowings by Reliance Jio Infocomm should reduce leverage and finance costs, support cash flows and provide greater financial flexibility for future investments.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.