Incorporated on 2019, Mumbai-based Jio Platforms is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technology and pan-India connectivity infrastructure to support the delivery of digital services to consumers and businesses.
Majority of the brokerage firms are positive on the issues including market leadership, ARPU growth, potential tariff hikes, 5G and broadband, reasonable valuations, strong cash flows and reduction in debt post IPO. However, dependence on ARPU and tariff hikes, regulatory risks, capex intensity and competitive pressure are some concerns for the company.
Ahead of its IPO, Jio Platforms raised Rs 8,110 crore from 212 anchor investors and allocated 7,24,74,066 equity shares at Rs 1,119 apiece. Its anchor book included 25 domestic mutual fund houses, 22 life insurance companies and pension funds and 85 global funds. Its anchor book attracted aggregate institutional demand of more than Rs 2.5 lakh crore.
Jio Platforms' extensive infrastructure network, large customer base of over 533 million subscribers and strong technology capabilities provide substantial competitive advantages. The proposed utilization of IPO proceeds towards debt repayment is expected to strengthen the balance sheet further and improve future cash generation, said SMIFS.
"Given its dominant market position, strong profitability, robust cash flow generation and exposure to multiple structural growth drivers, Jio is well positioned to deliver sustainable earnings growth over the medium to long term. We recommend SUBSCRIBE to the issue for long-term investors," it added.
Jio Platforms reported a net profit at Rs 7,764.10 crore, with a revenue of Rs 40,197.90 crore for the quarter ended on June 30, 2026. The company clocked a net profit at Rs 30,052.70 crore with a revenue of Rs 1,49,759.10 crore for the financial year ended on March 31, 2026. At the current valuations, the company is commanding a market capitalization close to Rs 10,30,500 crore.
Jio Platforms has reserved shares worth Rs 2,500 crore eligible shareholders of Reliance Industries Ltd (RIL) and shares worth Rs 500 crore for eligible employees of the company, who will get a discount of Rs 54 per share. It has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors.
Kotak Mahindra Capital, Morgan Stanley, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India), HDFC Bank, ICICI Securities, IIFL Capital Services, HSBC Securities and Capital Markets, JM Financial, JPMorgan India, SBI Capital Markets, UBS Securities India and 360 ONE WAM are lead managers for the issue.
KFin Technologies has been appointed registrar to the issue. Jio Platforms shares are scheduled to list on the NSE and BSE on Wednesday, October 28. Last heard, Jio Platforms was commanding a grey market premium of Rs 265-275 per shares, suggesting on listing gains around 23-25 per cent for the investors.
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