Jio Platforms is seeking to raise Rs 30,213 crore through India’s largest-ever initial public offering, with shares priced at Rs 1,065-1,119 apiece. The offer comprises a fresh issue of 27 crore equity shares, while investors can apply for a minimum of 12 shares and in its multiples thereafter.
Brokerages have largely taken a positive view of the issue, citing the company’s market leadership, growth prospects and valuation. Its grey market premium, however, has eased amid muted market sentiment. At the upper end of the price band, Jio Platforms will have a market capitalisation of about Rs 10.30 lakh crore.
Incorporated in 2019, Mumbai-based Jio Platforms is a technology company focused on digital connectivity, digital services and technology-led solutions. It has developed proprietary digital technologies and pan-India connectivity infrastructure to provide digital services to consumers and businesses.
The company has reserved shares worth Rs 2,500 crore for eligible shareholders of Reliance Industries Ltd and Rs 500 crore for eligible employees. Employees will receive a discount of Rs 54 per share. Of the net offer, 50 per cent has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.
Jio Platforms IPO: Financial performance
Jio Platforms reported a net profit of Rs 7,764.10 crore on revenue of Rs 40,197.90 crore for the quarter ended June 30, 2026. For FY26, it posted a net profit of Rs 30,052.70 crore and revenue of Rs 1,49,759.10 crore. At the current valuations, the company is commanding a market capitalization of Rs 10.30 lakh crore.
Jio Platforms IPO: Brokerages’ view
Most brokerages are positive on the issue, pointing to Jio Platforms’ market leadership, potential growth in average revenue per user and tariff increases, expansion in 5G and broadband, attractive valuations, strong cash flows and scope to reduce debt after the IPO.
Dependence on growth in average revenue per user and tariff increases, regulatory uncertainty, high capital expenditure requirements and competitive pressure remain key concerns. Shares of Jio Platforms shall make their stock market debut on Wednesday, October 28 on NSE Ltd and BSE Ltd.
Valmiki Leela Capital said that Jio Platforms is a fundamentally sound business at a full valuation. It is suitable for long-term investors comfortable paying 33 times trailing earnings for India's largest telecom franchise but less compelling for those seeking a margin of safety or quick listing gains.
Jio Platforms IPO: Grey market premium
Jio Platforms has recorded some correction in its grey market premium. The issue was last commanding a premium of Rs 240-250 per share in the unofficial market, indicating a potential listing gain of 21-22 per cent. The premium had stood at around Rs 280 on the first day of bidding.
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