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India’s most anticipated IPO of 2026 is finally on the launchpad. Reliance Jio Platforms is accelerating plans for its Jio Platforms IPO DRHP filing March 2026 for its telecom and digital arm. They aim to file their Draft Red Herring Prospectus (DRHP) with SEBI by the end of April 2026.
Jio has appointed 17 bankers to manage the issue.
The analysts peg the valuation anywhere between $100 billion and $120 billion. This is expected to be India's largest IPO potentially raising $4-$4.5 billion with just a 2.5% public float.
Investors must understand the valuation logic, and the key risks are critical before the subscription window opens.
Valuation and IPO Size
Valuation estimates for Jio Platforms vary ranging from $100 billion to $120 billion. Here’s how the numbers are built:
Metric | Figure |
Analyst Valuation Range | $100-$120 Bn |
Banker Proposed Valuation | Up to $170 Bn |
IPO Fund Raise Target | $4-$6 B |
Minimum Public Float | 2.5% |
The IPO is expected to be a combination of fresh issue and an Offer-for-Sale by existing investors.
The lead bankers for Jio IPO are Kotak Mahindra Capital Co. Ltd. and Morgan Stanley India are reportedly in the pole position to close the deal.
The 17 Banker’s: Who’s on Board?
On March 17,2026 Reliance formally appointed 17 bankers to manage the Jio IPO-one of the largest banking syndicates ever assembled for an Indian offering. The confirmed names include:
1. Global Banks (9 International Advisors)
Goldman Sachs
Morgan Stanley
JP Morgan Chase & Co.
Citigroup Inc
BofA Securities
HSBC Holding Plc
2. Indian Banks (domestic advisors)
Kotak Mahindra Capital Co
JM Financials Ltd
Others to be confirmed in DRHP (Source: MoneyControl)
Such a large syndicate is typical for a mega IPO of this scale to ensure global distribution.
Jio IPO Financial Metrics
Here are the largest verified financials from Q3 FY 26 (October-December 2025)
The stats is sourced from Outlook Business
Financial Metric | Q3 FY 26 Figure | YoY Growth |
Gross Revenue | ₹ 43,683 crores | +12.7% |
EBITDA | ₹ 19,303 crores | +16.4% |
EBITDA Margin | 51.8% | +170 bps |
Net Profit | ₹ 7629 crore | +11.2% |
Jio has a total subscriber base of 515.3 million, out of which 253 million is 5G users base.
Key Risks to Monitor Before Investing in Jio IPO
Observing and evaluating risks before investing in an IPO is a mindful act, because every IPO has risk and Jio is no exception.
Regulatory Risk: The IPO is heavily dependent on SEBI and government norms. If there is any policy change, the IPO will be affected.
Holding Company Discount: After the listing is complete, the shareholders of Reliance industries may get a discount as investors can directly buy shares.
Market Sentiment: IPO momentum in 2026 could slow if global geopolitical tension like Iran war may worsen the IPO.
How Retail Investors Can Apply?
Once the DRHP is filed and SEBI grants its approval, Jio application will follow the standard process:
Platform: Investors can apply via NSE/BSE through direct platforms or brokers.
Method: UPI-based ASBA (Application Supported by Blocked Amount)
Lot Size and Price Band: To be announced post -DRHP approved by SEBI
Listing exchange: BSE and NSE
There is no official Grey Market Premium for Jio Platforms IPO because the company has not yet filed its Draft Red Herring Prospectus or announced a price band.
Unofficial market tracking and early speculative report provide the following context:
Indicative Premium: Speculative GMP of approximately ₹93 per share earlier in the year.
Price Band Expectations: Potential price range between ₹1048- ₹1457 per share, which is a pure projection that will be confirmed after regulatory approval.
Conclusion
Jio Platform’s upcoming IPO is another defining market in India’s Capital Market. The DRHP filing expected by the end of April 2026, will be a document that every investor should read in detail.
The investors must consider regulatory dependencies, potential holding, company discounts and PE investors exits for real risks that could impact post-listing performance.
The absence of GMP and official price band list implies that the market is still in a speculative phase. Whatever happens will see, but for the unlisted shares you can follow Stockify.
FAQ
When will Jio DRHP be filed?
As early as late March 2026, with teams given a 15-20 days filing target.
How much will the Jio IPO raise?
The IPO is expected to raise $4-$6 billion through a 2.5% public float under the new SEBI mega-IPO rules.
Is the Jio IPO good for long-term investment?
With a 51.8% EBITDA margin, 515M+ subscribers, and India’s largest 5G network, fundamentals are strong.
