Jio Platform IPO: Rs. 1,065-1,119 Price Band Reported

TL;DR

• IPO Price Band : Rs.1,065 to Rs. 1,119/share

• Expected issue size: Up to Rs 30,213 crore, or a company valuation of Rs 10.3 lakh crore.

• IPO dates: Subscription likely to be opened from 21 to 23 October 2026, listing may happen on 28 October.

• Fund Use of Proceeds: Up to Rs. 27,500 crore of net proceeds are proposed to be utilized for repayment or prepayment of Reliance Jio Infocomm’s borrowings.

The Jio Platform IPO is reportedly targeting a price band of Rs. 1,065 to Rs. 1,119 a share with valuation up to Rs. Rs 10.3 lakh crore

Reports from Reuters said the public issue could raise about Rs 30,200 crore. This would potentially make it India's largest initial public offering. The IPO is expected to open on 21 October 2026, subject to final confirmation. However, the price band, issue size and subscription timetable as reported are subject to change.

Source: Reuters, 9 October 2026

Jio Platform IPO: What's the latest update?

The Jio Platform IPO has been inching toward the launch and new reports have indicated the proposed price band and market valuation. The Telegraph 10 October 2026, reported that Jio Platforms is eyeing a price band of Rs. 1,065 to Rs. 1,119 per share, according to Bloomberg.

At the upper end, the offering could value the company at approximately Rs. 10.3 lakh crore. The latest pricing is lower than earlier market expectations. Reuters reported that Jio was valued at an estimated $131 billion in June.

The new valuation reflects more conservative pricing expectations amid a softening broader equity market. Those terms are subject to change, though, until the company announces details of its offer. SEBI had already given its observation letter to Jio Platforms on its Draft Red Herring Prospectus (DRHP) on 28 August 2026.

Sources: The Telegraph, 10 October 2026, Reliance Industries' SEBI disclosure

Jio Platform IPO key details

Jio Platform IPO tentative dates

The proposed IPO schedule has been reported by Bloomberg and Reuters. Investors should note that final dates will be confirmed with official company and exchange announcements.

Sources: The Telegraph, Reliance Industries

What is Jio Platforms Limited?

Jio Platforms Limited is the digital services subsidiary of Reliance Industries and includes mobile connectivity, broadband, cloud computing, enterprise technology and digital services businesses.

It moves beyond traditional telecoms into areas such as artificial intelligence, connected devices and digital infrastructure. Reliance Industries' Q1 FY27 results showed that Jio's total customer base was 533.3 million as of June 2026.

The company also revealed some 285 million 5G subscribers and 28.6 million fixed broadband subscribers. Reliance Industries held approximately 66.4% of Jio Platforms before the proposed IPO. International investors include Meta and Google.

The upcoming listing would allow investors to gain direct listed-market exposure to Jio Platforms' telecom and digital services businesses.

Sources: Reliance Industries Q1 FY27 results, Reuters

How will Jio Platforms use the IPO proceeds?

Debt repayment remains the principal stated objective of the Jio Platform IPO. According to Reuters, Jio Platforms proposes to use up to Rs. 27,500 crore of its net IPO proceeds to repay or prepay borrowings of Reliance Jio Infocomm.

The remaining proceeds are intended for general corporate purposes. Lowering debt outstanding could lower future financing requirements, and improve the company’s financial flexibility.

Prior to the IPO, Jio had also announced an improvement in leverage. The company’s reported net debt/EBITDA ratio improved from 0.88x in FY24 to 0.36x in FY26. However, investors should also examine deferred spectrum payment obligations and other financial commitments when assessing overall indebtedness.

Sources: Reuters, Moneycontrol: Jio Platforms' net leverage

Jio Platforms financial performance before the IPO

Jio Platforms has reported growth in revenue, operating earnings and profit over recent financial years. Revenue from operations increased from Rs. 1,09,558 crore in FY24 to Rs. 1,46,885 crore in FY26.

EBITDA also increased from Rs. 54,959 crore to Rs. 76,255 crore during the same period.

Its consolidated profit after tax, including the share of profits or losses from associates and joint ventures, reached Rs. 30,049 crore in FY26.

Jio Platforms financial highlights

Sources: Reliance Industries FY25 financial presentation, Reliance Industries Q1 FY27 financial release, including FY26 figures

The numbers indicate that Jio Platforms entered FY27 with a larger revenue base and improved profitability.

However, investors must compare these earnings against the reported valuation of the IPO. The company’s market cap would change hands at Rs.10.3 lakh crore, or 34 times its FY26 consolidated profit.

This is a simple historical earnings comparison using the reported valuation, not a final offer valuation multiple. It gives investors a baseline to judge if Jio’s future earnings growth can justify the pricing on offer.

How did Jio Platforms perform in Q1 FY27?

The latest quarterly results provide a current snapshot of Jio’s performance ahead of its expected IPO. Jio Platforms reported gross revenue of Rs 45,961 crore for the quarter ended 30 June 2026, up 12 per cent year-on-year.

The company earned Rs. 39,173 crore from its operations. EBITDA increased 15.1% year-on-year to Rs. 20,865 crore, while the EBITDA margin improved to 53.3%. Profit after tax increased 9.2% to Rs. 7,764 crore.

Q1 FY27 financial highlights

Jio also reported strong operational activity during the quarter.

• Total customer base: 533.3 million

• 5G subscribers: Approximately 285 million

• Average revenue per user: Rs. 215.6 per month

• Fixed broadband subscribers: 28.6 million

• Quarterly data traffic: 69.4 billion GB

• Monthly customer churn: 1.6%

These figures show continued customer growth and higher data consumption.

However, profitability also depends on capital expenditure, financing costs, customer retention and the monetisation of digital services.

Source: Reliance Industries Q1 FY27 financial and operational performance

Why is the Jio Platform IPO attracting attention?

The Jio Platform IPO has garnered attention for its scale of business, financial performance and potential market valuation.

1. Potentially India's largest IPO

At the reported upper-end issue size of Rs. 30,213 crore, Jio could exceed the previous record set by Hyundai Motor India.

2. Subscriber base: Large and growing

Jio with its large customer base and huge 5G network could earn revenues from connectivity and digital services.

3. Sales growth

The company’s improving revenue and EBITDA provide investors with a track record of operating performance to evaluate the proposed valuation.

4. Broader opportunity for digital services

Jio continues to develop businesses in the areas of cloud computing, artificial intelligence, enterprise services and digital infrastructure.

5. Valuation expectation changes

The current valuation of Rs 10.3 lakh crore is below the earlier estimate.This may influence investors’ view of the offer price and return.

But even a lower valuation than previously estimated does not necessarily mean the IPO is well-priced.

Sources: Reuters, Reliance Industries Q1 FY27 results

What Investors Should Look for Before Jio Platform IPO Opens

The most recent pricing reports have provided further insight into the possible scale and valuation of the offering. But investors should check final offer documents before applying.

The important things to watch are :

• Final price range and minimum application lot size

• Confirmed opening and closing dates of IPO

• Final Size of Issue and Use of Proceeds

• Most recent earnings and valuation multiples

• Institutional investor involvement

• Debt obligations and capital expenditures in the future.

• Official allocation and listing schedule

Conclusion

Investor interest in the offering is boosted by Jio’s expanding customer base, better earnings and growing digital services operations.

But the new valuation emphasises the significance of considering the IPO price in relation to financial performance and anticipated future growth.

Investors should review the final prospectus, confirmed issue terms and associated risks before making any investment decision.

FAQs

What is the Jio Platform IPO price band?

The Jio Platform IPO price band is said to be Rs. 1,065 for 1,119 per share.

When will the Jio Platform IPO open?

The IPO is estimated to open on 21st October, 2026.

What is the valuation of Jio Platforms expected to be?

Jio Platforms is expected to be valued up to Rs 10.3 lakh crore, it is reported.The final valuation will be based on the final offer price and post-issue share capital.

How much money will the Jio Platform IPO raise?

According to the price band reported, Jio could raise Rs 28,755 crore to Rs 30,213 crore against the fresh issue of 27 crore shares.The final proceeds will be determined by the confirmed issue terms.

Is the Jio Platform IPO India's largest IPO?

It could become India's largest IPO if the reported issue size materialises. The upper-end estimate of Rs. 30,213 crore exceeds Hyundai Motor India's approximately Rs. 27,800 crore for 2024 offering.