Jio Platforms IPO GMP, Date, Price Band & Review

Jio Platforms IPO Details

Jio Platforms IPO is a book-built mainboard issue of up to 27 crore equity shares, aggregating ₹30,213 crore at the upper price band. The issue consists entirely of a fresh issue, with no offer for sale. The equity shares have a face value of ₹10 each.

The price band is ₹1,065–₹1,119 per share and the lot size is 12 shares. The minimum investment required by a retail investor is ₹13,428 for one lot at the upper price band. The IPO opens on October 21, 2026 and closes on October 23, 2026, with a tentative listing date of October 28, 2026, on BSE and NSE.

The issue includes reservations of up to ₹500 crore for eligible employees and ₹2,500 crore for eligible Reliance Industries shareholders. Eligible employees receive a ₹54-per-share discount in the employee reservation portion.

The IPO has 19 book-running lead managers, including Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Axis Capital, Goldman Sachs (India) Securities and J.P. Morgan India. KFin Technologies Limited is the registrar.

Jio Platforms IPO Date & Timeline

Jio Platforms filed its DRHP on June 19, 2026 and subsequently filed its Red Herring Prospectus dated October 14, 2026. Anchor-investor bidding is scheduled for October 19, 2026. Public subscription opens on October 21, 2026 and closes on October 23, 2026.

The basis of allotment is expected on October 26, 2026. Refund initiation or unblocking of funds and credit of allotted shares to successful investors’ demat accounts are expected on October 27, 2026. The shares are tentatively scheduled to list on BSE and NSE on October 28, 2026.

Company Background

Jio Platforms Limited is the digital-services subsidiary of Reliance Industries Limited. Incorporated in 2019, it operates a connectivity and technology ecosystem through its subsidiaries, including Reliance Jio Infocomm Limited, its principal telecom operating subsidiary.

The company provides mobile connectivity, fixed broadband, digital applications, cloud services and enterprise technology solutions. Its consumer portfolio includes connectivity, entertainment, gaming and cloud storage, while enterprise offerings cover communications, security, Internet of Things and managed services.

Jio’s performance depends on subscriber additions, average revenue per user, customer retention, network quality, digital-service adoption and capital efficiency. Its customer base reached 533.3 million as of June 30, 2026.

Operations & Product Range

Jio Platforms operates across mobile connectivity, home broadband and digital services. Its mobile business provides 4G and 5G services through Reliance Jio Infocomm. Jio True5G subscribers reached approximately 285 million as of June 2026.

The home-connectivity portfolio includes JioFiber and JioAirFiber. Total fixed-broadband subscribers reached 28.6 million as of June 2026, including approximately 14 million JioAirFiber subscribers.

Digital offerings include MyJio, JioTV+, JioSaavn, JioGames, JioAICloud and JioPC. Enterprise solutions include cloud, unified communications, Internet of Things, security and managed connectivity. Despite this broad portfolio, the financial disclosures reviewed report a single operating segment rather than separate results for each digital business.

Platform, Users & Subscriber Metrics

Jio’s customer base increased from 481.8 million in March 2024 to 488.2 million in March 2025 and 524.4 million in March 2026. The company added 36.2 million customers during FY2026, compared with 6.4 million during FY2025.

Customers subsequently increased to 533.3 million in June 2026, with net additions of 8.9 million during the quarter. Average revenue per user, or ARPU, stood at ₹215.6 per month in the June 2026 quarter, compared with ₹208.8 a year earlier.

Quarterly data traffic increased 26.9% year-on-year to 69.4 billion GB. Monthly data consumption per customer reached 43.7 GB, while monthly churn was approximately 1.6%. These metrics reflect customer usage and retention, although monetisation depends on pricing and service mix.

MyJio recorded 215.9 million average monthly active users during FY2026, while JioAICloud had approximately 58 million registered users. These application metrics are distinct from paying connectivity subscribers.

Brands & Market Presence

Jio Platforms operates the Jio mobile, JioFiber and JioAirFiber connectivity businesses alongside digital applications and enterprise platforms. Its presence spans mobile broadband, home connectivity, entertainment, cloud and business technology services.

The company’s draft-prospectus disclosures stated that wireless broadband coverage exceeded 99% of India’s population, while fixed-broadband coverage extended to approximately 98% of Indian PIN codes. Coverage indicates network reach, not active customer penetration.

Jio reported a fixed-broadband market share exceeding 43% as of June 2026. Its large connectivity base supports the distribution of additional consumer and enterprise services. Reliance Retail and JioStar are reported separately in Reliance’s results and should not be combined with Jio Platforms’ financial figures.

Revenue Streams & Business Model

Jio Platforms generates revenue from connectivity, digital services, platforms, applications, software and products. Its business combines recurring consumer-connectivity payments with enterprise services and additional digital offerings.

Revenue from operations increased from ₹1,09,558.1 crore in FY2024 to ₹1,28,218.4 crore in FY2025 and ₹1,46,885.3 crore in FY2026. FY2026 operating revenue grew approximately 14.6% year-on-year.

Gross revenue and revenue from operations are different measures. For the June 2026 quarter, Jio reported gross revenue of ₹45,961 crore and revenue from operations of ₹39,173 crore. Operating revenue increased 11.8% year-on-year, supported by subscriber growth, ARPU improvement and digital services.

Financial Performance

Jio Platforms reported revenue from operations of ₹1,09,558.1 crore in FY2024, ₹1,28,218.4 crore in FY2025 and ₹1,46,885.3 crore in FY2026. Total income increased from ₹1,10,175.4 crore to ₹1,29,333.0 crore and ₹1,49,759.1 crore, respectively.

Reported net profit, including the share of profit or loss of associates and joint ventures, increased from approximately ₹21,423 crore in FY2024 to ₹26,109 crore in FY2025 and ₹30,049 crore in FY2026. FY2026 net profit grew approximately 15.1%.

EBITDA increased from ₹54,958.7 crore in FY2024 to ₹64,170 crore in FY2025 and ₹76,255.4 crore in FY2026. The EBITDA margin improved to 51.91% in FY2026 from 50.05% in FY2025. Total borrowings stood at ₹70,781 crore as of March 31, 2026.

For the June 2026 quarter, operating revenue was ₹39,173 crore, EBITDA was ₹20,865 crore and net profit was ₹7,764 crore. Higher depreciation and finance costs moderated profit growth despite stronger operating earnings. Investors should assess capital expenditure, financing costs and cash generation alongside EBITDA.

Management & Shareholding

Reliance Industries Limited is the promoter and held 66.43% of Jio Platforms before the IPO. Meta’s affiliate Jaadhu Holdings LLC held approximately 9.98%, while Google International LLC held approximately 7.73%.

The IPO contains no offer for sale. Existing shareholders are not selling shares through the issue, although their percentage ownership will be diluted by the fresh issue. Reliance Industries will remain the controlling shareholder.

Promoter-group relationships are important to the business. Reliance Retail was identified as the sole distributor of Jio’s prepaid services, with prepaid revenue routed through it accounting for 77.08% of FY2026 consolidated revenue from operations.

Board & Key Management

Mukesh Ambani serves as Chairman of Jio Platforms. Akash M. Ambani is the Managing Director, appointed for a five-year term effective April 9, 2026. He also serves as Chairman of Reliance Jio Infocomm.

The leadership team oversees connectivity, digital-service development, network expansion, enterprise solutions, technology investment and governance. Akash Ambani’s appointment places him at the centre of Jio Platforms’ operating strategy ahead of its public listing.