Jio Platforms IPO of 27 Crore Fresh Shares to Help Repay Reliance Jio Debt
- 12th October 2026
- 10:00 AM
- 4 min read
Summary
Jio Platforms has filed for an initial public offering (IPO) of up to 27 crore fresh shares to repay part of Reliance Jio Infocomm’s borrowings and for general corporate purposes. The Securities and Exchange Board of India (SEBI) issued its final observations on 28 August 2026. The shares are proposed to list on BSE and the National Stock Exchange (NSE).Mumbai | 12 October 2026
Jio Platforms is the company behind Reliance Jio’s mobile network, home broadband and artificial intelligence (AI) products. The IPO would be the first public offering from the Reliance group since 2008. It would also be the group’s first IPO of a consumer-focused business.
What Is the Current Status of the Jio Platforms IPO?
Jio Platforms filed its draft red herring prospectus (DRHP) with SEBI on 19 June 2026. SEBI issued its final observations on 28 August 2026. The company is yet to announce the price band, issue dates and listing date.
Why Is Jio Platforms Launching an IPO?
Under the DRHP’s objects of the issue, the funds raised will repay part of the outstanding borrowings of Reliance Jio Infocomm Limited (RJIL), its telecom subsidiary. The rest will go towards general corporate purposes.
The IPO has no offer for sale by existing shareholders, so all proceeds go to the company. The company also points to the listing as a way to create a market for its shares for the first time.
What Are the Key Details of the Jio Platforms IPO?
The IPO is a book building issue made up entirely of fresh shares. The table below sets out the details announced so far.
| Detail | Information |
| Fresh shares | Up to 27,00,00,000 (27 crore) |
| Face value | ₹10 per share |
| Shares before the issue | 8,93,90,30,830 |
| Shares after the issue | 9,20,90,30,830 |
| Proposed listing | BSE, NSE |
| Book running lead manager | Kotak Mahindra Capital Co. Ltd. |
| Registrar | KFin Technologies Limited |
| Promoter | Reliance Industries Limited |
| Price band and issue dates | Not yet announced |
Who Can Apply for the Jio Platforms IPO?
The net issue is split across three investor groups.
- Qualified institutional buyers (QIBs) can receive not more than 50%.
- Retail individual investors will get not less than 35%.
- Non-institutional investors (NIIs) will get not less than 15%.
Reliance Industries shareholders can apply for up to ₹2 lakh under a shareholder quota. Employees can apply for up to ₹5 lakh under an employee quota.
What Does Jio Platforms Do?
Jio Platforms was incorporated in 2019 and runs its network through RJIL. RJIL served 524.4 million customers as of 31 March 2026. Jio had 26.85 crore 5G customers as of June 2026.
The company serves two main customer groups.
- Consumers: mobile and home broadband, entertainment, cloud services, smart home products and AI assistants.
- Businesses: enterprise connectivity, cloud and productivity tools, internet of things (IoT) services, private 5G, security and AI-driven products.
Jio Platforms and its subsidiaries had 28,163 full-time employees as of 31 March 2026.
How Has Jio Platforms Performed Financially?
Revenue and profit after tax rose in each year from FY2024 to FY2026. FY2026 refers to the year ended 31 March 2026. Monthly churn is the share of customers who leave each month.
| Metric | FY2024 | FY2025 | FY2026 |
| Customers (million) | 481.8 | 488.2 | 524.4 |
| Revenue (₹ crore) | 1,09,558.1 | 1,28,218.4 | 1,46,885.3 |
| EBITDA (earnings before interest, tax, depreciation and amortisation) margin | 50.16% | 50.05% | 51.91% |
| Profit after tax (₹ crore) | 21,423.2 | 26,109.0 | 30,049.1 |
| Profit after tax margin | 19.55% | 20.36% | 20.46% |
| Average revenue per user (₹ per month) | 181.7 | 206.2 | 214.0 |
| Monthly churn | 1.52% | 1.81% | 1.67% |
| Net debt to EBITDA | 0.88x | 0.71x | 0.36x |
Who Owns Jio Platforms?
Reliance Industries Limited holds 66.43% as promoter. The promoter group holds no shares separately from this stake. The other major shareholders before the issue are listed below.
| Shareholder | Pre-issue stake |
| Jaadhu Holdings, LLC (Meta Platforms affiliate) | 9.98% |
| Google International LLC | 7.73% |
| Public Investment Fund (Saudi Arabia) | 2.31% |
| Omicron Asia Holdings II Pte. Ltd. (KKR affiliate) | 2.31% |
| VEPF VII AIV I Ltd. (Vista Equity Partners affiliate) | 2.31% |
| SLP Redwood Holdings Pte. Ltd. (Silver Lake affiliate) | 1.88% |
| MIC Redwood 1 RSC Limited (Mubadala subsidiary) | 1.85% |
| General Atlantic Singapore JP Pte. Ltd. | 1.34% |
| Platinum Jasmine A 2018 Trust (Abu Dhabi Investment Authority) | 1.16% |
| India Markets Pte. Ltd. (TPG Capital affiliate) | 0.93% |
| Other public shareholders (94) | 1.75% |
Outlook
Jio Platforms will confirm the final issue size in rupees once it files its red herring prospectus (RHP) with SEBI.
Track the Jio Platforms IPO and other upcoming issues on PL Capital.
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