Jio Platforms filed its DRHP with SEBI on June 19, 2026. The IPO is a 100% fresh issue of up to 27 crore equity shares, with no offers for sale. Every rupee raised goes into the business.
Introduction
Price band, lot size, and subscription dates are not yet announced. These will be confirmed after SEBI completes its review, which typically takes 30 to 75 days. The listing is expected sometime in the August to October 2026 window, though no date is confirmed. When it does list, it will likely be the largest IPO in Indian history. Existing Reliance Industries shareholders get a reserved quota in the issue, and eligible employees get a separate reservation as well.
Reliance Jio IPO: Key highlights
| Detail | Information |
| DRHP filing date | June 19, 2026 |
| Issue type | 100% fresh issue |
| Total shares offered | 27,00,00,000 equity shares |
| Face value | ₹10 per share |
| Price band | To be announced |
| Lot size | To be announced |
| Listing exchanges | BSE and NSE |
| IPO open/close dates | To be announced |
| Listing date | To be announced |
| Registrar | KFin Technologies Ltd. |
| Promoter | Reliance Industries Ltd. |
| Promoter holding pre-issue | 66.43% |
| Pre-issue EPS | ₹33.62 |
| QIB quota | Up to 50% of net issue |
| Retail quota | At least 35% of net issue |
| HNI quota | At least 15% of net issue |
About Jio Platforms Limited
Incorporated in 2019, Jio Platforms Limited is a technology-driven digital services company operating through its subsidiary Reliance Jio Infocomm Limited. As of March 31, 2026, the company had 28,163 full-time employees serving more than 524 million customers.
The company has built a proprietary technology stack that includes network infrastructure, software platforms, operating systems, devices and digital applications. It provides mobile and fixed broadband, digital entertainment, gaming, cloud storage, smart home solutions and AI-enabled services on platforms like MyJio, JioTV+, JioSaavn, JioGames and JioAICloud. It provides enterprise connectivity, cloud solutions, IoT, unified communications, managed services, security and private 5G for business.
Promoter Reliance Industries Ltd holds 66.43% in the company pre-IPO.
Reliance Jio IPO expected dates
The DRHP was filed on June 19, 2026. SEBI normally takes 30-75 days to review and give its observations after which the price band and subscription window is announced.
| Event | Status |
| DRHP filed with SEBI | June 19, 2026 |
| SEBI review period | 30 to 75 days from filing |
| Price band announcement | Post SEBI observations |
| IPO open date | To be announced |
| IPO close date | To be announced |
| Allotment date | To be announced |
| Listing date | To be announced |
Existing Reliance Industries shareholders and eligible Jio employees have separate reserved quotas. Track Chittorgarh.com or BSE/NSE announcements for confirmed dates.
Reliance Jio IPO price band, lot size & minimum investment
No price band has been officially announced. Lot size will be confirmed when the price band is set. Applications will go through UPI or ASBA once the issue opens.
For shareholder quota applications, investors must hold shares in Reliance Industries Ltd. to be eligible. The shareholder category limit is up to ₹2 lakhs. The employee category limit is up to ₹5 lakhs. The standard retail category is also up to ₹2 lakhs. Both the retail investor and shareholder categories are permitted both cut-off price applications.
Expected Reliance Jio IPO subscription details
No subscription data is available since the IPO has not yet opened. Once the issue opens, QIBs will receive up to 50% of the net issue, retail investors at least 35%, and HNIs at least 15%.
Three separate reserved categories exist beyond the main allocation: RIL shareholders, eligible Jio employees, and a combined category for investors who qualify for both. This structure gives existing Reliance stakeholders a priority route into the issue, which is likely to drive high retail interest given the size of RIL's shareholder base.
Objectives of the IPO
The IPO is a 100% fresh issue, so all proceeds go directly into Jio Platforms and its subsidiary Reliance Jio Infocomm Limited. The DRHP identifies two uses.
The primary use is prepayment or partial repayment of outstanding borrowings availed by Reliance Jio Infocomm Limited. Total borrowings stood at ₹70,781 crore as of March 31, 2026, but this had already fallen from ₹73,060.30 crore in FY25. A meaningful use of IPO proceeds would be debt repayment, lowering interest expense and improving free cash flow generation going forward.
The second use is for general corporate purposes, which, the DRHP states, include investment in AI and digital infrastructure. In the final RHP we will provide more information on the exact split between debt repayment and corporate purposes.
Business model of Jio Platforms
Telecom services
Reliance Jio Infocomm is the backbone. It runs India’s largest mobile network with 524 million subscribers as of March 31, 2026. Most of the company’s revenue comes from mobile connectivity, through prepaid and postpaid plans.
Broadband and fiber
JioFiber and JioAirFiber cater to the home broadband market. Fixed broadband generally has a higher ARPU than mobile and is a segment where Jio has been aggressively gaining share.
Digital commerce
JioMart and the integration with Reliance Retail’s distribution network form the commerce layer. The company also passes through its nationwide retail distribution network its prepaid recharges.
Enterprise solutions
Jio provides enterprise connectivity, IoT, unified communications, managed services and security solutions to businesses in banking, utilities, transportation, manufacturing, government and IT.
Cloud computing
JioCloud caters to both consumer and enterprise customers. As data localisation requirements tighten, domestic cloud providers have an edge in terms of regulation, and Jio’s scale gives it a meaningful infrastructure base to compete in this segment.
Artificial intelligence
JioAICloud and Reliance’s wider investments in AI infrastructure position Jio as one of the major AI infrastructure players in India. A portion of the IPO proceeds are also earmarked for the further build-out of AI and digital infrastructure.
OTT and digital media
The digital entertainment layer comprises JioTV+, JioSaavn, JioGames and JioStar. Content drives data usage, and more data usage is good for the core telecom business.
Financial performance
Chittorgarh shows confirmed restated consolidated financials across three years.
| Metric | FY24 | FY25 | FY26 |
| Total income | ₹1,10,175.40 Cr | ₹1,29,333.00 Cr | ₹1,49,759.10 Cr |
| PAT | ₹21,434.00 Cr | ₹26,120.30 Cr | ₹30,052.70 Cr |
| EBITDA | ₹54,958.70 Cr | ₹64,170.00 Cr | ₹76,255.40 Cr |
| Net worth | ₹2,77,866.10 Cr | ₹3,04,022.40 Cr | ₹3,34,013.40 Cr |
| Total borrowings | ₹54,348.90 Cr | ₹73,060.30 Cr | ₹70,781.00 Cr |
| EBITDA margin (FY25) | -- | 51.91% | -- |
| PAT margin (FY25) | -- | 20.46% | -- |
| ROCE (FY25) | -- | 10.76% | -- |
| RoNW (FY25) | -- | 9.42% | -- |
Revenue and PAT grew 16% and 15%, respectively, in FY26 over FY25. Jio is one of the most profitable telecom operators in the world with EBITDA margins of more than 50%. Pre-issue EPS is Rs 33.62.
Reliance Jio IPO valuation analysis
No price band has been announced, so formal valuation analysis against the IPO price is not possible yet. What is known: the issue is 27 crore shares, roughly 2.9% of post-issue equity. Street estimates based on the DRHP peg the issue size at roughly ₹37,000 to ₹37,700 crore, implying a post-issue valuation in the ₹12 to ₹13 lakh crore range.
At that valuation, Jio would enter as one of India's most valuable listed companies. The pre-issue EPS of ₹33.62 gives investors a starting point for P/E calculations once the price band is confirmed. With EBITDA margins above 50% and consistent double-digit revenue and profit growth, the fundamental case is strong. The valuation multiple at which that case is priced will be the real question to answer when the RHP comes out.
Investors should compare the post-issue P/E against listed telecom and digital peers once the price band is confirmed before applying.
Company strengths
Market leader in telecom
524 million subscribers and India's largest telecom network by customer base. Scale at this level creates pricing influence and distribution advantages that newer entrants cannot replicate quickly.
Strong digital ecosystem
MyJio, JioTV+, JioSaavn, JioGames, and JioAICloud form a full digital stack sitting on top of the connectivity base. The opportunity to cross-sell digital services is huge with a subscriber base of over 500 million.
Large subscriber base
At 524 million subscribers, even small increases in average revenue per user translate into big absolute revenue gains. The model has a substantial operating leverage.
Strong brand backed by Reliance
Reliance Industries holds 66.43% pre-issue and serves as the promoter. The Reliance Retail distribution network is the primary channel for Jio's prepaid recharges. That group backing provides distribution scale no standalone telecom company could build independently.
AI and technology investments
Jio's investment in AI data centres and infrastructure positions it as a key player in India's domestic AI economy.
This is more than a branding exercise with proprietary patent applications covering digital connectivity, cloud-native networks and AI-related technologies.
Scalable business model
Telecom networks are characterised by high fixed and low marginal costs. Once the infrastructure is in place, adding subscribers improves margins. Both the ongoing 5G rollout and JioAirFiber expansion are margin accretive at scale.
Risks investors should consider
Total borrowings as of March 31, 2026, were ₹70,781 crore, marginally down from FY25, but still substantial. The IPO proceeds help partially with this, but leverage post-listing will still need to be watched given the capital-intensive nature of the network and content investments.
The company operates in a highly regulated market. Spectrum charges, interconnect fees and DoT regulatory decisions can impact margins unpredictably. The DRHP states that there is a disputed liability in respect of additional demand of Spectrum Usage Charge.
The thin 2.9% float means there is likely to be limited post-listing liquidity for large institutional positions, which may contribute to price volatility in the early trading period.
Revenue from prepaid services of Reliance Retail is a major part of consolidated revenue from operations. That concentration in one distribution channel is a strength and a risk if that relationship changes.
The listing valuation is high. High entry multiples provide little room for execution disappointment in the near term.
Should you track the Reliance Jio IPO?
The business case is very real. Jio has revolutionised India’s digital economy and continues to grow revenue and profit at double-digit rates with EBITDA margins north of 50%. This is the highest concentration of the Indian digital infrastructure for long-term investors with a multi-year horizon.
Price is the issue. Wait for the price band. Check RHP financials. Compare post-issue P/E with peers. Then decide. The reserved quota for RIL shareholders means investors holding RIL shares have an extra channel into this issue.
Don't apply based on hype. Apply based on where the multiple lands relative to what the business earns.
Latest Reliance Jio IPO news and updates
- DRHP filed with SEBI on June 19, 2026
- 100% fresh issue of 27 crore equity shares, no OFS
- 19 lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA, Goldman Sachs, ICICI Securities, JP Morgan, Axis Capital, Jefferies, JM Financial, HDFC Bank, HSBC, CLSA, Citigroup, IIFL, UBS, SBI Capital, BNP Paribas, Dam Capital, and 360 One WAM
- Registrar is KFin Technologies Ltd.
- Price band, lot size, and subscription dates not yet announced
- Existing RIL shareholders and eligible Jio employees have reserved quotas
- Listing expected in August to October 2026 window, subject to SEBI review timeline
Conclusion
The Jio Platforms IPO is real and is happening. DRHP filed. 19 bankers in queue. SEBI reviewing. It is a large-scale, profitable business and central to India’s digital narrative. The numbers confirm this. The valuation will be huge. When the RHP comes, read it, compare the price band with earnings and take a decision based on numbers and not sentiment.
