Jio Platforms will open subscriptions for its potential record-breaking ₹3.02 lakh crore IPO on 21 October, with brokerages backing its growth prospects across telecoms, broadband and digital services.
Jio Platforms is set to test investor appetite in what could become India’s largest initial public offering, with subscription opening on October 21 and closing on October 23, according to Business Today and Livemint. The price band has been fixed at ₹1,065 to ₹1,119 a share, with listing expected on October 28. At the top end of the range, the minimum retail application works out at ₹13,428 for 12 shares, while eligible employees will receive a ₹54-a-share discount, Livemint reported.
Demand in the unofficial grey market has already pointed to strong interest, though such readings are not a reliable guide to listing-day performance. India Infoline said the shares were trading at a grey market premium of ₹252 on October 19, implying a potential listing price of about ₹1,371, or 22.52% above the offer’s upper band. The Economic Times separately reported a premium of ₹251, suggesting a similar implied debut, but both figures remain informal indicators rather than guarantees.
Brokerages have taken a broadly upbeat view of the deal, citing Jio’s scale, earnings momentum and potential to broaden beyond its core telecom business. Emkay Global Financial Services called the valuation reasonable given the company’s growth, pointing to compound annual growth of 16.2% in EBITDA and 18.4% in profit after tax between FY24 and FY26. GEPL Capital said the offer looked fairly priced at about 33.3 times FY26 earnings, while PhilipCapital argued that Jio’s decade-long transformation of India’s mobile market leaves room for tariff-led earnings growth, higher average revenue per user and fresh income from digital services.
The company’s recent financial performance gives weight to that optimism. Jio Platforms reported revenue of ₹1,46,885 crore in FY26, up 14.6% from a year earlier, while profit after tax was about ₹30,049 crore. Its EBITDA margin rose to roughly 51.9%, and by June 30, 2026, it had 533.3 million customers. The group also accounted for about 60% of India’s wireless data traffic in FY26 and had 28.6 million fixed-broadband subscribers, including 14 million JioAirFiber users, underscoring the breadth of its reach in the domestic digital market.
The issue consists of 27 crore fresh shares, and Jio plans to use ₹27,500 crore of the proceeds to repay borrowings at Reliance Jio Infocomm, its operating telecom arm. SBICAPS said that move could reduce financing costs, strengthen cash generation and leave more room for future investment. Analysts also see scope for growth in 5G, artificial intelligence, cloud services and enterprise products. Centrum Broking has valued Jio Platforms at about ₹11.5 lakh crore and expects revenue to grow at a compound annual rate of around 14% between FY26 and FY29. The IPO is being handled by 19 book-running lead managers, including Morgan Stanley, Goldman Sachs, JPMorgan, Kotak Mahindra Capital, ICICI Securities and SBI Capital Markets.
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