Jio Platforms is poised for a historic IPO, signalling its transformation from a telecom giant to a comprehensive digital and AI-driven platform, with a valuation project that could surpass previous Indian listings.
Jio Platforms is moving closer to what could become one of the largest listings in India’s primary market after receiving approval from the Securities and Exchange Board of India for an initial public offering that may raise about ₹37,700 crore. The offer is expected to include a fresh issue of 27 crore equity shares, with most of the proceeds earmarked for repaying or prepaying borrowings at Reliance Jio Infocomm, the operating telecom arm that sits at the centre of the group’s business.
The attraction for investors goes beyond the size of the offer. Jio has evolved from a fast-growing mobile network into a broader digital and technology platform, with revenue still heavily dependent on telecommunications but with rising contributions from broadband, cloud services, entertainment and other online products. The company has also been positioning itself around artificial intelligence, arguing that its network, devices, operating systems, software and applications together provide a foundation for AI-led services for consumers and businesses.
That expansion has been reflected in the numbers. The IPO-related filing cited revenue from operations of ₹1,09,558 crore in FY24, rising to an estimated ₹1,28,218 crore in FY25 and ₹1,46,885 crore in FY26. Earnings before interest, tax, depreciation and amortisation also climbed over that period, while profit after tax increased to ₹30,049 crore in FY26 from ₹21,423 crore in FY24. Jio Platforms said its EBITDA margin reached 51.91% in FY26.
Customer growth has remained central to the story. Jio’s total base increased from 481.8 million in March 2024 to 524.4 million in March 2026, while average revenue per user rose from ₹181.7 in FY24 to ₹214 in FY26. Data consumption also accelerated, with total traffic reaching 241.4 billion gigabytes in FY26 and monthly usage per customer climbing to 42.3 gigabytes in the exit quarter. By March 2026, the company said it had more than 3,60,000 network towers and over one million route kilometres of fibre optic cables, along with 26,800.8 megahertz of spectrum carrying an average remaining life of 16 years.
Jio’s scale gives it a dominant position in India’s wireless data market, where it carries about 60% of traffic, according to the company’s own disclosures. That reach offers room to deepen services for existing users, but it also ties the business to continued spending on spectrum, fibre and equipment as the 5G and broadband networks expand. The company has more than 6,800 patent applications worldwide across areas including 4G, 5G, 6G, cloud-native technology and AI-driven network automation, and its shareholder base already includes Meta and Google, both of which invested in Jio Platforms in 2020 alongside Reliance Industries as controlling owner.
For public-market investors, the most important questions will be whether Jio can keep turning its network advantage into higher revenue and whether its newer digital businesses can scale fast enough to justify the valuation that will emerge once final pricing is set. The listing would also give the market a clearer view of how much of the fresh capital goes towards balance-sheet repair at Reliance Jio Infocomm and how much is left to support the next phase of growth.
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