Reliance-backed Jio Platforms is betting that millions of 2G users, low fixed-broadband penetration and overseas demand for its technology will drive its next phase of growth ahead of its 21 October listing.
Jio Platforms is set to open its ₹30,213 crore initial public offering on 21 October, with the issue priced in a band of ₹1,065 to ₹1,119 a share and a lot size of 12 shares, according to IPO details published by value research and market reports. The listing would mark a major milestone for the Reliance-backed digital business, which sits behind India’s largest telecom network and an expanding portfolio of broadband, software and digital services.
Analysts cited by Daily Excelsior said the company’s next phase of growth is likely to come from converting more of its remaining 2G users to newer networks, with the subscriber base reaching 533.3 million by June 2026. A large pool of customers still on older connections gives Jio room to push affordable devices and bundled services, including the ₹799 JioBharat handset. Research notes also point to improving customer monetisation, with average revenue per user rising from ₹181.7 in FY24 to ₹215.6 in the first quarter of FY27, while monthly data use climbed to 43.7 GB per customer.
Home broadband is another area drawing attention. Brokerage reports say JioFiber and JioAirFiber had 28.6 million subscribers in June 2026, and that India’s fixed broadband penetration remains low enough to leave substantial room for growth over the next several years. The opportunity is particularly strong in smaller cities and underserved markets, where affordable wireless broadband could help Jio widen its lead while lifting digital usage across households and businesses.
Beyond connectivity, the company is trying to build a wider technology platform around its 5G standalone stack, cloud-based network tools and artificial intelligence services. Ventura Securities, as cited by Daily Excelsior, said JioBrain is already being used in network operations, while the group has also filed thousands of patent applications across digital technologies. Other reports have highlighted possible overseas sales of telecom software, fixed wireless access systems and AI tools, suggesting Jio wants to monetise its technology outside India as well as at home.
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