Mukesh Ambani’s Jio Platforms launched its Rs 30,213 crore initial public offering with shares commanding a grey market premium of approximately 22%. Priced between Rs 1,065 and Rs 1,119 per share, India’s largest-ever public offering runs through October 23, seeking a valuation of Rs 10.3 lakh crore at the upper end of the band, as reported by the Economic Times.
IPO Pricing Targets Rs 10.3 Lakh Crore Valuation
- Valuation and Pricing: The IPO is priced between Rs 1,065 and Rs 1,119 per share, aiming for a Rs 10.3 lakh crore valuation that sits below Bharti Airtel’s trailing earnings multiple.
- Institutional Backing: The company secured Rs 8,110 crore from anchor investors on October 19, drawing participation from BlackRock, Fidelity, and LIC.
- Timeline: Public bidding closes on October 23, allotment finalization is set for October 26, and exchange debut on the BSE and NSE is scheduled for October 28.
Proceeds Will Repay Reliance Jio Infocomm Borrowings
The public offering comprises 27 crore fresh equity shares with no offer-for-sale component. Net proceeds of up to Rs 27,500 crore are designated for the repayment or prepayment of borrowings at Reliance Jio Infocomm. At the upper limit of Rs 1,119 per share, the valuation trades at a multiple below Bharti Airtel’s trailing earnings multiple of roughly 40.7 times, according to brokerage notes reviewed by the Economic Times.
Financial performance figures show revenue from operations reaching Rs 1.46 lakh crore for fiscal year 2026, up from Rs 1.28 lakh crore in fiscal year 2025. Net profit climbed to Rs 30,049 crore from Rs 26,109 crore, while EBITDA expanded to Rs 76,255 crore compared to Rs 64,170 crore. Average revenue per user rose to Rs 214 in fiscal year 2026, climbing further to Rs 215.6 in the June quarter from Rs 181.7 in fiscal year 2024.
| Financial Metric | FY25 | FY26 |
|---|---|---|
| Revenue from Operations | Rs 1.28 lakh crore | Rs 1.46 lakh crore |
| Net Profit | Rs 26,109 crore | Rs 30,049 crore |
| EBITDA | Rs 64,170 crore | Rs 76,255 crore |
| Average Revenue Per User (ARPU) | – | Rs 214 |
Brokerages Recommend Subscription Based on Subscriber Scale
Motilal Oswal Wealth Management recommended subscribing to the issue for both listing gains and long-term holding. The brokerage cited Jio’s base of 533 million subscribers as of June 2026, alongside its carriage of roughly 60% of India’s wireless data traffic. Swastika Investmart also issued a Subscribe rating, pointing to home broadband expansion and cash generation, while noting a price-to-earnings multiple of about 33 times fiscal year 2026 earnings.
Canara Bank Securities added a long-term recommendation, emphasizing the ongoing migration of 2G subscribers to 4G and 5G networks. Analysts pointed to the company’s intellectual property portfolio, which includes over 7,200 patent applications and proprietary technology stacks like the JioBrain AI platform. However, brokerages cautioned that core connectivity remains the primary earnings engine, with newer digital services still working to scale profitability.
Reliance Industries Shareholders Gain Dedicated Quota Access
Eligible shareholders of Reliance Industries who held at least one share as of October 14, 2026, gain access to a dedicated Rs 2,500 crore shareholder quota. These investors can submit two separate applications using a single PAN—one under the shareholder reservation category and another in the regular retail pool—provided they meet eligibility criteria.
Retail participants face a minimum bid requirement of 12 shares totaling Rs 13,428 at the upper price band. Applications within the shareholder quota are capped at 14 lots, equivalent to 168 shares worth Rs 1,87,992. The basis of allotment will be determined on October 26, ahead of the trading debut on October 28 across the BSE and NSE.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
