Jio Platforms is preparing for its IPO, which will show its telecom numbers separately from Reliance. As of March 31, 2026, Reliance Jio Infocomm had 524.4 million customers. Uday Kotak said, "Jio's entry lowered prices for users and democratised connectivity." The company now carries over 60% of India's digital traffic.
Synopsis
Jio Platforms is preparing to launch its IPO, poised to enhance its market presence substantially. This listing will disclose critical metrics like its subscriber figures and independent data usage rates. With substantial growth in its customer base and revenue, Reliance Jio Infocomm is on course for what is anticipated to be India's largest IPO.
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Jio Platforms' listing will do more than raise capital. It will give the market its first standalone view of Reliance's telecom and digital business, whose operating metrics have so far been disclosed as part of Reliance Industries' consolidated quarterly results.
A standalone scorecard
The opening numbers set a large base. According to an ICICI Direct analysis1 of the offer document, Reliance Jio Infocomm, the material subsidiary of Jio Platforms, had 524.4 million customers as of March 31, 2026. Of these, 268.5 million were on Jio's 5G network by March 2026, as per a report in the Daily Pioneer2, which puts just over half the customer base on 5G.
The offer document also leans on third-party validation. According to Upstox3, the draft prospectus cites an industry report by Analysys Mason, which says Jio's pan-India reach and its large and highly engaged customer base set it apart from other players in the country.
These figures sit against a sharp expansion in India's data market. Speaking at the Jio IPO media meet on October 15, Uday Kotak, chairman of Kotak Investment Banking, said India has moved from fewer than 1 crore 4G customers to 100 crore 4G and 5G customers in 10 years, going from a "data-scarce nation" to a data-abundant one. Kotak, who spoke on behalf of Jio Platforms and the book-running lead managers, said Jio's entry lowered prices for users and democratised connectivity.
Engagement, home broadband and earnings
Kotak put Jio's customer base at 53 crore, a number Akash Ambani, managing director of Jio Platforms, also cited at the event. According to Ambani, Jio built this base over a decade and now carries more than 60% of India's digital traffic, with average monthly data consumption of 43.7 GB per user.
On fixed broadband, Ambani said Jio has around 30 million home broadband customers, while its network reaches nearly 40 million homes out of an estimated 300 million households. He said 40% of new additions were coming from outside tier-I and tier-II cities, supported by Jio's wireless last-mile technology.
On financials, Ambani said Jio Platforms' revenue had grown from about Rs 1.09 lakh crore to over Rs 1.46 lakh crore over three years, a compound annual growth rate of 15.8%. EBITDA rose from around Rs 54,000 crore to over Rs 76,000 crore over the same period, according to Ambani, while the EBITDA margin stood at 53.3% in the June quarter.
The listing
Once listed, Jio will disclose subscriber numbers, data usage and network spending on its own, giving investors a direct view of these metrics every quarter.
The issue is also significant in size. According to Kotak, it will raise Rs 30,188 crore at the upper end of the price band, making it India's largest IPO ever. He added that after Jio's listing, the Reliance group will be India's largest conglomerate by listed market capitalisation.
For investors, the shift is from a business viewed through Reliance's consolidated lens to one measured on its own every quarter. Subscriber additions, 5G adoption, data usage and margins will now be tracked on their own, and the first few quarters of standalone disclosures will set the baseline against which Jio's growth story is judged.
References:
https://www.icicidirect.com/research/equity/finace/everything-to-know-about-jio-platforms-ipo
https://dailypioneer.com/news/slug-lite/jio-ipo-reliance-jios-growth-story-and-public-market-expectations?year=2026
https://upstox.com/news/market-news/ipo/jio-platforms-ipo-likely-to-launch-this-month-a-look-at-its-strengths-and-risks-from-rhp/article-201751/