Jio Platforms IPO RHP: From financials to spectrum portfolio

Jio Platforms IPO is set to open from 21 to 23 October, with shares priced at ₹1,065-1,119. The company has expanded its customer base and revenue, while building a broad 5G and digital ecosystem. Grey-market indications suggest a possible listing price above the top of the IPO band.

Jio Platforms IPO RHP: Reliance Industries' digital and telecom arm, Jio Platforms, is set to launch its IPO in the price range of ₹1,065 to ₹1,119 per share. At the upper end of the band, the issue is expected to raise ₹30,213 crore, which could make it the biggest IPO in India.The public offering will consist of a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The subscription window will run from 21 October to 23 October, while bidding by anchor investors is scheduled for 19 October, as per Reliance Industries' regulatory filings.Jio Platforms IPO GMP today, or grey market premium, is +235. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Jio Platforms share price was indicated at ₹1,354 apiece, which is 21% higher than the IPO price of ₹1,119.In the past 15 sessions, the IPO GMP has fluctuated by ₹87, shifting between levels without establishing a clear trend. The most recent GMP is ₹235, indicating a shift in grey market expectations, as noted by analysts.Here are 10 key things from the Red Herring Prospectus (RHP)

Jio Platforms IPO - 5G network strengthens digital services portfolio

Through its subsidiary Reliance Jio Infocomm Limited (RJIL), Jio Platforms became India's first telecom operator to roll out a standalone 5G network. The company had 284.9 million 5G subscribers as of the first quarter of FY27, making it the world's third-largest 5G customer base. Its next-generation network enables high-bandwidth and low-latency applications, including 4K video streaming, cloud gaming, augmented reality and virtual reality.

Jio Platforms IPO - Business overview

Jio Platforms Limited, incorporated on 15 November 2019, is a technology company with operations spanning digital connectivity, consumer services and enterprise technology solutions. It has built proprietary digital capabilities and a nationwide connectivity infrastructure to serve both individual users and businesses. Its subsidiary, Reliance Jio Infocomm Limited, had a customer base of 533.3 million as of 30 June 2026.

The company's integrated ecosystem covers telecom connectivity, consumer-facing digital applications, enterprise services, cloud computing, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer portfolio includes mobile and fixed broadband, digital entertainment, cloud storage, virtual PC offerings and smart home services. For enterprise customers, it provides connectivity, cloud infrastructure, cybersecurity, managed services, IoT applications and AI-driven solutions.

Jio Platforms IPO - Operational KPIs

Jio Platforms' customer base grew from 482 million in FY24 to 524 million in FY26, reaching 533 million in the first quarter of FY27. Net customer additions stood at 36 million in FY26, compared with 6 million in FY25, and added another 9 million in Q1FY27. Average revenue per user (ARPU) increased from ₹181.7 per month in FY24 to ₹214 in FY26, before moderating to ₹215.6 in Q1FY27. Monthly churn declined to 1.6% from 1.7% in FY26. Data traffic rose to 241.4 billion GB in FY26, while monthly consumption per user reached 43.7 GB in Q1FY27.

Jio Platforms IPO - Key financials

Jio Platforms reported consistent growth in revenue and profitability over FY24-FY26. Revenue from operations rose from ₹1,09,558 crore in FY24 to ₹1,46,885 crore in FY26, while EBITDA increased to ₹73,382 crore from ₹54,341 crore over the same period. EBITDA margin improved to 50% in FY26 from 49.6% in FY24, indicating a modest expansion in operating profitability.

Profit after tax (PAT) grew to ₹30,064 crore in FY26 from ₹21,422 crore in FY24, with the PAT margin rising to 20.5% from 19.6%. Earnings per share increased from ₹24 in FY24 to ₹33.6 in FY26. Return on equity improved to 8.9% in FY26, while return on capital employed rose to 12%.

In the first quarter of FY27, the company reported revenue of ₹39,173 crore, EBITDA of ₹19,840 crore and PAT of ₹7,765 crore. Its EBITDA margin stood at 50.6%, while the PAT margin was 19.8%.

Jio Platforms IPO - Peer Comparison

The company's listed peers are Bharti Airtel (with a P/E of 40.71), and Vodafone Idea (with a P/E of 3.99).

Jio Platforms IPO - Proprietary technology stack drives innovation

Jio Platforms operates an integrated technology ecosystem spanning network infrastructure, device engineering, software, operating systems and digital applications. As of Q1 FY27, it employed 12,477 people in digital product and technology development, accounting for around 45% of its workforce. Its investments in 6G research, JioBrain-led network automation, cloud-native platforms and digital services aim to improve operational efficiency and accelerate product development.

Jio Platforms IPO - 7,220 patent applications strengthen R&D capabilities

As of Q1 FY27, Jio Platforms and its subsidiaries had filed 7,220 patent applications across 4G, 5G, 6G, cloud-native network architecture, AI-led automation and other digital technologies. Of these, 2,655 were filed in India and 4,565 in overseas jurisdictions. Jio was the only Indian company among the world's top 20 in the 2025 WIPO PCT rankings, underscoring its focus on in-house research and development.

Jio Platforms IPO - Largest spectrum bank supports nationwide 5G reach

As of 30 June 2026, Jio held India's largest spectrum portfolio at 26,800.8 MHz, with an average remaining life of 16 years. It was also the only Indian operator with nationwide 5G spectrum across the 700 MHz, 3,300 MHz and 26 GHz bands. These offer a combination of wider coverage and indoor connectivity, mainstream 5G speeds, and high capacity for dense urban areas and fixed wireless services such as JioAirFiber. Along with supporting technologies, this spectrum mix has helped Jio deliver mobile broadband speeds more than twice the average of other operators over the past three years.

Jio Platforms IPO - Investments in AI, satellite broadband and 6G

Jio Platforms is expanding beyond conventional mobile connectivity through investments in satellite broadband, 6G, cloud-native networks and AI-led automation. It is evaluating indigenous satellite constellations and ground infrastructure to improve connectivity in remote areas, while partnering with global satellite operators to accelerate service availability. Its proprietary JioBrain platform supports network capacity allocation, fault prediction and real-time optimisation. Jio may also offer these technologies to overseas telecom operators and enterprises through partnerships and managed services.

Jio Platforms IPO - Anchor investor shares subject to lock-in periods

Under the IPO's terms, 50% of the equity shares allotted to anchor investors will be locked in for 30 days from the date of allotment, while the remaining 50% will be locked in for 90 days. These restrictions limit when anchor investors can sell their allotted shares after the IPO.