India’s largest from Mukesh Ambani group – Platforms – will open for public subscription today and will close on Friday.
The issue is entirely a fresh issue of up to 27 crore equity shares, with a price band of ₹1,065–₹1,119 per share, aggregating up to ₹30,213 crore at the upper end.
Here are some details of the issue:
Bid size: – 12 equity shares and in multiples thereof
Reservation for: QIB upto 50 per cent equity share; Non-Institutional at least 15 per cent ((including 1/3rd for applications between ₹2 lakhs to ₹10 lakhs)) Retail at least 35 per cent eq share; Employee quota: 46,94,835 shares – A discount of ₹54 a share; and Reliance Industries shareholders quota: 2,23,41,376 shares
Market leadership: Jio Platforms had a customer base of 533.3 million as of June 2026, with over 99 per cent population coverage for wireless broadband and a 43.32 per cent share of India’s broadband market.
Financial performance: For FY26, the company reported revenue of ₹1,46,885 crore, EBITDA of ₹76,255 crore and profit after tax of ₹30,049 crore. Its EBITDA margin stood at 51.91%.
Growth opportunities: The report highlights opportunities across 5G, fixed broadband, enterprise connectivity, cloud computing, artificial intelligence and digital services, supported by rising digital adoption in India.
IPO outlook
Shriram Research
Shriram Research recommends “Subscribe” for investors with a medium- to long-term investment horizon, citing Jio’s market leadership, cash generation and growth potential, while also highlighting risks relating to regulation, competition, related-party dependence and financial obligations.
Systematix
Jio Platforms Limited (JPL) is well placed to benefit from India’s accelerating digitalisation, supported by its 1) large and diversified customer base (533.3mn as on Jun’26), 2) pan-India network and 3) strong position in wireless data consumption. JPL’s integrated digital ecosystem spanning connectivity, broadband, digital platforms, cloud and enterprise services provides multiple avenues for sustained growth.
Strong subscriber engagement, rising data usage, tariff-led ARPU expansion and increasing penetration of JioFiber and JioAirFiber should support revenue growth., while continued investments in “5G, AI and cloud infrastructure” are expected to strengthen its technology leadership. The sizeable patent portfolio and proprietary technology stack further enhance competitive differentiation, while healthy cash generation and improving balance-sheet strength bode well.
At the price band of Rs1,065-Rs1,119, Jio Platforms (JPL) offers an attractive opportunity to participate in India’s long-term digital and connectivity growth story.
While elevated capex requirements, competitive intensity, regulatory interventions and execution risks remain key monitorable, the company’s market leadership, robust profitability, strong cash-generation profile and multiple structural growth levers provide comfort on its long-term prospects.
In terms of the valuations, on the higher price band (₹1,119), JPL trades at a P/E multiple of 33.3x on FY26 EPS. At upper band, valuation is around 19 per cent discount to our valuation in consol RIL which makes it attractive. We maintain a long-term positive outlook on JPL and recommend to SUBSCRIBE.
Motilal Oswal Research
At ₹1,119, Jio is valued at ~34x post-issue FY26 earnings, below Bharti Airtel’s~40x trailing P/E. Net leverage is low at 0.36x, and fresh issue proceeds will primarily support repayment of borrowings at RJIL. However, ROCE of ~10.8 per cent and ARPU below Airtel’s remain key monitorables. Invest for listing gains and long-term
Anand Rathi:
Jio Platforms Limited is India’s largest digital connectivity and digital services platform with a unique combination of market leadership, proprietary technology capabilities and an integrated digital ecosystem.
The company benefits from a dominant position in India’s mobile broadband market with 533.3 million customers, approximately 49.8 per cent wireless broadband market share.
Its proprietary technology stack, extensive distribution network and strong brand franchise provide significant competitive advantages and create high barriers to entry. However, telecom regulation, spectrum requirements, technological disruptions, cyber security threats remains a key concerns.
At the upper issue price, the company is valued at 34.3x FY2026 P/E and 14.8x FY2026 EV/EBITDA, implying a market capitalization of approximately ₹10,304,905 million.
Considering its leadership position in India’s digital ecosystem, strong profitability, scalable technology platform, robust growth prospects and significant opportunities in AI, enterprise digital services and fixed broadband, the valuation appears reasonable relative to its long-term growth potential. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue.
Religare Broking
Based on our estimated FY28 EV/EBITDA multiple of 11.6x, Jio Platforms offers attractive long-term growth prospects, supported by sustained revenue growth and improving profitability. Rising ARPU and expanding margins indicate improved subscriber monetisation and operating efficiency.
A growing subscriber base, higher data consumption and strong customer retention are expected to support revenue growth. Further, the company’s extensive digital connectivity infrastructure and opportunities in 5G and digital services provide additional growth drivers. Considering its operating performance, business outlook and valuation, we assign a Subscribe – Long Term rating to the IPO
Key risks: Regulatory dependence on telecom licences and spectrum creates exposure to non-renewal, delayed approvals or the inability to acquire additional spectrum. Dependence on its material subsidiary, Reliance Jio Infocomm Limited (RJIL), for a significant share of consolidated revenue and profits exposes Jio Platforms to any deterioration in the subsidiary’s operating or financial performance. Rapid technological developments and emerging competition, including satellitebased broadband, could weaken competitiveness if evolving customer requirements are not addressed. Concentration among infrastructure providers for telecom towers and optic fibre networks may disrupt services. Changes in net neutrality regulations could also adversely affect operations and financial performance.
SBI Securities:
Valuation: Jio Platforms Ltd. is India’s largest digital-connectivity platform, with operations spanning mobile and fixed broadband, enterprise connectivity and digital services. The company delivered Revenue/EBITDA/PAT CAGR of 15.8 per cent/16.2 per cent/18.5 per cent, respectively, during FY24-FY26 period, with earnings growth outpacing revenue growth due to operating leverage and improving scale.
Future growth is expected to be supported by tariff rationalisation, migration from 2G to 4G and 5G, higher data consumption, home broadband expansion and increasing enterprise adoption of cloud and digital solutions.
Additional monetisation opportunities may emerge from AI-led services, digital applications, satellite connectivity and overseas deployment of its proprietary technology platforms.
Capex pertaining to 5G and other physical infrastructure is already deployed and hence cash flow generation is likely to be healthy, going forward.
The proposed repayment of RJIL’s borrowings is expected to lower leverage and finance costs, strengthen cash flows and provide financial flexibility for future investments.
At the upper price band, the issue is valued at a post-issue FY26 P/E multiple of 34.4x and an EV/subscriber multiple of ₹20,117, reflecting its scale, earnings growth, technology capabilities and long-term monetisation potential.