Jio Platforms Limited has filed its Draft Red Herring Prospectus (DRHP) dated June 19, 2026, for what is set to be one of the largest IPOs in Indian market history. The issue is a 100% fresh issue of up to 27,00,00,000 (27 crore) equity shares of face value ₹10 each, with no Offer for Sale (OFS) component. Below is a detailed, section-by-section breakdown of the business, financials, shareholding, use of proceeds, growth plans, and key risks that an investor should understand before forming a view.
Note: This is a draft prospectus. The price band, lot size, exact issue size in rupees, anchor and bid dates, and reservation numbers are marked as “[●]” and will be confirmed in the Red Herring Prospectus (RHP) closer to the launch.
IPO Snapshot
| Company | Jio Platforms Limited |
| Issue Type | Fresh Issue only (Book Built, 100%) |
| Fresh Issue | Up to 27,00,00,000 shares (₹10 face value) |
| Offer for Sale | Not applicable (no promoter exit) |
| Price Band / Lot | To be announced (RHP) |
| Pre-Issue Shares | 8,93,90,30,830 (≈894 crore shares) |
| Promoter | Reliance Industries Limited (66.43%) |
| Reservations | Eligible Employees + RIL Shareholders portions |
| Registrar | KFin Technologies Limited |
| Listing | NSE and BSE (proposed) |
The IPO is being managed by an unusually large syndicate of book running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas, Citigroup, CLSA, DAM Capital, Goldman Sachs, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, Jefferies, JM Financial, J.P. Morgan, SBI Capital Markets, UBS Securities and 360 ONE WAM.
About the Company & Business Overview
Jio Platforms describes itself as a technology platform built on proprietary digital technology with pan-India digital connectivity as its foundational layer. Its material subsidiary, Reliance Jio Infocomm Limited (RJIL), is the licensed telecom operator that actually holds the spectrum and serves customers. As of March 31, 2026, RJIL served 524.4 million customers in India.
The business model rests on a vertically integrated, in-house technology stack spanning network, device engineering, software, operating systems (OSS/BSS) and digital applications. Management states the company is the only digital connectivity provider globally with an end-to-end 5G stack, including a 4G+5G combination core, 5G devices and proprietary operating systems. As of March 31, 2026, the company had applied for 6,817 patents and was ranked among the top 20 global companies in WIPO’s Patent Cooperation Treaty rankings in 2025. About 11,303 employees (~40% of the workforce) work in digital products and technology development.
The company positions itself as the “Gateway to Digital India,” combining mobile, fixed broadband and digital services on a single platform, and is now transitioning toward an AI-native digital services company.
Products & Services
For consumers, the company offers:
- Mobile and fixed digital connectivity (wireless and fixed broadband such as JioFiber and JioAirFiber).
- Digital services across entertainment, cloud gaming, cloud compute, cloud PC and storage, and smart home solutions (own and third-party).
- Next-generation AI products, such as AI assistants.
For businesses, the company offers:
- Enterprise-grade broadband and leased-line connectivity.
- Cloud, productivity, unified communications, IoT, Managed Wi-Fi, private 5G and security solutions.
- End-to-end managed information and communication services.
- AI enterprise suite products.
Consumer access points include the MyJio App (215.9 million average monthly active users in FY2026), the Jio Set-top-box and JioTV+ for the home, and a physical network of 1,059 Jio Centres and 6,323 Jio Points. The company’s proprietary AI engine, JioBrain, is embedded across network operations for autonomous decision-making.
Operational Scale (Key Performance Indicators)
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Customers (mn) | 524.4 | 488.2 | 481.8 |
| 5G Customers (mn) | 268.5 | — | — |
| Fixed Broadband (mn) | 27.1 | — | — |
| ARPU (₹/month, exit Q) | 214.0 | 206.2 | 181.7 |
| Monthly Data/Customer (GB) | 42.3 | 33.6 | 28.7 |
| Monthly Churn (%) | 1.67 | 1.81 | 1.52 |
Additional scale markers: a pan-India network of 360,382 network towers (mostly fiberised), wireless coverage of more than 99% of the population, and roughly 60% of India’s wireless data traffic carried on the network in FY2026. Management cites the company as having about 1.4 times the 4G+5G subscribers of the second-largest player in India (Analysys Mason Report).
Clients / Customer Base
The customer base is broad-based across demographics. Roughly 44% of mobility customers fall in the 18–35 age group; about 46% of network data in FY2026 was consumed in rural areas; and fixed broadband additions in FY2026 split roughly 63% urban and 37% rural. On the enterprise side, the company targets both large Indian enterprises and the estimated 79 million micro, small and medium enterprises (MSMEs), where digital service adoption is estimated below 3%. It also acts as a distribution gateway for group services, such as Jio Financial Services’ JioFinance app available through MyJio.
Vendors, Suppliers & Supply Chain
This is a critical area for investors because the supply chain is heavily intertwined with the Reliance Group:
- Distribution (Reliance Retail Limited): Reliance Retail is the sole distributor of Jio’s pre-paid connectivity services. Pre-paid services contributed 77.08% of consolidated revenue in FY2026. Reliance Retail handles recharge sales, customer acquisition, KYC and collections.
- Customer premise equipment: Supplied by Reliance Retail under a long-term master agreement.
- Passive infrastructure (towers & fibre): Of 360,382 towers used, 174,451 are owned by Summit Digitel Infrastructure Limited (SDIL). Substantially all optic fibre (other than last-mile) is provided by Jio Digital Fibre Private Limited (JDFPL) under long-term agreements with rights of first offer/refusal.
- Network equipment: 5G networking equipment is sourced (on a purchase-order basis) from Sanmina-SCI India Private Limited (SCIPL), in which a Reliance subsidiary holds 50.1%.
- EPC & support services: Project execution, data-centre access, network infrastructure, HR and back-office support are provided by the Promoter under long-term agreements.
The company notes that while alternatives exist, it relies on a limited group of vendors and related parties for distribution, towers and fibre.
Promoter & Group
The promoter is Reliance Industries Limited (RIL), which holds 66.43% of the pre-issue capital. The company has 34 subsidiaries, with RJIL as the key material subsidiary holding the telecom licence (valid until October 2033) and spectrum (20-year validity). The “Jio” trademark is used by other Reliance Group companies and is not exclusively controlled by Jio Platforms.
Shareholding Pattern (Pre-Issue)
| Shareholder | Stake % |
|---|---|
| Reliance Industries Ltd (Promoter) | 66.43 |
| Jaadhu Holdings (Meta affiliate) | 9.98 |
| Google International LLC | 7.73 |
| Public Investment Fund (Saudi) | 2.31 |
| KKR affiliate (Omicron Asia) | 2.31 |
| Vista Equity affiliate | 2.31 |
| Silver Lake affiliate | 1.88 |
| Mubadala affiliate | 1.85 |
| General Atlantic | 1.34 |
| ADIA affiliate (Platinum Jasmine) | 1.16 |
The company has 105 shareholders in total, with the top 10 holding about 97.32%. Global technology and sovereign/PE investors hold meaningful stakes, having invested during the 2020 fundraising round.
Objects of the Issue (Use of Net Proceeds)
The fresh-issue proceeds are earmarked for two purposes:
- Prepayment of borrowings: Up to ₹27,500 crore (₹2,75,000 million) to pre-pay, in full or part, outstanding borrowings of the material subsidiary RJIL — planned for Fiscal 2027.
- General corporate purposes: Capped at 25% of gross proceeds.
Investors should note that the proceeds are directed toward debt reduction and general purposes rather than fresh growth capex. Management states this should reduce net debt, lower servicing costs and improve net leverage and net asset value per share.
Financial Performance
Figures below are from the Restated Consolidated Financial Information, converted to ₹ crore (1 crore = ₹10 million).
| ₹ crore | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Ops | 1,46,885 | 1,28,218 | 1,09,558 |
| Total Income | 1,49,759 | 1,29,333 | 1,10,175 |
| EBITDA | 76,255 | 64,170 | 54,959 |
| EBITDA Margin (%) | 51.91 | 50.05 | 50.16 |
| Profit After Tax | 30,049 | 26,109 | 21,423 |
| PAT Margin (%) | 20.46 | 20.36 | 19.55 |
Balance sheet & ratios (FY26):
| Total Assets | ₹6,15,594 crore |
| Total Borrowings (curr+non-curr) | ₹70,781 crore |
| Cash & Equivalents | ₹16,557 crore |
| Net Leverage (Net Debt/EBITDA) | 0.36x (vs 0.88x in FY24) |
| Basic / Diluted EPS | ₹33.63 / ₹33.59 |
| NAV per Share | ₹373.66 |
| Return on Net Worth (FY26) | 9.42% |
Revenue and EBITDA grew at a CAGR of about 15.79% and 17.79% respectively between FY24 and FY26. Notably, the company has not declared or paid any dividend since incorporation.
Peer Comparison (FY26)
| Company | Rev (₹ cr) | Dil. EPS | P/E | RoNW |
|---|---|---|---|---|
| Jio Platforms | 1,46,885 | 33.59 | [●] | 9.42% |
| Bharti Airtel | 2,10,973 | 44.37 | 42.27 | 20.32% |
| Vodafone Idea | 44,873 | 3.21 | 4.65 | NM |
Industry P/E range cited: highest 42.27, lowest 4.65, average 23.46. Jio’s own P/E will be known only once the price band is fixed, at which point valuation versus peers can be assessed.
Future Goals & Growth Strategies
- Home broadband expansion: Targeting India’s low fixed-broadband penetration (~20% in FY26, projected ~46% by FY31) via JioFiber and JioAirFiber. The company added 27.1 million fixed broadband customers and captured 67.56% of net additions in FY2026.
- Deepen enterprise/MSME base: Outcome-oriented managed services for 79 million MSMEs, bundling connectivity, cloud, security and productivity tools.
- Overseas monetisation: Licensing its indigenous tech stack (cloud-native RAN, 5G core, OSS/BSS, FWA, AI automation) to international operators through partnerships and managed services.
- AI-native platforms: Scaling JioBrain and autonomous network capabilities, with the goal of reaching Level 4 autonomous networks, and extending AI services to other telecoms and verticals.
- Sustainability: Increasing renewable energy use to cut costs and emissions.
Key Risk Factors
- Related-party dependence: Reliance Retail is the sole distributor of pre-paid services (77.08% of revenue); towers and fibre depend on SDIL and JDFPL. Any disruption or unfavourable renewal of these arrangements could materially affect operations.
- Spectrum & licence: RJIL’s unified licence is up for renewal in October 2033; future spectrum bids may require substantial capital.
- Trademark: The “Jio” brand is used by other group entities and is not solely controlled by the company.
- Indebtedness: The company carries significant debt; failure to meet obligations could affect financial condition.
- Heavy r
