Reliance Jio Platforms Ltd.

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Overview

Jio Platforms Limited is a Reliance Group digital and connectivity platform company that operates pan-India telecom and broadband networks through its subsidiary Reliance Jio Infocomm Limited (RJIL) and layers digital services such as entertainment, cloud storage/compute, gaming, IoT and enterprise solutions on top of that connectivity. The business emphasizes a vertically integrated, in-house technology stack spanning network equipment/software, devices and operating systems, and digital applications, supported by a large engineering workforce and a significant patent portfolio.

Opening Date

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Closing Date

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Listing Date

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IPO Type

Mainboard

IPO Status

Upcoming

Issue Size

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Fresh Issue

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Offer for Sale

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Price Band

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Lot Size

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Grey Market PremiumGMP

Data not available yet

Est. Listing gains

Data not available yet

GMP Trend

No Trends Yet

IPO Timeline

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Open Date

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Close Date

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Initiation of Refunds

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Listing Date

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Allotment Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size—

Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL₹27500 Cr

General corporate purposes—

Key Performance Indicator

P/E Ratio

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EPS

33.63

ROE

9.42%

ROCE

10.76%

RONW

9.42%

Debt to Equity Ratio

0.2119

PAT Margin

20.46%

EBITDA Margin

76255.4%

P/B

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Bull vs Bear

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Bull case

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Pan-India scale is hard to replicate: 524.4 million customers and ~60% of India’s wireless data traffic in Fiscal 2026 anchor distribution and engagement.
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Fixed broadband leadership compounds reach: 27.1 million JioFiber/JioAirFiber subscribers with 67.56% of FY2026 net fixed broadband additions.
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Industry tailwind from under-penetration: India fixed broadband is ~20% in FY2026, projected to ~46% with 150.4 million customers by FY2031.

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Bear case

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Telecom licence renewal due October 2033 and spectrum largely expires between 2041 and 2042; auctions and roll-out obligations can force higher capex and penalties.
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Network disruptions already occurred: Gujarat 5G/JioAirFiber outage ~2 hours in Fiscal 2026; power-utility failures caused two outages under 3 hours in Fiscal 2025.
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Reliance Retail is sole distributor of prepaid connectivity; prepaid revenue is 77.08% of FY2026 revenue, creating dependence risk if agreements change or disrupt.

Net takeaway

At its core this is a bet on sustaining high operating profitability: EBITDA margin 51.91% and PAT margin 20.46% in Fiscal 2026. If you believe 524.4 million customers can be cross-sold into higher ARPU (₹214.0 exit-quarter), the upside holds; if churn rises above 1.67%, the risk holds. Keep watching Net Leverage and capex intensity: Net Leverage 0.36x and cash capex 23.27% of revenue in FY2026.

Subscription Rate

Subscription data will be available once the IPO opens.

Application Details

Category	Price Band	Application Range	Lot Size
Regular	—	Upto ₹2 Lakhs	—
Employee	—	Upto ₹5 Lakhs	—
Shareholder	—	Upto ₹2 Lakhs	—
High Networth Individual	—	₹2 - ₹10 Lakhs; Above ₹10 Lakhs	—

Frequently Asked Questions

The Reliance Jio Platforms Ltd. IPO is scheduled to open for subscription on yet to be announced and close on yet to be announced. Investors can apply for shares during this period through eligible platforms.

The price band for the Reliance Jio Platforms Ltd. IPO is yet to be announced. Investors can place bids within this range once the issue opens.

The minimum lot size for the Reliance Jio Platforms Ltd. IPO is yet to be announced shares. The minimum investment amount will be known once the price band is finalized.

The total issue size of the Reliance Jio Platforms Ltd. IPO is will be disclosed closer to the issue opening. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Reliance Jio Platforms Ltd. IPO has been subscribed data will be available once the issue opens. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Reliance Jio Platforms Ltd. IPO is ₹. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Reliance Jio Platforms Ltd. are expected to list on stock exchanges on yet to be announced, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Reliance Jio Platforms Ltd. IPO are proposed to be used for The Net Proceeds of the Issue, i.e., Gross Proceeds of the Issue less the Issue related expenses are proposed to be utilised in the following manner:, Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL, General corporate purposes.

Before applying for the Reliance Jio Platforms Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.