Jio Platforms IPO: DRHP filed, key metrics for 2026

A record IPO filing brings Jio to market focus

Jio Platforms has filed its draft red herring prospectus (DRHP) with SEBI, starting the formal process for what market participants expect could be among India’s largest IPOs. The listing is being watched closely because it offers investors a direct route to Reliance Jio Infocomm, India’s largest telecom operator by subscriber base. Reports and source-based disclosures in the market point to a capital raise of about $1.8 billion to $1 billion. If it reaches those levels, the offering would be positioned to surpass Hyundai Motor India’s 2024 IPO, which raised 278.7 billion rupees.

Why the timing matters for Indian telecom

The IPO is coming when the telecom cycle is described as strengthening, supported by rising average revenue per user (ARPU), steady data consumption growth, and moderating capital expenditure intensity. India’s ARPU is expected to grow at a 7% compound annual growth rate over the next three years, according to the information provided. That backdrop matters because ARPU improvements typically flow through to profitability for telecom operators once network build-outs stabilise. For investors, the combination of a large user base and improving unit economics is a central part of the Jio listing narrative.

What the DRHP and reports say about issue size and float

Multiple figures are circulating on the likely size and valuation of the offering. Reuters cited sources saying the IPO is aiming to raise around 360 billion rupees (about $1.81 billion). Those sources also indicated the fundraise could represent about 2.9% of equity post-issue, implying a valuation of roughly $131 billion. Separately, other commentary in the provided material references a targeted valuation band of $130 billion to $180 billion, and an additional estimate of $170 billion to $100 billion from bankers.

The documents also indicate the IPO could include issuance of up to 270 million shares. However, specific details such as offer price and final valuation were described as undisclosed at this stage.

Subscriber scale and 5G footprint disclosed

Jio’s telecom scale is central to the equity story. As of March 31, the prospectus figures cited show Jio’s telecom segment had 524.4 million subscribers. Of these, 268.5 million were using its 5G network, reflecting the rapid adoption of 5G services within the existing base. Separate commentary also framed Jio as the second-largest operator globally by subscribers in a single country, behind China Mobile.

This scale is relevant because the IPO seeks to capitalise on the embedded value of the telecom business, particularly at a time when the market is focused on monetisation rather than just subscriber acquisition.

ARPU trend and what it signals

The material includes multiple ARPU datapoints. It cites ARPU of ₹211.4 for the September 2025 quarter. It also states ARPU increased to ₹214 per month in FY26, compared with ₹206.2 in FY25 and ₹181.7 in FY24. The filings and commentary link the ARPU rise to tariff hikes and premiumisation, and note that Jio led tariff hikes in 2024 and 2025, which pulled up industry pricing.

For investors, ARPU is one of the cleanest indicators of revenue quality in telecom. A sustained move above the ₹200 level, alongside a 7% expected CAGR for industry ARPU, puts the spotlight on how effectively operators can convert higher usage into cash flows.

Financial performance: revenue and profitability signals

The DRHP-linked figures cited show revenue from operations rose 14.6% year-on-year to ₹147,000 crore in FY26, compared with ₹128,000 crore in FY25. Over the last two years, revenue was said to have increased by more than 34%, driven by subscriber growth, higher ARPU, and expansion across digital services.

Another set of figures in the material reports FY26 revenue and EBITDA of ₹176,000 crore and ₹76,600 crore, up 14.3% year-on-year. Separately, a “key financials” snapshot cites EBITDA growth of 17% year-on-year and net leverage of 0.36x, described as down sharply. Taken together, these datapoints position leverage and operating performance as headline metrics ahead of the offering.

Subscriber additions: acceleration in FY26

The DRHP-linked data suggests subscriber additions accelerated meaningfully. Jio’s customer base expanded to 524.4 million at the end of FY26 from 488.2 million a year earlier. Net additions in FY26 were 36.2 million, compared with 6.4 million in FY25. This jump matters because it provides a demand-side explanation for revenue growth alongside ARPU increases.

The material also includes a broker expectation that Jio could gain 6.5 million subscribers quarter-on-quarter, split between 5 million mobile and 2 million broadband, but this is presented as an analyst expectation rather than a disclosed result.

Market impact: IPO pipeline and investor attention

The potential record listing size is also being framed as a sentiment event for India’s primary market. The material states that a successful launch could revive interest in India’s IPO market after a decline in new listings. It also highlights that both Jio Platforms and the NSE are expected to be among the largest IPOs to enter the Indian market, with some estimates suggesting the NSE IPO could raise over $1 billion.

From a sector lens, the listing also increases the focus on India’s telecom economics: ARPU trajectory, 5G monetisation, and the pace at which capex intensity moderates as networks mature.

Key numbers snapshot

FY25 vs FY26: selected DRHP-linked metrics

What to watch next

With the DRHP filed, the next steps will revolve around regulatory review, final offer structure, and pricing. Investors are likely to track updates on ARPU, 5G user expansion, and leverage trends as the process moves forward. The offering is being positioned for the next few quarters, and broader market attention remains high because of its potential to set a new benchmark for IPO size in India.