Jio Platforms fixes Rs 1,119 issue price; allotment stage before Oct 28 listing

The Development

Jio Platforms Limited has fixed the final issue price of its initial public offer at Rs 1,119 per equity share, the cap of its Rs 1,065 to Rs 1,119 price band, and has moved into the post-issue allotment stage ahead of a scheduled debut on the NSE and BSE on October 28, 2026. Per a disclosure filed by its promoter, Reliance Industries Limited, with the BSE and NSE on October 24, 2026, the company "finalised the Issue Price (including the anchor investor issue price) at Rs 1,119" and filed its Prospectus dated October 24, 2026 with the Registrar of Companies, Gujarat at Ahmedabad.

At Rs 1,119, the fresh issue of 27,00,00,000 equity shares amounts to about Rs 30,213 crore. The issue was open for bidding from October 21 to October 23, 2026. The red herring prospectus filed with SEBI set the finalisation of the basis of allotment with the designated stock exchange on or about Monday, October 26, 2026.

Mint reported that the allotment has been finalised and that applicants can check their status on the websites of the registrar, KFin Technologies, and the two exchanges.

The Company

Per the RHP dated October 14, 2026, Jio Platforms describes itself as "a technology platform, built on proprietary digital technology and pan-India digital connectivity". Its material subsidiary, Reliance Jio Infocomm Limited (RJIL), served 533.3 million customers in India as of June 30, 2026, the company discloses. Its offerings span mobile and fixed broadband (JioFiber and JioAirFiber), digital entertainment, cloud and productivity services, smart-home devices, enterprise connectivity and AI products. The promoter is Reliance Industries Limited, which held 66.43% of the pre-issue paid-up equity capital, per the RHP.

The offer document reports consolidated revenue from operations of Rs 1,468,853 million in fiscal 2026, against Rs 1,282,184 million in fiscal 2025 and Rs 1,095,581 million in fiscal 2024. Profit after tax was Rs 300,491 million in fiscal 2026, up from Rs 261,090 million a year earlier. For the three months ended June 30, 2026, revenue from operations was Rs 391,729 million and profit after tax Rs 77,641 million, per the RHP.

The company discloses EBITDA of Rs 762,554 million for fiscal 2026, an EBITDA margin of 51.91%, and total borrowings of Rs 613,722 million as of June 30, 2026. Net leverage, as the RHP defines it, fell from 0.88x in fiscal 2024 to 0.36x in fiscal 2026. Per the offer document, 96.62% of fiscal 2026 revenue from operations came from India, and RJIL contributed 87.74% of consolidated revenue from operations that year.

The Offer Structure

The issue is an entirely fresh issue of up to 27,00,00,000 equity shares of face value Rs 10 each; the abridged prospectus records the offer-for-sale component as "not applicable", so no existing shareholder sold shares and all proceeds go to the company. Per the promoter's October 14 disclosure, the IPO committee approved the Rs 1,065 to Rs 1,119 band, a discount of Rs 54 per share for eligible employees, and a minimum bid lot of 12 shares and multiples thereof. At the final price, one lot costs Rs 13,428.

The issue included a reservation of up to Rs 500 crore for eligible employees and up to Rs 2,500 crore for eligible public shareholders of Reliance Industries as on October 14, 2026, per the same filings. Per the RHP, up to Rs 275,000 million (Rs 27,500 crore) of the net proceeds is earmarked for prepayment, in full or in part, of certain borrowings of RJIL, with the balance for general corporate purposes, capped at 25% of gross proceeds.

The issue is managed by 19 book-running lead managers, including Kotak Mahindra Capital Company, Morgan Stanley India, BofA Securities India, Axis Capital and SBI Capital Markets. KFin Technologies Limited is the registrar and NSE is the designated stock exchange. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator; earlier coverage of the anchor book and bidding is on the /news desk.

Risk Factors

The RHP's summary of its top internal risk factors begins with licence and spectrum renewal. RJIL holds the telecommunication licence and spectrum critical to operations, and the company discloses that an inability to maintain or renew them, or to bid successfully for spectrum, could materially affect its business.

The offer document also discloses a distribution concentration: Reliance Retail Limited is the sole distributor of Jio's pre-paid connectivity services, which constituted 77.08% of consolidated revenue from operations in fiscal 2026. Any disruption in that arrangement would adversely affect the business, the RHP states. Relatedly, it lists dependence on agreements with the promoter and other Reliance Group entities.

Among the other risks the company discloses are its reliance on RJIL, which contributed 94.88% of consolidated EBITDA in fiscal 2026; dependence on a limited group of passive infrastructure providers for towers and optic fibre; shared use of the "Jio" brand with other Reliance Group entities; and network-disruption, cybersecurity and technological-obsolescence risks. The RHP also states that the issue price is not to be taken as indicative of the market price of the shares after listing.

What Happens Next

Per the RHP's indicative timetable, finalisation of the basis of allotment is followed on or about Tuesday, October 27, 2026 by the initiation of refunds for anchor investors, if any, the unblocking of funds in ASBA accounts for unsuccessful or partly successful applications, and the credit of equity shares to the depository accounts of allottees.

Commencement of trading on the NSE and BSE is scheduled on or about Wednesday, October 28, 2026, subject to the exchanges granting final listing and trading approval. The company had received in-principle listing approvals from both exchanges in letters dated July 7, 2026, per the RHP.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The bidding period for this issue closed on October 23, 2026. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges; read it directly before making any decision.

What was the final issue price?

Per the promoter's October 24, 2026 filing with the BSE and NSE, Jio Platforms finalised the issue price, including the anchor investor issue price, at Rs 1,119 per equity share of face value Rs 10, the top of the Rs 1,065 to Rs 1,119 band. Eligible employees received a discount of Rs 54 per share.

How is the basis of allotment decided?

The registrar, KFin Technologies, finalises the basis of allotment with the designated stock exchange, NSE, in line with the SEBI ICDR Regulations. The allotment status can be checked on the registrar's website and on the NSE and BSE websites.

When will shares be credited and funds unblocked?

Per the RHP's indicative timetable, both the credit of shares to the demat accounts of allottees and the unblocking of ASBA funds for applications not allotted were scheduled on or about October 27, 2026.

When does the stock list?

Per the RHP, trading is scheduled to commence on the NSE and BSE on or about October 28, 2026, subject to final listing and trading approval from the exchanges.

Where can I read the RHP?

The red herring prospectus dated October 14, 2026 and the abridged prospectus are on SEBI's public-issues filings page, and the RHP is also linked from the NSE and BSE issue pages.

This report is based on the red herring prospectus filed with SEBI and the promoter's issue-price disclosure filed with the BSE. It was surfaced via coverage in Mint.