Jio Platforms sets Rs 1,065-1,119 price band for all-fresh-issue IPO

The Development

Jio Platforms Limited, the digital connectivity and technology arm promoted by Reliance Industries Limited, has set a price band of Rs 1,065 to Rs 1,119 per equity share for its initial public offering, per the issue information published by the National Stock Exchange. The offer opens for bidding on Wednesday, October 21, 2026 and closes on Friday, October 23, 2026, with the anchor investor bidding date on Monday, October 19, 2026, according to the red herring prospectus dated October 14, 2026, which SEBI lists among red herring documents filed with the Registrar of Companies on October 15, 2026.

The issue is an entirely fresh issue of up to 27,00,00,000 equity shares of face value Rs 10 each, with no offer-for-sale component, per the RHP. At the two ends of the band, that share count works out to roughly Rs 28,755 crore at the floor and Rs 30,213 crore at the cap. The equity shares are proposed to be listed on both the BSE and the NSE, with the NSE named as the designated stock exchange. Coverage of the issue's reservation quotas appeared in Mint.

The Company

The RHP describes Jio Platforms 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, across mobile, fixed broadband and digital services. The promoter, Reliance Industries Limited, holds 66.43% of the pre-issue equity share capital, per the offer document.

Per the restated consolidated financial statements in the RHP, revenue from operations was 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 for the year was Rs 300,491 million in Fiscal 2026, Rs 261,090 million in Fiscal 2025 and Rs 214,232 million in Fiscal 2024. For the three months ended June 30, 2026, revenue from operations stood at Rs 391,729 million and profit at Rs 77,641 million.

The key performance indicators disclosed in the RHP put the exit-quarter average revenue per user (ARPU) at Rs 215.6 per month for the June 2026 quarter, against Rs 208.8 a year earlier, and EBITDA margin at 53.26% for the same three months. Monthly churn for the exit quarter was 1.61%, per the same table.

The Offer Structure

Per the NSE issue information, the bid lot is 12 equity shares and in multiples thereof, so a single lot costs Rs 13,428 at the upper end of the band and Rs 12,780 at the lower end. The maximum subscription amount for a retail individual investor is Rs 2,00,000. Within the issue, the RHP reserves shares aggregating up to Rs 5,000 million for eligible employees, who receive a discount of Rs 54 per share, and up to Rs 25,000 million for eligible Reliance Industries shareholders. Of the net issue, not more than 50% is available to qualified institutional buyers, not less than 15% to non-institutional investors and not less than 35% to retail individual investors, per the RHP.

The stated objects of the issue are the prepayment, in full or in part, of certain outstanding borrowings availed by RJIL, and general corporate purposes. The RHP states the company intends to use up to Rs 275,000 million of the net proceeds for that prepayment. The book is run by 20 lead managers including Kotak Mahindra Capital Company, Morgan Stanley India, BofA Securities India, Axis Capital, Goldman Sachs (India), J.P. Morgan India and SBI Capital Markets, and the registrar is KFin Technologies Limited.

Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator. Earlier primary-market coverage is on the /news desk.

Risk Factors

The RHP lists among its risk factors that RJIL's unified telecom licence is due for renewal in October 2033 and that the majority of its spectrum expires between 2041 and 2042; any inability to maintain or renew licences, or to win required spectrum, could have a material adverse impact, the company discloses. It also states that Reliance Retail Limited is the sole distributor of its pre-paid connectivity services, which made up 77.08% of consolidated revenue from operations in Fiscal 2026, and that any disruption in that arrangement would adversely affect the business.

The offer document further discloses that the group has incurred significant indebtedness, with total borrowings of Rs 613,722 million shown in its capitalisation statement, and that failure to meet financial covenants could adversely affect operations. Among other disclosed risks are the highly competitive Indian telecom market, a capital-intensive business requiring significant capex, related party transactions with the Reliance Group, and the fact that the company has not declared or paid dividends since incorporation. The RHP also notes the price band "should not be considered to be indicative of the market price" after listing.

What Happens Next

Anchor investor bidding takes place on October 19, 2026, followed by the three-day public subscription window from October 21 to October 23. Applications are made through ASBA, with the UPI mandate cut-off at 7:00 pm IST on October 23, per the RHP and NSE. Exchange data will report category-wise bids for qualified institutional buyers, non-institutional investors, retail individual investors, employees and RIL shareholders through the bidding period.

Per the indicative timetable in the RHP, the basis of allotment is to be finalised on or about Monday, October 26, 2026, with refunds initiated and shares credited to demat accounts on or about Tuesday, October 27, 2026. Trading on the stock exchanges is scheduled to commence on or about Wednesday, October 28, 2026.

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 RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band and lot size?

Per NSE's issue information, the price band is Rs 1,065 to Rs 1,119 per equity share of face value Rs 10, and the bid lot is 12 equity shares and multiples thereof. One lot costs Rs 13,428 at the upper end of the band.

When does the issue open and close?

The issue opens on Wednesday, October 21, 2026 and closes on Friday, October 23, 2026, per the RHP. Anchor investors bid on Monday, October 19, 2026. Per the indicative timetable, the basis of allotment is due around October 26 and trading is scheduled to begin around October 28, 2026.

Is any existing shareholder selling shares in the issue?

No. Per the RHP, the issue is entirely a fresh issue of up to 27,00,00,000 equity shares and the offer-for-sale component is marked "Not applicable". The net proceeds go to the company, with up to Rs 275,000 million earmarked for prepaying RJIL borrowings and the balance for general corporate purposes.

Where can I read the RHP?

The red herring prospectus dated October 14, 2026 and the abridged prospectus are available on SEBI's website under Filings, Public Issues, Red Herring Documents filed with ROC. Issue information, including the price range and bid lot, is published on the NSE's IPO pages.

This report is based on the red herring prospectus filed with SEBI and issue information from the NSE. It was surfaced via coverage in Mint.