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₹1,065 - 1,119
Jio Platforms Ltd
IT - SoftwareIPO
₹1,065 - 1,119
Jio Platforms operates India's largest digital connectivity network and proprietary software platform, built on an end-to-end in-house technology stack and greenfield standalone 4G and 5G architecture. By combining wholly owned network software with nationwide telecom infrastructure, it controls both the physical pipeline and the consumer applications running across it.
Lot12Min Invest₹13,428Face Value₹10Issue Size₹30,213 CrFresh Issue₹30,213 Cr
Timeline
21 Oct
Bidding opens
23 Oct
Bidding closes
26 Oct
Allotment
27 Oct
Refund & demat credit
28 Oct
Listing
Subscription
Subscription opens 21 Oct
Reports
Offer Details
Terms
Issue Size₹30,213 Cr
Fresh Issue₹30,213 Cr
Face Value₹10
Lot Size12 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹13,4281-14 lots
sNII₹2,01,420from 15 lots
bNII₹10,07,100from 75 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerMorgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities & Capital Markets (India) Pvt Ltd, ICICI Securities Limited, IIFL Capital Services Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited, 360 ONE WAM Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group66.43%64.48%Public33.57%35.52%
Objects of the Issue
- Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, RJIL
- General corporate purposes
Anchor Book
Bid Date19-Oct-202630-day lock-in24-Nov-202690-day lock-in23-Jan-2027
Financials
Profit & Loss
| Financial Year | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 73,503 | 81,587 | 1,09,558 | 1,28,218 | 1,46,885 |
| Operating ProfitCr | 31,304 | 38,448 | 54,341 | 63,055 | 73,382 |
| OPM% | 42.6 | 47.1 | 49.6 | 49.2 | 50.0 |
| PBTCr | 16,811 | 20,837 | 28,808 | 35,127 | 40,353 |
| PATCr | 12,534 | 15,487 | 21,434 | 26,120 | 30,053 |
| EPS | 18 | 17 | 24 | 29 | 34 |
Balance Sheet
| Financial Year | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 8,932 | 8,939 | 8,939 | 8,939 | 8,939 |
| ReservesCr | 2,12,018 | 2,28,303 | 2,69,347 | 2,96,108 | 3,27,038 |
| BorrowingsCr | 11,498 | 42,986 | 67,111 | 85,696 | 84,669 |
| Total AssetsCr | 2,92,203 | 3,63,243 | 5,39,580 | 5,81,234 | 6,15,594 |
Cash Flow
| Financial Year | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 33,527 | 32,337 | 57,662 | 68,156 | 77,556 |
| Investing Cash FlowCr | -36,887 | -49,507 | -56,588 | -63,726 | -43,591 |
| Financing Cash FlowCr | -3,427 | 17,093 | 379 | 1,093 | -25,419 |
| Net Cash FlowCr | -6,787 | -77 | 1,453 | 5,523 | 8,546 |
Strengths & Risks
Strengths · as stated in the DRHP
- A technology company with deep-rooted engineering capabilities and full-stack proprietary capabilities.
- Transforming digital connectivity and digital services in India.
- Culture of pioneering and innovation driving execution engine excellence.
- The nation scale, digital gateway to India.
- Future-ready network infrastructure.
- Proven track record of scale, growth and profitability with strong balance sheet.
Strategies · as stated in the DRHP
- Continue to add new mobility consumers and extend its market leadership.
- Continue transforming digital connectivity and digital services at home.
- Expand and deepen its business customer base.
- Monetise its platforms in overseas markets.
- Leverage AI to build and deploy autonomous platforms across digital connectivity and other enterprise verticals.
Risks · as stated in the DRHP
- Reliance Jio Infocomm Limited ("RJIL") holds telecommunication licence and spectrum across different bands which are critical for its operations. Any inability to maintain or renew such licences or to successfully bid for any spectrum required for the company operations, could have a material adverse impact on its business, financial condition and results of operations.
- The company has entered into various agreements with the Promoter, Reliance Retail Limited and other Reliance Group entities for various aspects of its business. Any disruption in the services under these agreements could have an adverse impact on the company's business, financial condition and results of operations.
- Reliance Retail Limited ("RRL") is the sole distributor of the company's pre-paid connectivity services and provides channel distribution, marketing and promotional activities services to the company. Any disruption in its arrangement with RRL would adversely impact the company's business, financial condition and results of operations.
- The company's Material Subsidiary, RJIL, contributes significantly to its Revenue from Operations, EBITDA and PAT. For instance, in Fiscal 2026 and the three months ended June 30, 2026, RJIL contributed 87.74%, 94.88% and 93.76%, and 87.34%, 93.89% and 92.31%, respectively, of the company's consolidated Revenue from Operations, EBITDA and PAT. Accordingly, any deterioration in the business, financial condition and results of operations of RJIL would adversely impact its consolidated financial condition and consolidated results of operations. Further, while the company operates as a technology platform, its key operational indicators ("KPIs") are primarily pertaining to the company's digital connectivity services provided by RJIL and does not reflect the technology platform specific metrics.
- Any disruption to the company's network, passive infrastructure and technology could impair its ability to ensure consistent performance and deliver uninterrupted customer experience, which could have a material adverse impact on the company's business, financial condition and results of operations, and could lead to increased churn in its customer base.
- If the company is unable to respond to changes in technologies, including for instance, more competitive satellite-based broadband services and the evolving demands of its customers, the company may faces technological obsolescence, which would have a material adverse impact on its business, financial condition and results of operations.