Jio Platforms IPO, explained for beginners

Subscription status

Anchor investors put in ₹8,110 cr on 19 Oct 2026.

Times subscribed, from NSE and BSE end-of-day figures. 2.00× means bids for twice the shares on offer in that category.

Allotment was finalised on 26 Oct 2026. Check yours on the KFin Technologies or NSE/BSE websites with your PAN.

• Shares were allotted at ₹1,119, the top of the price band, and credited to demat accounts on 27 October. Shares list on NSE and BSE on 28 October.
• The issue closed on 23 October subscribed 22.19 times in total. Institutions (QIBs) bid for about 70 times their portion, most of it on the last day. The retail portion was subscribed 2.72 times, so not every retail applicant got shares.
• Before the issue opened, 212 anchor investors bought shares worth about ₹8,110 crore at ₹1,119.

Key dates

1. 19 Oct 2026Anchor bidding
2. 21 Oct 2026Issue opens
3. 23 Oct 2026Issue closes
4. 26 Oct 2026Allotment
5. 27 Oct 2026Refunds and demat credit
6. 28 Oct 2026Listing on NSE and BSE

Dates after the issue closes are expected dates under SEBI’s three-working-day listing timeline.

The issue at a glance

Who gets the shares

• QIB (institutions): up to 50% of the net offer
• NII (bids above ₹2 lakh): at least 15%
• Retail (bids up to ₹2 lakh): at least 35%

Where the money goes

This is a 100% fresh issue: Jio Platforms creates new shares and keeps the money. Reliance Industries, the promoter, isn’t selling any of its shares. Its stake falls from 66.43% to 64.48% only because new shares are added.

Of the money raised, ₹27,500 crore is set aside to prepay borrowings of its main subsidiary, Reliance Jio Infocomm. The rest goes to general corporate purposes.

New to this? Fresh issue vs offer for sale explains why it matters who gets the money.

Reading Jio’s numbers

Restated consolidated figures from the prospectus. Q1 FY27 is the quarter to 30 June 2026, so it isn’t comparable with full years.

Growth

Total income grew from ₹1,10,175 cr in FY24 to ₹1,49,759 cr in FY26, and net profit from ₹21,434 cr to ₹30,053 cr. Much of that came from ARPU, average revenue per user, rising from ₹181.7 to ₹214 a month as tariffs went up.

Margins

An EBITDA margin of about 52% looks very high, and it is typical of telecom. Building the network costs a fortune up front; running it costs much less. That is why depreciation and network spending, not running costs, are the numbers to watch.

Returns

ROE was 9.42% in FY26. That is modest, mainly because the company carries a very large equity base of ₹3,34,013 cr. See ROE and ROCE.

Debt

Borrowings were ₹70,781 cr against ₹3,34,013 cr of net worth at the end of FY26: debt to equity of about 0.2, which is comfortable. If ₹27,500 crore is used to prepay debt as planned, borrowings would fall to roughly ₹43,281 cr, cutting interest costs. See Debt and interest cover.

Is the price fair? How to think about it

At ₹1,119 you pay about ₹33 for every ₹1 of Jio’s yearly profit. Whether that is fair depends on how fast profit can keep growing, and on what listed telecom companies trade at today. Check their current P/E on NSE or BSE, since it changes daily. Price band and valuation walks through it.

Questions to ask before you decide

• Where is the money going? Here it repays debt. Will lower interest costs lift profit, and by how much?
• Is a P/E of about 33 fair next to listed telecom companies today? Check their current P/E on NSE or BSE.
• Can ARPU (average revenue per user) keep rising? Price increases have driven much of the growth so far.
• Telecom needs heavy spending on networks every year. Read the cash flow statement in the prospectus to see how much cash is left after that spending.
• Reliance Industries keeps control after the issue. Read the “related party transactions” section to see how much business Jio does with group companies.
• Read the “Risk Factors” section at the start of the prospectus. It lists what the company itself says could go wrong.

How to apply

1. Open a demat and trading account with a broker if you don’t have one. Your PAN must be linked.
2. Between 21 and 23 October, open the IPO section in your broker’s app (UPI) or in your bank’s net banking (ASBA).
3. Choose your category: retail (up to ₹2 lakh), or the shareholder quota if you held Reliance Industries shares on the eligibility date in the prospectus.
4. Enter the number of lots and tick “cut-off” to bid at the final price.
5. If you used UPI, approve the mandate in your UPI app. The money is blocked, not debited, until allotment.
6. Check allotment around 26 October on the KFin Technologies or exchange websites.

Applying for more lots doesn’t raise your chances much if retail is oversubscribed: allotment is a lottery. How allotment works.