Jio Platforms Limited opens its IPO Wednesday as Managing Director Akash Ambani pitches digital services, while its telecom subsidiary contributed 87.74% of consolidated revenue from operations in fiscal 2026.
Ambani said Jio wants to give customers “more to do on our network” in an emailed interview with Mint published Oct. 20. He said the company has set no five-year target for average revenue per user and would consider customer needs, usage and service quality when developing offerings.
The prospectus shows the scale of Jio’s existing business. Reliance Jio Infocomm Limited (RJIL), its telecom subsidiary, served 533.3 million customers in India as of June 30. In fiscal 2026, RJIL also contributed 94.88% of Jio Platforms’ EBITDA and 93.76% of its profit after tax.
Jio Platforms reports its operations as one business segment, with connectivity accounting for substantially all revenue. The filing does not break out sales by digital product, saying those services are packaged with connectivity. For the quarter ended June 30, the company reported 333.6 million monthly offers of OTT and music-streaming subscriptions included in connectivity plans. That figure describes offers, not standalone paid subscriptions.
Reliance Industries Limited disclosed the offering terms: up to 270 million newly issued shares priced at ₹1,065 to ₹1,119 each. Multiplying the maximum share count by the top price yields ₹302.13 billion before a ₹54-per-share discount for eligible employees and issue expenses. The issue contains no shares sold by existing owners, so the proceeds go to Jio Platforms and issuing new shares would reduce current owners’ percentage stakes.
Jio Platforms proposes to use up to ₹275 billion of net proceeds to repay or prepay borrowings at RJIL. The company says that would lower net debt and servicing costs. Reliance Industries, Jio Platforms’ parent, is not selling shares in the offering.
Bidding is scheduled to close Friday, Oct. 23. UPI payment mandates are due by 9:30 a.m. ET (13:30 UTC) that day, according to the prospectus.
