Jio Platforms is due to list Oct. 28 on India’s National Stock Exchange and BSE, subjecting its ₹10.3 trillion offer-price valuation to a public-market test.
A prospectus filed with the Securities and Exchange Board of India (SEBI) records an aggregate issue amount of ₹301.876 billion (₹30,187.6 crore) for 270 million newly issued shares. Existing shareholders sold no shares in the offer. The valuation estimate applies the ₹1,119 offer price to roughly 9.2 billion post-issue shares; the eventual market value will depend on trading.
For the year ended March 31, 2026, Jio Platforms reported ₹146,885.3 crore in revenue from operations and ₹76,255.4 crore in EBITDA, with a 51.91% margin. Its ₹30,049.1 crore profit for the year puts the offer-price valuation at about 34.3 times that figure, a calculation based on prospectus data.
The earnings base remains concentrated in Reliance Jio Infocomm Limited (RJIL), Jio Platforms’ telecom subsidiary. RJIL served 533.3 million customers as of June 30, 2026, and its exit-quarter average revenue per user was ₹215.6 per month. In FY26, it contributed 87.74% of Jio Platforms’ revenue from operations, 94.88% of EBITDA and 93.76% of profit after tax.
Jio Platforms combines RJIL’s mobile and broadband operations with consumer and enterprise digital services. Its filing names home broadband, enterprise offerings and AI products as areas for expansion. But the reported operating measures focus largely on RJIL’s connectivity business, and the prospectus gives no separate earnings breakdown for newer digital services.
The prospectus allows up to ₹27,500 crore of net funds raised to be used for early repayment of RJIL debt and allocates up to ₹2,217.9 crore for general corporate purposes. That could provide RJIL with balance-sheet relief. The filing says the post-listing share price may differ from the offer price and warns that an active trading market may not be sustained. Trading is scheduled to begin Oct. 28.
