Jio Platforms Limited, a subsidiary of Reliance Industries Limited, begins its IPO Oct. 21 with revenue growth but a return on average capital employed of 10.76% in fiscal 2026, down from 12.83% in fiscal 2024.
The offer comprises up to 270 million new shares, with no shares sold by existing owners, at ₹1,065 to ₹1,119 apiece. At the top of the range, Jio Platforms’ price-band advertisement puts the stock at 33.31 times fiscal 2026 diluted earnings per share. It gives a 22.35-times average for two peers, a figure that includes Vodafone Idea earnings affected by exceptional items; Bharti Airtel’s comparable ratio is 40.71 times, the advertisement says.
The prospectus says Jio Platforms plans to use up to ₹275 billion of net proceeds to prepay, in full or in part, specified borrowings of Reliance Jio Infocomm Limited (RJIL), its material subsidiary. The company says the prepayment is intended to reduce financing costs. Because the offer consists of newly issued shares, proceeds go to Jio Platforms; full subscription would lower existing owners’ percentage stakes.
Revenue from operations rose to ₹1.47 trillion in fiscal 2026 from ₹1.10 trillion in fiscal 2024. Profit after tax increased to ₹300.49 billion from ₹214.23 billion. RJIL had 533.3 million customers in India on June 30, 2026, including 284.9 million 5G customers. It generated 87.74% of Jio Platforms’ consolidated revenue and 94.88% of EBITDA in fiscal 2026.
Jio Platforms reported monthly average revenue per user (ARPU) of ₹215.60 for the quarter ended June 30, based on RJIL’s revenue and customer base. Bharti Airtel reported India mobile ARPU of ₹264 for the same period, but the companies’ measures have different stated scopes. Jio Platforms’ prospectus says it reports one operating segment, with digital connectivity accounting for substantially all revenue; it does not separately disclose revenue from individual digital products because they are bundled with connectivity.
Mint reported that Centrum Broking IT and telecom analyst Piyush Pandey saw the offer price and Jio’s ability to raise revenue from its subscriber base as factors shaping returns for IPO investors. Bidding closes Oct. 23.
