The biggest financial event of 2026 is officially underway. Jio Platforms Limited, the digital and telecom behemoth under Reliance Industries Limited (RIL), has officially filed its Draft Red Herring Prospectus (DRHP) with the market regulator, SEBI.
The blockbuster public issue, highly anticipated by the market, marks a pivotal moment for India’s digital ecosystem. Reliance Chairman and Managing Director Mukesh Ambani noted that the listing will unlock immense value for existing Reliance shareholders while giving the general public an entry point to trade the tech giant’s shares directly.
Here is everything you need to know about the upcoming Jio Platforms IPO, from issue structure to financials and core growth plans.
Jio Platforms IPO Details & Issue Structure
According to the draft papers submitted on Friday, June 19, 2026, the Jio Platforms IPO is structured as a 100% fresh issue. This means none of the existing promoters or stakeholders are selling their shares; instead, all the capital raised will flow straight into fueling the company’s expansion.
- Fresh Issue Size: 27 crore equity shares (Face value of ₹10 each)
- Estimated Issue Size: Market sources speculate the total IPO size to be around $3 billion (approx. ₹25,000+ crore), though the final price band and valuation are yet to be officially announced.
- Pre-IPO Placement: The company plans to raise up to ₹257 crore through a pre-IPO placement. If successful, this amount will be deducted from the main fresh issue.
- Listing Destinations: Proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
- Registrar to the IPO: KFin Technologies Limited.
Object of the Issue: Where Will the Money Go?
Unlike many public offerings that feature an Offer-for-Sale (OFS) component, the capital raised here will actively work toward strengthening the company’s financial health and technical capabilities:
- Debt Reduction: A primary chunk of the proceeds will go toward the repayment or prepayment of existing borrowings held by its telecom subsidiary, Reliance Jio Infocomm Limited.
- Infrastructure & Tech Expansion: Investing in advanced IT systems, cloud computing infrastructure, data science capabilities, and setting up new processing and fulfillment centers.
- General Corporate Purposes: General corporate growth strategies and potential unidentified inorganic sales (strategic acquisitions).
Powering the Next Phase: Gen-Next Leadership & 5 Core Priorities
The corporate execution of the IPO is taking a significant generational shift. Mukesh Ambani confirmed that the IPO and the subsequent growth phase will be managed and led by his children—Akash, Isha, and Anant Ambani.
Aligning with the announcements made during RIL’s 48th Annual General Meeting (AGM), Jio Platforms is tracking five primary tech pillars to justify its long-term valuation:
- JioTrue5G Network Integration: Deeper commercialization and scaling of their standalone 5G infrastructure.
- JioAirFiber Scaling: Accelerating high-speed fixed-wireless home connectivity across India.
- Empowering MSMEs: Enhancing small and medium business productivity via custom hardware-software solutions like JioPC.
- Proprietary AI Tech: Launching an in-house AI Call Agent alongside deep-tier Artificial Intelligence applications.
Jio Platforms Financial Performance (2024 – 2026)
Jio Platforms enters the primary market backed by stellar top-line and bottom-line growth curves. Over the last three fiscal years, both revenue and net profits have seen strong double-digit growth.
| Financial Period (Ended) | Total Revenue | Total Expenses | Profit After Tax (PAT) |
| FY 2024 | ₹1,10,175.4 Cr. | ₹81,367.4 Cr. | ₹21,423.2 Cr. |
| FY 2025 | ₹1,29,333.0 Cr. | ₹94,205.7 Cr. | ₹26,109.0 Cr. |
| FY 2026 | ₹1,49,759.1 Cr. | ₹1,09,406.0 Cr. | ₹30,049.1 Cr. |
Key Valuation Metrics (FY2026)
- Earnings Per Share (EPS): ₹33.63 (Basic)
- Return on Net Worth (RoNW): 9.42%
- Net Asset Value (NAV): ₹373.66 per share
- P/E Ratio: To be determined once the final price band is announced.
Peer Group Comparison
When stacked up against India’s listed telecom and digital services peers, Jio Platforms’ revenue scale and profit margins place it in a strong position relative to its competitors:
| Company Name | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) | Total Income |
| Jio Platforms Limited | 33.63 | TBD | 9.42% | 373.66 | ₹1,49,759.1 Cr. |
| Bharti Airtel Limited | 45.96 | 42.27 | 20.32% | 244.60 | ₹2,10,972.8 Cr. |
| Vodafone Idea Limited | 3.21 | 4.65 | (3.30%) | -3.30 | ₹44,873.0 Cr. |
A Powerhouse Roster of Merchant Bankers
To handle an IPO of this magnitude smoothly, Reliance has deployed a massive syndicate of 19 top-tier domestic and global financial institutions to orchestrate the book-building process:
Global & Domestic Lead Managers: Kotak Mahindra Capital, Morgan Stanley India, BofA Securities, Axis Capital, BNP Paribas, Citigroup Global Markets, CLSA India, DAM Capital Advisors, Goldman Sachs, HDFC Bank, HSBC Securities, ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, JP Morgan India, SBI Capital Markets, UBS Securities, and 360 One WAM.