Jio Platforms
- Jio Platforms is coming out with a 100% book building; initial public offering (IPO) of 27,00,00,000 shares of face value Rs 10 each in a price band Rs 1065-1119 per equity share.
- Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
- The issue will open for subscription on October 21, 2026 and will close on October 23, 2026.
- The shares will be listed on both BSE and NSE.
- The face value of the share is Rs 10 and is priced 106.50 times of its face value on the lower side and 111.90 on the higher side.
- Book running lead managers to the issue are Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India and 360 ONE WAM.
- Compliance officer for the issue is Venkataraman Ramachandran.
Jio Platforms is a technology platform, built on proprietary digital technology and Pan-India digital connectivity as the foundational layer, driving digital transformation in India. Since its inception, the company has played a pivotal role in democratising access to digital connectivity and digital services in India. Jio Platforms’ digital connectivity forms one of the fundamental pillars of India’s growing digital economy, which is expected to reach $1.4 trillion (Rs 125.8 trillion) by Fiscal 2031. The company’s Subsidiary, Reliance Jio Infocomm Limited (RJIL), served 533.3 million customers in India, as of June 30, 2026. A combination of mobile, fixed broadband and digital services across a unified platform, together with data and customer personalisation, positions it as a comprehensive digital gateway for accessing the internet, digital services and emerging technologies, including artificial intelligence (AI).
In modern software-driven network architecture, the traditional distinction between ‘telecom’ and ‘technology’ no longer applies. The company’s position is more grounded in technology, given that it has designed, built, and deployed its entire network and services stack primarily using proprietary technology, from radio access network to core capabilities, from operating systems to digital applications. Technology is the fundamental architecture of how its business is structured, built, and operated.
The company owns and has developed in-house, the material technology assets forming the core of its business. Its platform is built on five integrated layers: (i) Digital products and services - its consumer applications and enterprise solutions, (ii) Digital connectivity - including its in-house developed network core, platforms and devices; (iii) Phygital access at scale - its phygital distribution network; (iv) Deep customer insights - the customer data and analytics it processes; and (v) Proprietary technology - comprising its intellectual property portfolio and licensed trademarks. As a result, the company is able to deliver transformative digital connectivity at scale, while maintaining operational efficiency and enhancing customer experience across all touchpoints.
Proceed is being used for:
- Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL
- General corporate purposes
Industry overview
India’s digital services market is accelerating rapidly, driven by expanded access to high-quality digital connectivity, diversity of digital applications spanning use cases across all walks of life, and the Government of India’s initiatives such as, Digital India, Aadhaar, UPI and DigiLocker. India’s consumer digital services market is witnessing a structural shift, with digital services increasingly integrated into everyday activities such as work, education, entertainment and household management, rather than remaining discretionary or standalone offerings. As digital adoption deepens, platforms with large-scale consumer reach play an important role in enabling service discovery, distribution and usage across diverse user segments. In this context, Jio operates as a comprehensive digital gateway within India’s consumer digital ecosystem. Through its digital interfaces, including the MyJio application, and its installed base of set-top boxes (STBs), Jio facilitates access to a range of digital services and content. This scale of access is relevant for global and domestic digital service providers seeking to reach Indian consumers through established distribution channels.
The digital entertainment segment is set to grow from Rs 562 billion ($6.2 billion) in FY2026 to Rs 920 billion ($10.2 billion) by FY2031 at a 10% CAGR, driven by accelerated OTT, audio-streaming and cloud-gaming adoption. In India, the digital entertainment segment comprises OTT video services, pay TV, audio streaming and cloud gaming. These services are primarily accessed through smartphones connected via mobile broadband and through smart televisions or STBs connected to fixed broadband networks. As of FY2026, OTT video services (Rs 233 billion ($2.6 billion)) and pay TV (Rs 210 billion ($2.3 billion)) are the largest sub-segments, while audio streaming (Rs 80 billion ($0.9 billion)) and cloud gaming (Rs 19 billion ($0.2 billion)) remain at relatively earlier stages of adoption. By FY2031, OTT (Rs 540 billion ($6.0 billion)), audio streaming (Rs 224 billion ($2.5 billion)) and cloud gaming (Rs 80 billion ($0.9 billion)) are expected to experience accelerated growth, whereas demand for pay TV (Rs 115 billion ($1.3 billion)) is expected to decline as consumers shift towards OTT-based content.
Traditional high-performance gaming, delivered through consoles, PCs and specialised gaming hardware, has seen limited adoption in India due to high device costs, frequent upgrade requirements, high bandwidth game downloads and the need for stable, high-speed digital connectivity. These factors collectively reinforce the structural adoption barriers including, cost, convenience, content and connectivity, constraining mass-market penetration, with fewer than one million gaming consoles in use (less than 1% household penetration). Cloud gaming alleviates many of these challenges by shifting compute, graphics rendering and storage to the cloud, enabling advanced gameplay using everyday devices, such as, a TV without specialised gaming hardware. This reduces cost, eliminates storage constraints and provides broad, instant access to global gaming catalogues, effectively resolving the barriers related to cost, convenience and content. Furthermore, the final constraint of high-speed, low-latency digital connectivity has now been addressed in India. The nationwide roll-out of 5G, alongside the rapid expansion of FTTH and FWA networks, has strengthened lastmile reliability and throughput, enabling smooth, lag-free cloud gaming experiences. With these digital connectivity foundations now in place, the conditions for accelerated cloud gaming adoption are firmly established.
Pros and strengths
Vertically integrated proprietary technology platform: The company’s platform is built on a vertically integrated proprietary technology stack and core capabilities across network, device engineering, software and operating systems and applications. As of June 30, 2026, it had 12,477 fulltime employees in its digital products and technology development team, which is approximately 45% of its overall workforce. The company’s current focus areas for technology related investments include research and development to maintain its technology leadership, with a focus on 6G research, AI-driven network automation through JioBrain, cloud-native platform evolution, and new digital service development.
Sustained digital adoption and technology leadership: The company has been at the forefront of digital adoption in India by making access to digital services ubiquitous through its digital connectivity network. It has invested in new technologies to provide customers a differentiated value proposition, resulting in more customer engagement and expanding use cases of digital services to streaming, cloud gaming, cloud computing and AI. As of March 31, 2026, the company had the largest VoLTE traffic in the world. RJIL, through JioAirFiber, has the largest FWA customer base in India as of June 30, 2026.
Leveraging large customer base for digital service monetisation: The company’s pan-India reach, large and highly engaged customer base, together with a multi-layered access ecosystem, enable it to provide access of its proprietary and third-party digital services to a wide base of consumers in India. Through this ecosystem, it is able to provide enhanced value to consumers by integrating services with its digital connectivity plans and increase consumer stickiness through higher engagement. It also benefits from additional monetisation from new customer acquisition, consumers opting for higher value digital connectivity plans to gain access to certain digital services, and revenue from cross-selling opportunities through share of subscription and advertising revenues of such third-party digital products. Leveraging its large customer base and data insights generated on its platform, many global and Indian companies have partnered with it to jointly design go-to-market products and services for Indian customers.
Advanced network architecture and superior connectivity: The company’s network infrastructure is built on technological elements that it has pioneered. Through research and engineering, its 4G VoLTE network was conceived as a video-first network specifically designed for use cases such as streaming, gaming and cloud computing. The company operates an all-internet protocol network using 4G LTE and 5G technologies. As of March 31, 2026, it operated the second largest VoLTE network globally. Unlike other 4G networks in India that transitioned from 2G and 3G, the company's network was India’s first, greenfield all-internet protocol network with a mobile broadband speed that has been more than double that of the industry average consistently for the last three years.
Risks and concerns
High dependence on material subsidiary RJIL for revenue and profitability: The company’s Material Subsidiary, RJIL, contributes significantly to its Revenue from Operations, EBITDA and PAT. For instance, in Fiscal 2026 and the three months ended June 30, 2026, RJIL contributed 87.74%, 94.88% and 93.76%, and 87.34%, 93.89% and 92.31%, respectively, of its consolidated Revenue from Operations, EBITDA and PAT. Accordingly, any deterioration in the business, financial condition and results of operations of RJIL would adversely impact its consolidated financial condition and consolidated results of operations.
Dependence on limited passive telecom infrastructure providers: The company is dependent on a limited group of passive infrastructure service providers for a substantial portion of its telecommunication towers and optic fibre network. Any disruption in the availability of these passive infrastructure assets could have an adverse impact on its business, financial condition and results of operations.
Exposure to regulatory changes and telecom licensing requirements: The company’s telecommunications business is highly regulated and subject to evolving laws, regulations, and government policies. Its inability to comply with such laws, regulations, government policies, and the terms and conditions of its licences required to operate its businesses may lead to modification, suspension, nonrenewal or additional payments.
Dependence on key vendors and related parties for network infrastructure: The company relies on a limited number of vendors, including related parties for network infrastructure. Any disruptions in its relationship with vendors or any failure by them or the related parties to continue supplying equipment required to maintain and build its network infrastructure could have an adverse effect on its business, financial condition and results of operations.
Outlook
Jio Platforms is a technology company focused on digital connectivity, digital services and technology-led solutions in India. The company has developed proprietary digital technology and pan-India connectivity infrastructure to support the delivery of digital services to consumers and businesses. The company has leadership in digital connectivity and services across India. It has diversified portfolio of consumer and enterprise digital services. On the concern side, the company faces risks from its significant dependence on RJIL for revenue and profitability, limited passive infrastructure providers and key vendors for network operations, and evolving regulatory requirements. Any disruption in subsidiary performance, vendor relationships or regulatory compliance could adversely affect its business and financial performance.
The issue has been offering 27,00,00,000 shares in a price band of Rs 1065-1119 per equity share. The aggregate size of the offer is around Rs 28755.00 crore to Rs 30213.00 crore based on lower and upper price band respectively. Minimum application is to be made for 12 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 14.56% to Rs 1,468,853 million in Fiscal 2026 from Rs 1,282,184 million in Fiscal 2025. This increase was primarily due to an increase in the number of customers availing its services as well as an increase in ARPU. Moreover, the company’s profit for the year increased by 15.09% to Rs 300,491 million in Fiscal 2026 from Rs 261,090 million in Fiscal 2025.
Meanwhile, home broadband represents the next major growth driver for the company’s business. The company aims to continue to connect more households across India through a high-speed broadband network built on the complementary strengths of JioFiber and JioAirFiber. The company’s integrated platform with core capabilities across network, in-house OSS/ BSS software and customer onboarding accelerates rollout, ensures consistency of experience, and delivers structural cost advantages over traditional operators. Fixed broadband connectivity penetration in India is low at 21% when compared to developed and developing economies in Fiscal 2026, and is expected to increase to 46% by Fiscal 2031 with 150.4 million fixed broadband customers. With 28.6 million customers already on its platform, as of June 30, 2026, the company is well-positioned to capture a significant share in this expansion. The company aims to target this growing segment with its offerings across JioFiber and JioAirFiber.
