Facts from the company's RHP, explained simply. Not advice and not a recommendation to apply.

Jio Platforms Ltd. IPO

Upcoming

Technology company of the Reliance group. Its subsidiary Reliance Jio Infocomm Ltd. (RJIL) runs the Jio mobile and home broadband services across India.

Last checked against official sources on 19 Oct 2026. Details can change through an addendum or a revised price band; if anything here differs from the RHP or exchange notices, those are correct.

The issue at a glance

Price band (per share): ₹1,065 to ₹1,119
Face value (per share): ₹10
One lot: 12 shares · ₹13,428
Retail bid: 1 to 14 lots · up to ₹1.88 lakh
Issue size: ₹30,213 crore
Fresh issue / offer for sale: ₹30,213 crore / ₹0
Issue type: Book-built issue
Listing on: NSE, BSE
Employee discount: ₹54 per share

Eligible employees: shares worth up to ₹500 crore are reserved, with a discount of ₹54 per share
Eligible shareholders of Reliance Industries Ltd.: shares worth up to ₹2,500 crore are reserved
An eligible employee can bid up to ₹5 lakh (net of the discount); the first allotment to each is up to ₹2 lakh (RHP p. 10)
An eligible RIL shareholder can bid up to ₹2 lakh in that portion, and can also bid in the retail or non-institutional portion without it counting as a multiple bid (RHP pp. 14, 533)

Important dates

Dates after bidding closes are tentative until the exchanges confirm them.

Bidding opens	21 Oct 2026
Bidding closes (last day)	23 Oct 2026
Allotment	26 Oct 2026tentative
Refunds / money unblocked	27 Oct 2026tentative
Shares credited to demat	27 Oct 2026tentative
Listing on the exchange	28 Oct 2026tentative

Where the money goes

The company is offering shares worth up to ₹30,213 crore at the top of the price band.

₹30,213 crore is a fresh issue: new shares, and this money goes to the company for the purposes listed under "Objects of the issue".

The smallest bid is one lot of 12 shares, which is ₹13,428 at the top of the price band.

Objects of the issue (from the RHP)

Up to ₹27,500 crore (₹275,000 million) to prepay, in full or in part, certain borrowings of the subsidiary RJIL, in FY 2027 (RHP p. 116)
General corporate purposes: the amount will be fixed after the issue price is set, and cannot be more than 25% of the gross proceeds (RHP p. 116)

Who the shares are for

Reserved portions are the rupee amounts in the RHP. The other amounts are AQVIK's arithmetic at the top of the price band from the RHP's percentages, because the RHP gives exact share counts only after the price is fixed. Unsubscribed shares in one category can move to another as the RHP describes.

Category	Who can apply	Share of the issue	About	Most one person can bid	How shares are given
Eligible employees	Eligible employees, as defined in the RHP; they get a ₹54 discount per share	Reserved, outside the net issue	up to ₹500 crore	₹5 lakh	Proportionate; first allotment up to ₹2 lakh each (net of discount)
Shareholder reservation	Individuals and HUFs holding Reliance Industries shares on 14 Oct 2026 (the RHP date); they can also bid as retail or NII	Reserved, outside the net issue	up to ₹2,500 crore	₹2 lakh	Proportionate, subject to the minimum bid lot
QIB (institutions)	Mutual funds, banks, insurers, foreign portfolio investors and other qualified institutions	Not more than 50% of the net issue; up to 60% of this can go to anchor investors a day before opening	≈ ₹13,593.82 crore	No limit	Proportionate
Small NII (sNII)	Individuals and others bidding above ₹2 lakh up to ₹10 lakh	One-third of the NII portion (NII is not less than 15% of the net issue)	≈ ₹1,359.38 crore	₹10 lakh	Lottery for the minimum NII application when oversubscribed
Big NII (bNII)	Individuals and others bidding above ₹10 lakh	Two-thirds of the NII portion	≈ ₹2,718.76 crore	No limit (up to the NII portion)	As per the basis of allotment, subject to the minimum NII application
Retail individual investors	Individuals bidding up to ₹2 lakh	Not less than 35% of the net issue	≈ ₹9,515.68 crore	₹2 lakh	Lottery for one lot each when oversubscribed

First, ₹500 crore is set aside for eligible employees and ₹2,500 crore is set aside for eligible shareholders. Only they can bid in those portions. The rest, about ₹27,187.65 crore, is called the net issue, and it is shared between institutions (QIB), NII and retail investors as shown above. The retail share has room for about 70.86 lakh lots of 12 shares, so if more retail investors than that apply, not everyone gets a lot.

What the company does

Through RJIL, sells mobile (4G and 5G) and home broadband (JioFiber, JioAirFiber) connections across India; it had 533.3 million customers on 30 June 2026, including 284.9 million 5G customers.
Also offers entertainment, cloud, smart-home and AI products to consumers, and connectivity, cloud, security and managed services to businesses.
RJIL brought in 87.74% of consolidated revenue from operations in FY 2026, and the group reports a single operating segment.
Its network has 360,537 towers, more than 1 million route km of optical fibre and 26,800.8 MHz of spectrum.
Reliance Retail Ltd. is the only distributor of its prepaid mobile plans, which were 77.08% of consolidated revenue in FY 2026.
Promoter: Reliance Industries Ltd., which held 66.43% of the shares before the IPO.

Summarised from "Our Business" in the RHP, pages 33–34, 126 and 196–234.

The company's numbers, explained

₹ crore, restated consolidated, from the RHP (pages 74; the RHP reports in ₹ million).

₹ crore	FY 2024	FY 2025	FY 2026	Q1 FY 2027 (3 months)
Revenue	1,09,558.1	1,28,218.4	1,46,885.3	39,172.9
Profit after tax	21,423.2	26,109	30,049.1	7,764.1
Net worth	2,77,866.1	3,04,022.4	3,34,013.4	3,41,778.5
Total borrowings	54,348.9	73,060.3	70,781	61,372.2
Total assets	5,39,580.4	5,81,233.8	6,15,594	6,22,905.3

In FY 2026, the company earned ₹1.47 lakh crore from what it sells. This is its revenue.

After paying all its costs and taxes, ₹30,049.1 crore was left. This is its profit.

So for every ₹100 of revenue, about ₹20.5 was left as profit.

Revenue went up from ₹1.28 lakh crore in FY 2025 to ₹1.47 lakh crore, a change of +14.6%.

In FY 2025 it had a profit of ₹26,109 crore; in FY 2026, a profit of ₹30,049.1 crore.

What belongs to the owners after all debts are subtracted (net worth) was ₹3.34 lakh crore at the end of FY 2026.

It owed ₹70,781 crore to lenders, which is ₹0.21 of borrowing for every ₹1 of the owners' money.

In the latest part-year (Q1 FY 2027, 3 months), revenue was ₹39,172.9 crore and profit ₹7,764.1 crore. A part-year cannot be compared directly with a full year.

Figures are restated consolidated numbers from the RHP (pages 74). The RHP explains them in full.

Risks the company lists

These are the first 5 risk factors in the order the RHP lists them, summarised. They are not all the risks and not AQVIK's assessment. The full "Risk Factors" section is on pages 30–71 of the RHP; read it before deciding.

Licence and spectrum: RJIL needs its telecom licences and spectrum to operate; if it cannot keep or renew them, or does not win spectrum it needs, the business could be materially affected. (RHP p. 30)
Related parties: the business relies on agreements with the promoter, Reliance Retail Ltd. and other Reliance Group companies; a disruption in these services could affect it. (RHP p. 31)
Single distributor: Reliance Retail Ltd. is the only distributor of prepaid connectivity, which was 77.08% of consolidated revenue in FY 2026; a disruption in this arrangement would affect results. (RHP p. 33)
Dependence on RJIL: in FY 2026 RJIL contributed 87.74% of revenue from operations, 94.88% of EBITDA and 93.76% of profit; any decline at RJIL would affect consolidated results. (RHP p. 34)
Network: a disruption to its network, tower and fibre infrastructure or technology could interrupt service, materially affect the business and lead to more customers leaving. (RHP p. 34)

How much to bid

One lot is 12 shares. Amounts are at the top of the price band, ₹1,119 per share, which is what bidding at cut-off blocks.

Lots you bid for

Amount blocked: ₹13,428.00
Shares: 12
Your category: Retail individual investor (up to ₹2 lakh)
How to pay: UPI or ASBA net banking

Retail investors can bid for up to 14 lots at this price (₹1,87,992), within the ₹2 lakh limit.

If you sell (an illustration)

Type any sale price to see what it would mean for 12 shares sold within 12 months. This is not a forecast.

Sale price you want to try (per share)

₹

Paid for the shares: ₹13,428.00
Sale value: ₹13,428.00
Gain before tax: ₹0.00
Estimated tax you pay later (20% + 4% cess): ₹0.00
Gain left after that tax: ₹0.00

The tax is not deducted at sale; you pay it when you file your return.

Listed shares sold within 12 months, with STT paid, are short-term capital gains, taxed at 20% plus 4% cess for tax year 2026-27. This tax is not cut when you sell: the full sale amount (minus brokerage, STT and other charges) reaches your account, and you pay the tax yourself as advance tax or when you file your income tax return. Your actual tax can be lower or higher depending on your total income, losses you can set off and surcharge. This is a simple estimate, not tax advice.

An illustration only, using the numbers you enter. It is not a forecast of any price and not tax advice. STT, stamp duty, brokerage, exchange charges, surcharge and your own tax situation are not included, so your actual result will differ.

Investor categories and allotment

When the retail portion is oversubscribed, SEBI rules give one lot each to as many retail applicants as possible, chosen by a computerised lottery. Your chance depends on how many retail lots there are compared with how many valid retail applications were made, not on the subscription figure alone, and applying for more lots does not raise your chance of getting the first lot. The registrar publishes the exact basis of allotment after the issue closes.

Category	Bid amount	When oversubscribed	Pay with
Retail individual investor	Up to ₹2 lakh	Lottery for one lot each when oversubscribed	UPI or ASBA
Small non-institutional (sNII)	Above ₹2 lakh up to ₹10 lakh	Lottery for the minimum NII application when oversubscribed	UPI up to ₹5 lakh, ASBA above
Big non-institutional (bNII)	Above ₹10 lakh	As per the basis of allotment, subject to the minimum NII application	ASBA

How to apply

Step 1
Have a demat account and UPI
You need a demat and trading account with a broker, and a UPI ID linked to a bank account in your own name.
Step 2
Open the IPO in your broker app
Look for the IPO section while the issue is open. You can also apply through your bank's net banking (ASBA).
Step 3
Choose lots and price
Bid in whole lots. Retail investors can tick "cut-off" to bid at the final price; the amount blocked is at the top of the price band.
Step 4
Approve the UPI mandate
Your UPI app will ask you to approve a mandate that blocks the money. The money stays in your account, blocked, until allotment. Approve it before the cut-off time on the closing day.
Step 5
Check allotment
After the allotment date, check your status on the registrar's website with your PAN or application number. If you get no shares, the blocked amount is released.
Step 6
Listing
Allotted shares reach your demat account before listing day and can be sold once the shares list on the exchange.

Apply only through your own broker app or your bank's net banking (ASBA). Nobody can get you a "guaranteed" or "pre-IPO quota" allotment; links or WhatsApp messages offering one are fraud. AQVIK never asks for your UPI PIN, OTP or payment.

Check allotment

The registrar is KFin Technologies Ltd.. After the allotment date, check your status on its website with your PAN or application number:

KFin Technologies Ltd. allotment status(opens in a new tab)

Official documents and sources

Every figure on this page comes from the sources listed below. If you spot a mismatch with the RHP, the RHP is correct; please tell us at support@aqvik.com.

Book-running lead managers: Kotak Mahindra Capital Co. Ltd., Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities & Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, JP Morgan India, SBI Capital Markets, UBS Securities India, 360 ONE WAM.

Links to SEBI, the exchanges and the registrar open their own websites in a new tab. AQVIK does not control those sites and is not responsible for their content.

Words on this page

Revenue

Money the company earned from selling its products or services, before costs.

Profit after tax

What is left from revenue after every cost and tax is paid. A negative number is a loss.

Net worth

What the company owns minus what it owes: the owners' share.

Borrowings

Loans and debt the company has to repay to banks and other lenders.

Fresh issue

New shares created in the IPO. The money goes to the company.

Offer for sale (OFS)

Existing shareholders selling some of their shares. The money goes to them, not the company.

Price band

The lowest and highest price per share you can bid. The final price is set after bidding closes.

Lot

The fixed bundle of shares bids are made in. You can bid for one or more whole lots.

RHP (red herring prospectus)

The company's official offer document, filed with SEBI. It has the full details of the company, the issue, its financials and its risks.

QIB (qualified institutional buyer)

Large institutions such as mutual funds, banks, insurers and foreign portfolio investors, who bid in their own portion of the issue.

NII (non-institutional investor)

Individuals and others who bid for more than ₹2 lakh. Split into small NII (up to ₹10 lakh) and big NII (above ₹10 lakh).

Retail individual investor

An individual who bids for up to ₹2 lakh in the issue.

Anchor investors

Institutions given shares a day before the issue opens, at a price not below the issue price. Their shares cannot be sold for a lock-in period stated in the RHP.

ASBA

Application Supported by Blocked Amount: your bank blocks the bid amount in your account instead of taking it, and releases whatever is not used for shares.

UPI mandate

A request in your UPI app to block the bid amount. Approving it is what completes a UPI bid.

Basis of allotment

The registrar's document, published after the issue closes, showing how shares were given out in each category.

We do not show grey market premium (GMP). It comes from an unofficial, unregulated market, SEBI has cautioned investors about it, and it often differs from the listing price.

AQVIK takes no payment from companies, lead managers, registrars or brokers for IPO pages, and IPO pages carry no broker referral links or IPO advertising.

This page is for information and education only. AQVIK is not registered with SEBI as an investment adviser or research analyst, and is not connected to, or paid by, the company, its lead managers, the registrar or any broker. Facts on this page come from public documents such as the RHP and exchange notices; AQVIK does not say whether to apply, buy, hold or sell. Dates after the issue closes are tentative until the exchanges confirm them. The RHP is the authoritative document: read it, and check details in your broker app, before you bid. Investing in shares carries risk, including the loss of money.