From free data to a ₹10 lakh crore IPO: How Jio rewrote India's telecom playbook

Reliance Jio transformed India's telecom industry by making mobile data affordable, triggering a price war and forcing rivals to rethink their business models. A decade after its launch, the company is preparing for a landmark initial public offering (IPO), targeting a valuation of ₹10.3 lakh crore as it expands into 5G, broadband, artificial intelligence (AI) and satellite connectivity.

Jio has filed its red herring prospectus, with the IPO scheduled to open on October 21 and close on October 23. The offering comprises a fresh issue of 27 crore shares and is expected to raise up to ₹30,200 crore at the upper end of the reported price band of ₹1,065 to ₹1,119 per share. Reservations include up to ₹2,500 crore for eligible Reliance Industries shareholders and ₹500 crore for employees.

Jio began commercial operations on September 5, 2016, offering free voice calls, free national roaming and introductory data plans far cheaper than competitors' tariffs. It also bundled entertainment and digital applications with connectivity.

Quick answers to key questions

•5 QUESTIONS

1

How did Jio change India's telecom market after launching in 2016?⌵

Jio introduced free voice calls, free national roaming and low-cost data, triggering a prolonged price war. Mobile data use surged as prices fell, and rivals were pushed to rethink their business models.

2

What are the key details of the Jio Platforms IPO?⌵

The IPO is scheduled to open on October 21 and close on October 23, 2026, with a price band of ₹1,065– ₹1,119 per share. It is a fresh issue of up to 27 crore shares and is expected to raise about ₹30,200 crore at the upper end.

3

Who can apply under the Reliance Industries shareholder quota in the Jio IPO?⌵

Individuals and Hindu Undivided Families who held public equity shares of Reliance Industries on October 14, 2026, may be eligible, subject to the prospectus conditions. The IPO reserves shares worth up to ₹2,500 crore for eligible shareholders.

4

Will Reliance Industries shareholders receive Jio shares or cash from the IPO?⌵

No. The IPO is a fresh issue, so Reliance Industries shareholders will not receive cash from the sale or direct Jio shares. Any potential benefit depends on the value of Reliance Industries’ retained stake in Jio Platforms.

5

What are Jio's next growth areas beyond telecom?⌵

Jio is expanding into 5G, fixed broadband, artificial intelligence, enterprise services and satellite connectivity. The company’s challenge is to turn its large subscriber base into greater value through these businesses.

The strategy triggered a prolonged price war. By its first anniversary, Jio had attracted around 130 million users. Monthly mobile data consumption across India subsequently rose from about 20 crore GB before its launch to nearly 370 crore GB by 2018, while data prices fell from at least ₹250 per GB to below ₹15.

The price pressure accelerated consolidation, leaving Jio, Bharti Airtel and Vodafone Idea as the three major private operators in the market.

As its subscriber base expanded, Jio began shifting from introductory offers towards monetisation. In October 2019, it introduced interconnect usage charges on calls to other networks through its tariff plans.

In 2020, Jio Platforms attracted major international investors. Facebook invested ₹43,574 crore for a 9.99% stake, while Google invested ₹33,737 crore for a 7.73% stake.

These investments strengthened Reliance's digital business and reflected ambitions beyond telecommunications, including digital commerce and consumer technology. Jio crossed 400 million subscribers in July 2020.

Jio began trials of its True 5G service in October 2022 across Mumbai, Delhi, Kolkata and Varanasi. By January 2023, the service had expanded to 225 cities.

In June 2024, after years of aggressive pricing, Jio raised tariffs by around 12% to 25% for most users. The increases aimed to improve average revenue per user and generate returns on network investments. Airtel and Vodafone Idea followed with their own tariff hikes.

The shift marked a new phase for Jio, as the focus moved from attracting subscribers to generating greater value from its customer base.

Reliance Industries reported more than 480 million Jio users in its financial year 2025 annual report, including 191 million 5G users.

By March 2026, Jio had 524 million subscribers, including 268 million 5G users. Its fixed broadband base reached 27.1 million, giving it an estimated 43% market share.

Jio is also pursuing satellite connectivity. Its proposed low-Earth-orbit constellation of around 1,600 to 1,650 satellites is intended to provide broadband and direct-to-device connectivity. The proposal received a technical assessment from India's space regulator, IN-SPACe, in July.

Meanwhile, Jio accounted for 44.62% of the telecom sector's adjusted gross revenue in the April-June 2026 quarter, when the sector's total stood at ₹88,796 crore.

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