Jio Platforms IPO GMP signals 22% potential listing gain; issue opens on October 21

ETMarkets.com

Jio Platforms’ Rs 30,213-crore IPO will open for subscription on October 21. 

Jio Platforms’ IPO is a book-built issue worth Rs 30,213 crore, comprising a fresh issue of 27 crore equity shares.

The issue will open for subscription on October 21 and close on October 23, 2026. The basis of allotment is expected to be finalised on October 26, while the shares are tentatively scheduled to list on the BSE and NSE on October 28.

The company has fixed the IPO price band at Rs 1,065–1,119 per share. The lot size is 12 shares, translating into a minimum investment of Rs 13,428 for retail investors applying at the upper end of the price band.

The issue also includes a reservation of up to 46,94,835 shares for eligible employees, who will be offered a discount of Rs 54 per share to the issue price.

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 & Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, JP Morgan India, SBI Capital Markets, UBS Securities India and 360 ONE WAM are the book-running lead managers for the issue. KFin Technologies has been appointed as the registrar.

Jio Platforms IPO GMP today

Jio Platforms’ IPO grey market premium (GMP) stood at Rs 251 per share, or 22.4% over the upper end of the IPO price band of Rs 1,119. Based on the prevailing GMP, the estimated listing price works out to Rs 1,370 per share.

The grey market premium reflects unofficial market activity and can fluctuate before listing. It should not be treated as a reliable indicator or guarantee of the actual listing price.

IPO Objects of the Issue

Jio Platforms plans to utilise the net proceeds from its IPO primarily to prepay, either fully or partially, certain outstanding borrowings of its material subsidiary, Reliance Jio Infocomm Ltd (RJIL). The company has earmarked Rs 27,500 crore for this purpose, making debt repayment the key objective of the public issue.

The remaining proceeds, if any, will be used for general corporate purposes, as specified in the offer documents. The proposed allocation is intended to support the company’s financial management and broader corporate requirements.

Financial Performance

Jio Platforms Ltd. reported a 16% year-on-year increase in total income to Rs 1,49,759 crore in FY26, compared with Rs 1,29,333 crore in FY25, reflecting growth in its overall income during the year.

The company’s profit after tax (PAT) rose 15% to Rs 30,053 crore in FY26 from Rs 26,120 crore in the previous financial year, indicating an improvement in its bottom line. It

About Jio Platforms Ltd

Incorporated on November 15, 2019, Jio Platforms Ltd is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technologies and pan-India connectivity infrastructure to deliver digital services to consumers and businesses.

Its subsidiary, Reliance Jio Infocomm Ltd, served 533.3 million customers as of June 30, 2026.

The company operates an integrated technology platform spanning digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services and smart home solutions. For enterprise customers, the company provides connectivity, cloud and security solutions, managed services, IoT applications and AI-based services. Its technology capabilities cover network infrastructure, device engineering, software, operating systems and digital applications.

As of June 30, 2026, Jio Platforms’ infrastructure included pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks. Its wireless broadband network covered more than 99% of India’s population.

The company and its subsidiaries had filed 7,220 patent applications, of which 1,043 had been granted, as of June 30, 2026. Its technology initiatives include an indigenous 5G technology stack, the proprietary AI platform JioBrain and fixed wireless access technology. The company also relies on a nationwide distribution network and partnerships to expand access to digital services.

As of June 30, 2026, Jio Platforms had 27,932 full-time employees and engaged 63,795 personnel on a contractual basis. Its workforce spans digital product development, technology, business operations, sales and distribution, customer service, network operations and corporate functions.