Jio Platforms IPO Review: Is the Jio IPO Good or Bad?

Is the Jio Platforms IPO good or bad? Going by the filing, it is a large, profitable and still-growing business, with Rs. 70,781 crore of borrowings and a close rival. The Jio IPO share price is in the price band of Rs. 1,065 to Rs. 1,119, raising Rs. 30,213 crore at the upper price band.

We read the company's Red Herring Prospectus (RHP), dated 14 October 2026, and the telecom regulator's latest customer data. Every number below comes from the RHP or TRAI. If the document is new to you, our guide to the red herring prospectus explains what each part tells you. For the timeline and background of the issue, see our Reliance Jio IPO explainer.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This article is for education and is not investment advice.

Jio Platforms IPO Details

Here is what is known today and what is not.

The price band stood at Rs. 1,065 to Rs. 1,119 and a valuation near Rs. 10.3 lakh crore.

What Does Jio Platforms Do?

Jio Platforms runs Reliance Jio, India's biggest mobile network by customers. The RHP presents it as one digital services business, and most of its work is in India.

• For everyday users: mobile and home internet, entertainment, cloud gaming, smart home devices and AI assistants.

• For businesses: internet lines, cloud services, IoT, managed Wi-Fi, private 5G, security and AI tools.

Jio Market Share: How Far Ahead Is Jio of Airtel?

The telecom regulator TRAI published customer numbers for the end of August 2026. Out of 129.34 crore mobile customers, Jio had 50.84 crore and Airtel had 49.16 crore.

India's mobile market share, end of August 2026. Source: TRAI press release no. 125/2026; shares are our calculation.

Jio and Airtel together hold about 77% of the market. Jio leads Airtel by only 1.30 points, which is about 1.68 crore customers. Vodafone Idea has 15.43% and BSNL has 7.24%.

Mobile customers at the end of August 2026, and customers added during August. Source: TRAI press release no. 125/2026.

Jio added the most customers in August, but Airtel added about 88% as many. The lead is real, yet it is not wide. TRAI's customer count includes machine-to-machine connections, and the shares are our calculation from each company's number.

Jio Platforms Financial Analysis

The RHP gives three years of numbers. All figures are in Rs. crore, converted from the RHP's Rs. million figures.

• Growth is steady, not explosive. In FY26, revenue grew about 14.6% and profit about 15.1%. In FY25, they grew about 17.0% and 21.9%.

• Margins are very high. About Rs. 52 of every Rs. 100 of revenue was left as operating profit in FY26.

• Debt is down from FY25. Borrowings fell from Rs. 73,060 crore to Rs. 70,781 crore. The RHP's net leverage measure, which compares debt after cash with earnings, fell from 0.88 times to 0.36 times in two years.

• Returns are modest. Return on average net worth is 9.42% because Jio holds a very large pile of assets. Return on capital employed slipped from 12.83% to 10.76%.

What the RHP Says About Jio's Customers

These are Reliance Jio Infocomm's numbers, the main Jio subsidiary, from the RHP's key performance table.

• More data, more money per customer. Average revenue per customer rose from Rs. 181.7 to Rs. 214.0 in two years, and data use per customer rose from 28.7 GB to 42.3 GB.

• Customers leave every month. The RHP shows 1.67% leaving each month in FY26. On 52.44 crore customers, that is roughly 88 lakh people a month. This is our calculation, and some of them are replaced by new customers.

• Do not mix the numbers. The RHP's 52.44 crore customers (as at the end of FY26) and TRAI's 50.84 crore mobile customers (August 2026) are different counts on different dates.

Who Owns Jio Platforms Today?

Because the issue has only new shares, the money goes into the company. The RHP also has a part of the issue for eligible Reliance Industries shareholders and eligible employees.

Objects of the Jio Platforms IPO

The RHP gives two uses for the money:

1. Repay some borrowings of Reliance Jio Infocomm Limited. For scale, Jio Platforms' total borrowings were Rs. 70,781 crore at the end of FY26. The risk section puts fund-based borrowings of the company and its subsidiaries at Rs. 71,529 crore. The company expects to reduce debt by Rs. 27,500 crore.

2. General corporate purposes.

Strengths of Jio Platforms

• Largest customer base in India: 52.44 crore customers at the end of FY26, and the top share of mobile customers in August 2026.

• High margins for three years: EBITDA margin stayed at about 50% or more from FY24 to FY26.

• Customers use more data: 42.3 GB a month per customer in FY26, against 28.7 GB in FY24.

• Debt is lighter against earnings: net leverage of 0.36 times, down from 0.88 times.

• Large global investors on the register: Meta, Google, PIF, KKR and Vista hold shares before the IPO.

Risks of Jio Platforms IPO

The RHP lists many risks. These are the ones that matter most, with what the numbers show.

Is Jio Platforms IPO Good or Bad?

Neither label fits yet. The business looks strong, and the price-to-earnings stood at 33.31 times (based on the upper price band). Here is the case on both sides.

How to Apply for Jio Platforms IPO on Rupeezy

Rupeezy is a stockbroker and earns from other services if you become a client. That has no bearing on the analysis above. The Jio Platforms IPO will show on the Rupeezy IPO page only after the company confirms its dates.

1. Open a demat account. Open a demat account with Rupeezy and finish the online KYC.

2. Keep a UPI ID ready. It must be linked to the bank account that holds your funds.

3. Go to the IPO section. Log in, open the IPO page and select Jio Platforms once the issue opens.

4. Choose your bid. Pick the number of lots and a price within the band, or bid at the cut-off price.

5. Approve the UPI mandate. The amount is blocked in your account, not debited, until shares are allotted.

6. Track allotment. Check it on the Rupeezy IPO allotment status page once the allotment date is announced.

New to this? Our guide to applying for an IPO online covers the process in more detail.

Frequently Asked Questions

Is the Jio Platforms IPO good or bad?

The RHP shows a very large, profitable business with falling debt relative to earnings. The Jio IPO is valued at Rs. 10.3 lakh crore. Compared to its peer Airtel, Jio trades at a tad lower valuation. Both companies have different strategies; in terms of ARPU, Jio is lower than Airtel.

When does the Jio Platforms IPO open?

The IPO opens on 21 October 2026 and closes on 23rd October 2026. The tentative listing is expected on 28th October 2026.

What is the Jio IPO valuation?

The valuation stood at around Rs. 10.3 lakh crore (based on the upper price band of Rs. 1,119 per share).

Is the Jio Platforms IPO a fresh issue or an offer for sale?

It is a fresh issue of up to 27 crore new shares of Rs. 10 face value each at a price band of Rs. 1,065 to Rs. 1,119. No existing shareholder is selling, so all the money goes to the company.

What will Jio do with the IPO money?

The RHP lists two uses: repaying some borrowings of its subsidiary Reliance Jio Infocomm Limited (Rs. 27,500 crore), and general corporate purposes.

How much profit does Jio Platforms make?

In FY26, Jio Platforms made a profit after tax of Rs. 30,049 crore on revenue of Rs. 1,46,885 crore, according to the RHP. That is up from Rs. 26,109 crore in FY25.

Sources

• Jio Platforms Limited, Red Herring Prospectus (October 2026): RHP of Jio IPO and the full details on the company website. Source for the issue structure, shareholding, financials, customer measures and objects of the issue.

• TRAI press release no. 125/2026, telecom subscription data for August 2026. Market shares are our calculation.

All data is as of 15 October 2026. Figures in Rs. crore are converted from the RHP's Rs. million figures and rounded. Growth rates, market shares and the monthly customers-leaving estimate are our calculations.