“If Jio raises ₹37,700 crore through all 27 crore shares, the implied issue price works out to approximately ₹1,396 per share.
However, the source clarified that the range is not an official price band and has not been indicated by Jio Platforms, Sebi or its investment bankers.
An emailed questionnaire sent by Fortune India to a Jio Platforms spokesperson remained unanswered till the time of publication.
Jio Platforms received Sebi’s observations on its draft offer document on August 28, after filing the DRHP on June 19.
According to Reliance Industries’ FY2025-26 financial disclosures, Jio Platforms’ revenue from operations increased 14.6% to ₹1,46,885 crore in FY26, from ₹1,28,218 crore in FY25.
Jio Platforms is moving into the final stretch of preparations for its proposed initial public offering, with November emerging as the target month and the price band seen at ₹1,350-₹1,450 per share, according to sources familiar with the company’s plans.
The proposed IPO could raise around ₹37,700 crore, potentially making it the largest public issue in India, although the final issue size, price band, valuation and timetable have not yet been fixed.
“If Jio raises ₹37,700 crore through all 27 crore shares, the implied issue price works out to approximately ₹1,396 per share. On that basis, a ₹1,350-₹1,450 per-share range can be used as a speculative, calculation-based range around the implied price,” revealed a source requesting anonymity.
However, the source clarified that the range is not an official price band and has not been indicated by Jio Platforms, Sebi or its investment bankers.
An emailed questionnaire sent by Fortune India to a Jio Platforms spokesperson remained unanswered till the time of publication. The story will be updated once the company’s responses are received.
A newswire report, citing sources, recently reported that Jio Platforms was preparing investor meetings across the US, Singapore, Hong Kong, London and the Middle East, with November being discussed as the target for the IPO. The deliberations are ongoing and the size, valuation and timing of the offering could change.
Jio Platforms received Sebi’s observations on its draft offer document on August 28, after filing the DRHP on June 19. The proposed IPO comprises a fresh issue of up to 27 crore equity shares, with the shares proposed to be listed on both BSE and NSE.
The proposed 27 crore shares amount to around 2.9% of Jio Platforms’ post-issue equity. There is no offer-for-sale component, meaning existing shareholders are not selling their holdings through the IPO.
FY26 revenue rises 14.6%, profit crosses ₹30,000 crore
Jio Platforms is approaching the IPO with a significantly larger financial base than it had when Reliance Industries brought global investors into the business in 2020.
According to Reliance Industries’ FY2025-26 financial disclosures, Jio Platforms’ revenue from operations increased 14.6% to ₹1,46,885 crore in FY26, from ₹1,28,218 crore in FY25. Profit after tax rose 15.1% to ₹30,049 crore, from ₹26,109 crore a year earlier.
The company’s operating performance was stronger than its revenue growth. EBITDA increased 18.8% to ₹76,255 crore, while the EBITDA margin expanded by 190 basis points to 51.9%, according to Reliance’s FY26 results.
Jio’s customer base crossed 524 million by March 2026, including 268 million 5G subscribers. Data traffic rose 30.8% year-on-year to 241 exabytes during FY26.
₹27,500 crore for debt; 19 bankers line up for IPO
Jio Platforms plans to use up to ₹27,500 crore of the IPO proceeds to prepay or repay borrowings of Reliance Jio Infocomm, according to its offer documents. The balance is proposed to be used for general corporate purposes.
If the proposed ₹37,700-crore issue materialises at that level, it would surpass Hyundai Motor India’s ₹27,870-crore IPO in 2024 and become India’s largest public issue.
Jio Platforms has appointed 19 book-running lead managers: 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. KFin Technologies is the registrar to the issue.
