Jio Platforms IPO Opens Today: Dates, Price, Lot Size, Financials, GMP, How to Apply & Risks
The Jio Platforms IPO opens today, 21 October 2026, and closes on 23 October 2026. At up to ₹30,213 crore, it is the largest IPO in India's history. The price band is ₹1,065 to ₹1,119 per share, the lot size is 12 shares, and the minimum retail investment is ₹13,428 at the upper end of the band. The issue is entirely a fresh issue, so existing shareholders such as Reliance Industries, Meta and Google are not selling any shares.
This guide covers everything you need before you bid: key dates, issue structure, financials, valuation, use of proceeds, live subscription status, grey market premium (GMP), how to apply through ASBA or UPI, and the main risks listed in the offer documents.
Last updated: 21 October 2026, about 10:30 AM IST. Subscription figures and GMP change through the day.
Jio Platforms IPO details at a glance
| Particular | Details |
|---|---|
| IPO opens | Wednesday, 21 October 2026 |
| IPO closes | Friday, 23 October 2026 |
| Price band | ₹1,065 to ₹1,119 per equity share |
| Face value | ₹10 per share |
| Issue type | Book-built issue, 100% fresh issue (no offer for sale) |
| Issue size | Up to 27 crore shares, aggregating up to ₹30,213 crore at the upper band |
| Lot size | 12 shares and in multiples of 12 |
| Minimum retail investment | ₹13,428 (1 lot at ₹1,119) |
| Maximum retail investment | ₹1,87,992 (14 lots, 168 shares); retail bids are capped at ₹2 lakh |
| Employee discount | ₹54 per share for eligible employees |
| Anchor bidding | Monday, 19 October 2026 (₹8,109.85 crore raised) |
| Basis of allotment (tentative) | Monday, 26 October 2026 |
| Refunds / credit of shares (tentative) | Tuesday, 27 October 2026 |
| Listing date (tentative) | Wednesday, 28 October 2026 |
| Listing on | NSE and BSE (NSE symbol: JPL) |
| Promoter | Reliance Industries Limited |
| Book running lead managers | 19 BRLMs, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, Goldman Sachs, JP Morgan, JM Financial and SBI Capital Markets |
| Registrar | KFin Technologies Limited |
Allotment, refund and listing dates are tentative as per the offer documents and can change. Source: NSE issue information and Jio Platforms' Red Herring Prospectus (RHP).
About Jio Platforms
Jio Platforms Limited (JPL) is the digital and telecom arm of Reliance Industries. It was incorporated on 15 November 2019 in Ahmedabad, Gujarat. Its main operating subsidiary, Reliance Jio Infocomm Limited (RJIL), runs Jio's mobile network (4G and 5G) and fixed broadband services (JioFiber and JioAirFiber). RJIL contributed about 87.74% of JPL's consolidated revenue in FY26.
Key operating numbers disclosed for the IPO:
- Customers: about 53.33 crore (533.3 million) as of 30 June 2026, including about 28.49 crore 5G users.
- Fixed broadband: about 2.86 crore JioFiber and JioAirFiber customers.
- ARPU (average revenue per user per month): rose from ₹181.7 in FY24 to ₹214 in FY26, and ₹215.6 in Q1 FY27.
- Data traffic: Jio carried about 60% of India's wireless data traffic in FY26, as per the industry report included in the offer documents.
- Spectrum: 26,800.8 MHz in total holdings.
Major shareholders before the IPO: Reliance Industries holds 66.43%, Meta's affiliate Jaadhu Holdings holds 9.98% and Google International holds 7.73%. Other investors include PIF, KKR, Vista, Silver Lake, Mubadala, General Atlantic and ADIA affiliates. After the IPO, Reliance's stake falls to about 64.48% because new shares are being issued.
Jio Platforms financial performance
Jio Platforms is large and profitable, with steady growth. In FY26, revenue from operations grew about 14.6% and EBITDA grew about 18.8% over FY25.
| ₹ crore (restated consolidated) | Q1 FY27 (Apr–Jun 2026) | FY26 | FY25 |
|---|---|---|---|
| Revenue from operations | 39,172.9 | 1,46,885.0 | 1,28,218.0 |
| EBITDA | 20,864.5 | 76,255.4 | 64,170.0 |
| EBITDA margin | 53.26% | 51.91% | 50.05% |
| Profit after tax (PAT) | 7,764.1 | 30,049.7 | 26,120.3 |
| PAT margin | 19.82% | 20.46% | 20.36% |
| Net worth | 3,41,778.5 | 3,34,013.4 | 3,04,022.4 |
| Total borrowings | 61,372.2 | 70,781.0 | 73,060.3 |
Q1 FY27 figures are for three months and are not annualised. Small differences in PAT figures may appear across published summaries due to rounding and the line item used. Always refer to the RHP for the final numbers.
Objects of the issue: how Jio will use the IPO money
Since this is a fresh issue, the money goes to the company, not to selling shareholders. As per the RHP:
- ₹27,500 crore for prepayment, in full or in part, of certain borrowings of its material subsidiary RJIL.
- The balance of the net proceeds for general corporate purposes.
At the IPO press conference, Managing Director Akash Ambani said the company has close to $3 billion of net debt and that the proceeds would take it to being net debt-free, with future growth funded from its own revenues.
Issue structure and reservation
Of the net offer, 50% is for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs/HNIs) and 35% for Retail Individual Investors (RIIs). There are also two special quotas:
- Employee reservation: up to ₹500 crore (about 46.95 lakh shares), with a ₹54 discount per share. Eligible employees can bid up to ₹5 lakh.
- RIL shareholder reservation: up to ₹2,500 crore (about 2.23 crore shares). Only investors who held Reliance Industries shares on the record date of 14 October 2026 are eligible. They can bid up to ₹2 lakh in this quota and can also bid in the retail or NII category.
If you bought Reliance shares after 14 October 2026, you are not eligible for the shareholder quota for this IPO. You can track the parent company on the Reliance Industries live price page and Reliance news page on Tick2Trade.
Anchor investors
Jio Platforms raised ₹8,109.85 crore from anchor investors on 19 October 2026 by allotting 7,24,74,066 shares at ₹1,119 each. Media reports put the number of anchor investors at 212, including domestic mutual funds, insurers, pension funds and global funds. Half of the anchor shares are locked in for 30 days (till 25 November 2026) and the rest for 90 days (till 24 January 2027).
Jio Platforms IPO valuation
| Metric | At ₹1,065 (lower band) | At ₹1,119 (upper band) |
|---|---|---|
| Issue size | About ₹28,755 crore | About ₹30,213 crore |
| Post-issue market capitalisation | About ₹9,80,762 crore | About ₹10,30,491 crore |
| P/E on FY26 PAT (post-issue shares) | About 32.6x | About 34.3x |
Calculated by Tick2Trade using 920.90 crore post-issue shares and FY26 PAT of ₹30,049.7 crore. Pre-issue P/E at the upper band is about 33.3x.
For context, some IPO reviews compare Jio with Bharti Airtel, which they show trading at a higher P/E (around 37–40x on FY26 earnings at the time of their reviews). However, Airtel has a higher return on capital employed (about 19% versus about 10.8% for Jio in FY26). So Jio is priced at a P/E discount to Airtel but generates lower returns on capital today. Valuation views differ, and investors should form their own judgement.
Jio Platforms IPO subscription status (Day 1)
As of 10:24 AM IST on 21 October 2026, NSE bid data showed the issue subscribed 0.43 times overall (excluding the anchor portion).
| Category | Shares offered | Shares bid for | Subscription (times) |
|---|---|---|---|
| QIB (ex-anchor) | 4,90,07,827 | 5,71,47,480 | 1.17 |
| NII (total) | 3,64,44,569 | 67,93,872 | 0.19 |
| Retail (RII) | 8,50,37,327 | 1,26,18,828 | 0.15 |
| Employees | 46,94,835 | 17,25,660 | 0.37 |
| RIL shareholders | 2,23,41,376 | 67,72,788 | 0.30 |
| Total | 19,75,25,934 | 8,50,58,628 | 0.43 |
Source: NSE bid details. Figures are for bids on NSE and change through the day. Check the NSE and BSE websites for the latest consolidated data.
Jio Platforms IPO GMP today (unofficial)
On the morning of 21 October 2026, IPO GMP tracking websites reported a grey market premium of roughly ₹260 to ₹277 per share, or about 23% to 25% over the upper price band of ₹1,119.
Important: GMP is unofficial. It comes from an unregulated grey market, is not published by SEBI, NSE, BSE or the company, and is not a reliable indicator of the listing price. GMP can change sharply, or turn negative, before listing. Do not make an investment decision based only on GMP.
How to apply for the Jio Platforms IPO
All investors must apply through ASBA (Application Supported by Blocked Amount). Your money stays in your bank account and is only blocked, not debited, until allotment. You need a demat account and a PAN.
Option 1: Apply using UPI through your broker app
- Log in to your broker app and open the IPO section.
- Select Jio Platforms Limited and choose your category (Retail, Shareholder or Employee, if eligible).
- Enter the quantity in multiples of 12 shares and your bid price. Retail investors can tick "cut-off price" to bid at the final issue price.
- Enter your UPI ID and submit.
- Open your UPI app and approve the mandate to block the amount. Your application is valid only after the mandate is accepted. As per NSE, the UPI mandate cut-off is 7:00 PM on 23 October 2026, but you should apply and approve well before the last day.
Option 2: Apply through net banking (ASBA)
- Log in to your bank's net banking and go to the IPO/ASBA section.
- Select Jio Platforms IPO, enter your demat details, quantity and price.
- Submit. The bank blocks the amount in your account.
Tips: place only one application per PAN in a category (multiple applications can be rejected), make sure your PAN is linked to your demat account, and keep enough balance for the blocked amount. For a detailed walkthrough, read our IPO investing guide.
Allotment status and listing
- Allotment: expected on 26 October 2026. You can check status on the registrar KFin Technologies' website or on the NSE and BSE websites using your PAN or application number.
- Refunds/unblocking and credit of shares: expected on 27 October 2026.
- Listing: expected on 28 October 2026 on NSE and BSE.
In heavily subscribed IPOs, retail allotment works on a lottery basis, and each successful retail applicant gets at least one lot. Applying for more lots does not raise your chance of getting an allotment in the retail category.
Key risks of the Jio Platforms IPO
The RHP lists many risk factors. Some of the important ones, in simple terms:
- Dependence on one subsidiary: RJIL contributed about 87.74% of FY26 revenue. Any problem at RJIL directly affects JPL.
- High capital needs: 5G, fibre and spectrum need continuous heavy investment. Deferred spectrum payment obligations were about ₹1.04 lakh crore as of 30 June 2026.
- Lower return on capital: FY26 RoCE was about 10.8%, lower than Bharti Airtel's roughly 19%.
- Regulatory risk: telecom is regulated by DoT and TRAI. Changes in licence fees, spectrum rules or tariff regulation can hurt earnings.
- Competition and technology change: competition from other operators and newer options such as satellite broadband could pressure pricing and growth.
- Brand and group risk: Jio shares the Jio and Reliance brands with group companies, so issues elsewhere in the group can affect its reputation.
- Legal and tax proceedings: the RHP discloses outstanding tax proceedings against the company, its subsidiaries and the promoter, some involving large amounts.
- Valuation and listing risk: at over ₹10 lakh crore market cap, a lot of future growth is already priced in. Listing gains are not guaranteed, and the share price after listing can fall below the issue price.
- Lock-in expiry: anchor investors' lock-in ends on 25 November 2026 (50%) and 24 January 2027 (rest), which can add selling pressure.
What investors should know before applying
- Read the RHP: the Red Herring Prospectus and abridged prospectus are on the Jio IPO investor relations page and on SEBI's website.
- Know your goal: decide whether you are applying for long-term holding or short-term listing gains, and size your bid accordingly.
- Do not rely on GMP: treat it as market chatter, not data.
- Plan for no allotment: in a heavily subscribed issue, many applicants will not get shares.
- Check eligibility for the shareholder quota: only those holding RIL shares on 14 October 2026 can use it.
- Do not borrow to invest: invest only money you can afford to keep locked or lose.
Frequently asked questions
When does the Jio Platforms IPO open and close?
The IPO opens on 21 October 2026 and closes on 23 October 2026.
What is the price band of the Jio IPO?
The price band is ₹1,065 to ₹1,119 per share, with a face value of ₹10.
What is the lot size and minimum investment?
One lot is 12 shares. At the upper band, the minimum investment is ₹13,428. Retail investors can apply for up to 14 lots (₹1,87,992).
Is the Jio IPO a fresh issue or an offer for sale?
It is a 100% fresh issue of up to 27 crore shares. No existing shareholder is selling shares.
Can Reliance Industries shareholders apply in a special quota?
Yes. Investors who held RIL shares on the record date of 14 October 2026 can bid up to ₹2 lakh in the shareholder reservation of up to ₹2,500 crore. They can also apply in the retail or NII category.
What is the Jio IPO GMP today?
Unofficial trackers reported a GMP of about ₹260 to ₹277 on the morning of 21 October 2026. GMP is not official and is not a reliable predictor of listing price.
When is the Jio Platforms IPO allotment and listing date?
Allotment is expected on 26 October 2026 and listing on NSE and BSE on 28 October 2026. Both dates are tentative.
How will Jio use the IPO money?
₹27,500 crore is earmarked to prepay borrowings of its subsidiary Reliance Jio Infocomm, and the balance of the net proceeds is for general corporate purposes.
Who is the registrar of the Jio IPO?
KFin Technologies Limited is the registrar. You can check your allotment status on its website using your PAN or application number.
Should I apply for the Jio Platforms IPO?
That depends on your goals, time horizon and risk tolerance. This article does not recommend applying or not applying. Read the RHP and consider speaking with a SEBI-registered investment adviser.
Sources
- Jio Platforms IPO: issue documents (RHP, abridged prospectus)
- SEBI: Jio Platforms Limited Red Herring Prospectus and Abridged Prospectus (PDF)
- NSE: Jio Platforms Limited (JPL) issue information and bid details, accessed 21 October 2026
- IPO data summaries from Chittorgarh, Groww and INDmoney; news coverage from Goodreturns, accessed 21 October 2026
Disclaimer: This article is for information and education only and is not investment advice or a recommendation to buy, sell or apply for any security. IPO investments are subject to market risks. GMP figures are unofficial. Please read the Red Herring Prospectus carefully and consult a SEBI-registered investment adviser before investing.
