Reliance Jio IPO
Reliance Jio IPO is a mainboard IPO raising ₹30,188 Cr at ₹1,065 – ₹1,119 a share. The smallest application you can make is 12 shares, costing ₹13,428 at the top of the band. Bidding has closed; the shares list on 28 Oct 2026. So far it has been subscribed 22× in total.
22.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: allotment is finalised — you find out what you got on 27 Oct 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Jio Platforms is a technology platform built on in-house proprietary digital technology, providing pan-India digital connectivity (4G and 5G mobile and fixed broadband) and a suite of bundled digital services to Indian consumers and businesses. Its subsidiary Reliance Jio Infocomm Limited (RJIL) served 533.3 million customers as of June 30, 2026, delivering services over a network that covers more than 99% of India's population for wireless broadband. It also offers consumer apps (MyJio, JioTV+, JioSaavn, JioGames, JioAICloud, JioPC) and enterprise solutions (cloud, IoT, managed Wi-Fi, CPaaS, security, private 5G) layered on top of the connectivity network.
How it earns
Primarily through subscription-based digital connectivity services, which constitute substantially all of revenue per the prospectus; additional revenue comes from bundled entertainment, enterprise connectivity, cloud, IoT and AI offerings sold as part of or alongside connectivity plans.
Who buys
RJIL had 533.3 million customers as of June 30, 2026 (including 503.6 million mobile broadband customers and 284.9 million 5G customers), translating to a 49.78% market share in wireless broadband. JioAirFiber had 14.0 million fixed wireless customers (largest FWA base in India). 362.6 million average monthly active users across the app family (MyJio, JioSaavn, JioAICloud, JioTV, JioTV+) for the three months ended June 30, 2026. Reliance Retail Limited is the sole distributor of pre-paid connectivity services under a long-term master distribution agreement. Over 198.7 million viewers accessed IPL 2026 content through an integrated JioHotstar package. Demographics: ~43% of mobility customers aged 18-35; ~46% of data consumed on the network for the three months ended June 30, 2026 and Fiscal 2026 was in rural areas.
Scale
RJIL: 533.3 million customers covering >99% of India's population for wireless broadband, 284.9 million 5G customers, 14.0 million JioAirFiber customers (largest FWA base in India), 100+ edge nodes deployed in 4G/5G networks, fibre connectivity at 1,200+ facilities, 7,220 patent applications filed (1,043 granted), 12,477 employees in the digital products and technology development team (~45% of total full-time workforce), and the largest VoLTE traffic globally as of March 31, 2026.
What it says sets it apart
- Only digital connectivity provider globally with an end-to-end proprietary 5G Standalone (SA) technology stack deployed at nationwide scale, including a 4G+5G combination core, 5G devices, and OSS/BSS operating systems, per the Analysys Mason Report.
- Proprietary point-to-multi-point unlicensed band radio (UBR) technology for fixed wireless access — first company in India to offer FWA via UBR, powering JioAirFiber (14.0 million customers as of June 30, 2026, largest FWA base in India).
- In-house hardware and software design capabilities, exemplified by JioBharat OS running on low-cost chipsets with minimal memory footprint and the JioBharat entry-level phone engineered to accelerate 2G-to-4G migration.
- Only Indian company ranked among the top 20 globally in the WIPO Patent Cooperation Treaty (PCT) rankings in 2025; 7,220 patent applications filed (2,655 in India, 4,565 across foreign jurisdictions) and 1,043 granted as of June 30, 2026, spanning 4G/5G/6G, AI-driven network automation and cloud-native architectures.
- Proprietary 'JioBrain' AI engine embedded across network operations for autonomous capacity allocation, fault prediction, anomaly detection and real-time optimisation; integrated owned apps (MyJio, JioTV+, JioSaavn, JioAICloud, JioGames, JioPC) with 362.6 million MAU for the three months ended June 30, 2026.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs1119 / stated EPS Rs33.59 (FY26 (year ended March 31, 2026) diluted EPS, from Restated Consolidated Financial Information). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Year ended 31st March, 2026 | ₹1,46,885 Cr | ₹30,049 Cr | 20.5% | ₹3,35,977 Cr | ₹70,781 Cr |
| Year ended 31st March, 2025 | ₹1,28,218 Cr | ₹26,109 Cr | 20.4% | ₹3,05,047 Cr | ₹73,060 Cr |
| Year ended 31st March, 2024 | ₹1,09,558 Cr | ₹21,423 Cr | 19.6% | ₹2,78,286 Cr | ₹54,349 Cr |
| Three months period ended 30th June, 2026 | ₹39,173 Cr | ₹7,764 Cr | 19.8% | ₹3,43,795 Cr | ₹61,372 Cr |
| Three months period ended 30th June, 2025 | ₹35,032 Cr | ₹7,110 Cr | 20.3% | ₹3,12,067 Cr | ₹72,819 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 71× their allocation. Retail: 2.72×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Kotak Mahindra Capital Company Limited — median +26.0% across the 79 of its issues we can price. All lead managers →
What to watch
- Priced at 33.3× earnings — 49% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.