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Jio Platforms has filed the red herring prospectus for its initial public offering, aiming to raise ?30,213 crore. The IPO includes a fresh sale of up to 270 million equity shares, with no offer for sale component. Parts of the proceeds will be used to prepay significant borrowings at Reliance Jio Infocomm. Eligible shareholders of Reliance Industries can apply for shares in this IPO. View More
Mumbai: Jio Platforms on Wednesday filed the red herring prospectus (RHP) for its IPO, formally announcing the schedule of the biggest public issue in India's corporate history. The issue comprises a fresh sale of up to 270 million equity shares, with no offer for sale (OFS) component. The IPO, ₹30,213 crore, surpassing Hyundai Motor India's 2024 offering of ₹27,859 crore - the country's largest concluded IPO so far. The National Stock Exchange (NSE) recently concluded a ₹22,562-crore IPO. Jio Platforms is the digital and telecom arm of Reliance Industries , led by billionaire Mukesh Ambani. The company has also set aside shares worth up to ₹2,500 crore for eligible Reliance Industries shareholders and up to ₹500 crore for eligible employees, according to the regulatory filing. Live Events The shareholder reservation will allow existing investors in Reliance Industries to apply for shares in Jio Platforms. Individuals and Hindu Undivided Families (HUFs) that held public shares of Reliance Industries as of October 14 will be eligible, subject to the conditions set out in the prospectus and applicable regulations. Together, the two categories account for reservations worth up to ₹3,000 crore. RIL informed the exchanges about the RHP filing on Wednesday. The move follows the filing of the draft prospectus in June and the receipt of an observation letter from the Securities and Exchange Board of India (Sebi) in August. Read more: Jio IPO: 5 strengths that put the Reliance-backed digital giant in spotlight The company received approval from the regulator on August 28 to proceed with the share sale after filing its draft IPO papers in June. Jio Platforms intends to use part of the IPO proceeds to prepay up to ₹27,500 crore of borrowings at Reliance Jio Infocomm (RJIL), its operating subsidiary. The remaining proceeds will be used for general corporate purposes. The listing will also mark the first IPO by the Reliance Industries group in nearly two decades. The group last tapped the public markets with the listing of Reliance Petroleum in 2006. Read more: Jio IPO sparks investor buzz: GMP rises to 20% as Reliance’s telecom arm announces price band, dates Institutional and other large investors collectively hold nearly 30.9% of Jio Platforms. Meta Platforms affiliate Jaadhu Holdings owns 9.98%, while Google International holds 7.73%. Other investors include Saudi Arabia's Public Investment Fund, affiliates of Silver Lake and Vista Equity, General Atlantic, KKR-backed entities and investment vehicles managed by the Abu Dhabi Investment Authority. A consortium of 19 bankers, including Kotak Mahindra Capital Company, Morgan Stanley India, 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), are managing the issue. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Reliance Jio Platforms has highlighted five key strengths in its RHP ahead of its Rs 30,213 crore IPO, including strong revenue growth, profitability, a vast customer base, extensive network infrastructure and proprietary technology. The company also sees growth opportunities in fixed broadband, AI-led services, digital subscriptions and overseas technology monetisation. View More
Reliance Jio Platforms has filed its red herring prospectus (RHP), bringing its much-awaited initial public offering (IPO) a step closer. The company has fixed the price band at Rs 1,065-1,119 per share, valuing the IPO size at around Rs 30,213 crore at the upper end of the price band. With the issue set to open for subscription on October 21, attention is turning to the strengths underpinning the Reliance-backed digital giant's business, from its scale and profitability to its extensive network infrastructure, proprietary technology, broadband growth opportunities and expanding digital ecosystem. Here are 5 key strengths highlighted in the company's prospectus 1. Strong revenue growth and profitability Jio Platforms has reported revenue growth and profitability within a decade of the launch of Reliance Jio Infocomm's digital connectivity services in 2016. The company reported revenue from operations of Rs 1,46,885.3 crore in fiscal 2026, while EBITDA stood at Rs 76,255.4 crore. Its EBITDA margin was 51.91% for the year. Live Events For the three months ended June 30, 2026, revenue from operations stood at Rs 39,172.9 crore, while EBITDA was Rs 20,864.5 crore, translating into an EBITDA margin of 53.26%. Profit after tax (PAT) stood at Rs 30,049.1 crore in fiscal 2026, with a PAT margin of 20.46%. For the June quarter, PAT was Rs 7,764.1 crore, with a margin of 19.82%. ALSO READ: Reliance Jio files RHP, announces IPO dates for India's biggest listing The RHP shows that revenue from operations and EBITDA grew at a compound annual growth rate (CAGR) of 15.79% and 17.79%, respectively, between fiscal 2024 and fiscal 2026. Between the June quarters of 2025 and 2026, revenue from operations rose 11.82%, while EBITDA increased 15.05%. Jio Platforms also reported an improvement in its leverage position, with net leverage declining from 0.88 times in fiscal 2024 to 0.36 times in fiscal 2026. The company attributes its growth to factors including the migration of users from 2G to 4G and 5G networks, cross-selling digital services to its existing customer base, rising broadband adoption and the increasing use of digital platforms by Indian enterprises. 2. A large customer base and extensive network infrastructure Jio's nationwide network and customer reach form another key strength outlined in the RHP. As of June 30, 2026, the company had 533.3 million customers, according to its prospectus. It said it added approximately 27 million net active mobility customers, excluding machine-to-machine connections, in fiscal 2026 — around three times the additions recorded by the second-largest player, according to the Analysys Mason report cited in the RHP. Jio's wireless broadband network covered more than 99% of India's population as of June 30, 2026. Its fixed broadband coverage extended to approximately 98% of the country's pin codes. The company had access to 360,537 network towers as of June 30, 2026, the majority of which were fibreised. It also had approximately 5.7 million operational radio frequency carrier sectors across its network. Its fibre network spans more than one million route kilometres, equivalent to over 30 million fibre-pair kilometres, with more than 60% of the network located within cities. According to the Analysys Mason report cited in the prospectus, around 60% of India's wireless data traffic was carried on Jio's network in fiscal 2026. As of June 30, 2026, Jio also had approximately 1.4 times the number of 4G and 5G subscribers as the second-largest player in India. The scale of its network and customer base provides the foundation for its mobility business as well as its expansion into fixed broadband and other digital services. 3. In-house technology and a growing intellectual property portfolio Jio Platforms describes itself as a technology company with vertically integrated, proprietary capabilities spanning network infrastructure, device engineering, software, operating systems and applications. As of June 30, 2026, the company had 12,477 full-time employees in its digital products and technology development team, accounting for approximately 45% of its overall workforce. Its technology investments focus on research and development, including 6G research, AI-driven network automation through its proprietary JioBrain platform, cloud-native platform development and new digital services. The company and its subsidiaries had applied for 7,220 patents in India and overseas as of June 30, 2026. This included 2,655 patent applications in India and 4,565 in foreign jurisdictions, covering areas such as 4G, 5G and 6G technologies, cloud-native core network architectures and AI-driven network automation. Also read: Akash, Isha Ambani's birthday to mark close of Reliance Jio's mega IPO The RHP also states that Jio was the only Indian company among the world's top 20 companies in the World Intellectual Property Organization's Patent Cooperation Treaty rankings in 2025. According to the company, developing its technology in-house helps improve operational cost efficiencies and creates opportunities to offer differentiated services to customers. It also sees potential to monetise technology platforms such as cloud-native radio access networks, 5G core systems, operations and business support systems, and fixed wireless access solutions in overseas markets. 4. Broadband expansion offers another growth avenue Beyond mobile connectivity, Jio Platforms is looking to expand its presence in India's fixed broadband market through JioFiber and JioAirFiber . As of June 30, 2026, the company had 28.6 million fixed broadband customers across these services, making it India's largest fixed broadband service provider, according to the Analysys Mason report cited in the RHP. Its fixed broadband customer base increased 55.19% between fiscal 2025 and fiscal 2026. Between the June quarters of 2025 and 2026, the customer base grew 43%. Jio captured 61.73% of the market share in net fixed broadband customer additions in the quarter ended June 30, 2026, according to the report. It also held a 78.62% share of the 5G or UBR-based fixed wireless access market during the quarter. The company sees further room for expansion in a market where fixed broadband penetration remains relatively low. The Analysys Mason report estimates India's fixed broadband penetration at approximately 21% in fiscal 2026 and projects it could rise to around 46% by fiscal 2031, with 150.4 million fixed broadband customers. JioAirFiber, launched in fiscal 2024, is designed to accelerate adoption in areas where physical fibre infrastructure is limited. Its proprietary ultra-broadband radio technology allows the company to connect households without deploying physical fibre for the last mile, reducing the time and cost involved in connecting new customers. The company is also integrating entertainment and digital services with broadband offerings. In the three months ended June 30, 2026, it provided 333.6 million monthly OTT and music-streaming subscription offers to customers, integrated with its digital connectivity plans. Its digital TV offering included more than 1,000 channels and 15 OTT services as of June 30, 2026. 5. Digital ecosystem, AI and overseas monetisation opportunities Jio Platforms' another strength lies in its plans to use its large customer base, proprietary technology and digital services ecosystem to expand monetisation opportunities. The company provides access to its own and third-party digital services through its nationwide connectivity network and customer-facing platforms. Its strategy includes integrating digital services with connectivity plans, encouraging customers to opt for higher-value plans and generating revenue through subscription and advertising partnerships. Also read: Jio IPO to open on October 21: 10 things to know about the Rs 30,000 crore mega issue Jio is also seeking to expand its AI capabilities beyond its own network. Its proprietary JioBrain platform is used for network capacity allocation, fault prediction and resolution, and real-time network optimisation. The company plans to extend these capabilities, along with AI-powered customer services and autonomous network technology, to other telecom operators and enterprise sectors. The RHP says Jio intends to take its proprietary technology stack into select international markets through partnerships with local operators, managed-services arrangements and, where appropriate, greenfield deployments. Its areas of focus include network upgrades, 5G rollouts and fixed wireless access-led broadband expansion. The company believes its experience in building and operating large-scale networks in India can support this expansion. However, these overseas and AI-led opportunities remain part of its stated growth strategy. Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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Paramotor Digital Technology has filed updated draft IPO papers with Sebi for a Rs 1,000 crore issue, comprising a fresh issue of Rs 698 crore and an offer for sale of Rs 302 crore. The fintech company plans to use the proceeds primarily for customer acquisition, technology development and business expansion. View More
Paramotor Digital Technology, a financial technology company operating in digital gifting, consumer spend management and rewards and loyalty platforms, has filed its Updated Draft Red Herring Prospectus-I (UDRHP-I) with the Securities and Exchange Board of India (Sebi) for its proposed Rs 1,000 crore initial public offering (IPO). The issue comprises a fresh issue of equity shares aggregating up to Rs 698 crore and an offer for sale (OFS) of up to Rs 302 crore. Promoter selling shareholders Sonia Pankaj Asher and Rahul Anand will each sell shares worth up to Rs 151 crore. The equity shares have a face value of Rs 10 apiece. ALSO READ: Diwali offer for RIL shareholders! Reliance Jio sets aside Rs 2,500 crore shares in IPO reservation The company may also consider a pre-IPO placement of up to Rs 139.60 crore. If undertaken, the amount raised through the placement will be adjusted against the fresh issue, subject to applicable regulations. The net proceeds from the fresh issue will be used primarily for customer acquisition, retention, brand and business promotion initiatives, for which the company has earmarked Rs 355 crore. It has allocated Rs 94 crore towards technology development, cloud infrastructure services and information technology assets, and Rs 38 crore towards office infrastructure. The remaining proceeds will be used for general corporate purposes. Live Events Paramotor Digital's proposed listing comes as it expands its presence across prepaid payment instruments (PPIs), digital gifting, rewards and loyalty solutions, and enterprise technology services. The company's financial performance has expanded alongside the launch of new business verticals. Revenue from operations stood at Rs 33.08 crore in FY24 and Rs 112.08 crore in FY25 on a standalone basis, before increasing to Rs. 603.15 crore in FY26 on a consolidated basis. Profit after tax (PAT) rose from Rs 4.94 crore in FY24 to Rs 24.51 crore in FY25 and Rs 59.14 crore in FY26, based on the respective standalone and consolidated financial statements. For the three months ended June 30, 2026, the company reported consolidated revenue from operations of Rs 252.77 crore and PAT of Rs 23.81 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 32.62 crore, with an EBITDA margin of 12.90%. The company reported 1.58 million transacting users in FY26, compared with 43,269 in FY25 and 18,248 in FY24. Its user retention rate stood at 99% in FY26, against 87.98% in FY25 and 98.48% in FY24. The Rewards and Loyalty business, launched in the second quarter of FY26, contributed Rs 414.23 crore, or 68.68%, of revenue from contracts with customers during the year. The PPI Program Management and Distribution business contributed Rs 154.16 crore, or 25.56%, while DevStack accounted for Rs 34.76 crore, or 5.76%. The prospectus uses different revenue-recognition bases across these businesses. Revenue from Rewards and Loyalty and DevStack is recognised on a gross basis, while fees from the PPI program management business are recognised on a net basis. Motilal Oswal Investment Advisors Ltd and Equirus Capital Ltd are the book-running lead managers to the issue. MUFG Intime India Pvt Ltd is the registrar. About Paramotor Digital Technology Founded in 2016, Paramotor Digital Technology operates across prepaid payment instruments, digital gifting, rewards and loyalty solutions, and enterprise technology services. Its business comprises four offerings: SpendPro, a consumer spend management platform for prepaid card users; yayyy.shop, a digital marketplace for gift cards and reward points; RewardOn, a digital rewards and incentives platform for corporates; and DevStack, which provides customised enterprise software applications and technology development services. Also read: Jio IPO to open on October 21: 10 things to know about the Rs 30,000 crore mega issue The company acts as a program manager, business correspondent and distribution agent for prepaid payment instruments issued by banks and Reserve Bank of India-licensed issuers. It also distributes non-reloadable branded gift cards issued by merchants. Its customers include PPI issuers, gift card aggregators, corporates running rewards and loyalty programmes, and clients of its DevStack business. Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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An Ohio appellate court has determined that Cleveland owes TMS Enterprises compensation following a contentious zoning amendment. The firm had invested in land with plans for a used-car dealership, but the city reclassified the site from commercial to residential, derailing their business intentions. TMS argued this decision violated their property rights. The court upheld the initial judgment, initiating the steps for formal compensation proceedings. View More
Jio has set the price band for its much-awaited IPO at Rs 1,065-1,119 per share. At the lower end of the price band, Jio Platforms could raise Rs 28,755 crore. At the cap price of Rs 1,119, the IPO size would rise to about Rs 30,213 crore. View More
Jio Platforms has fixed the price band for its much-awaited IPO at Rs 1,065-1,119 per share, setting the stage for Mukesh Ambani 's telecom and digital-services business to launch what could become India’s largest-ever IPO. The issue comprises a fresh sale of up to 27 crore equity shares of face value Rs 10 each. At the lower end of the price band, Jio Platforms could raise Rs 28,755 crore. At the cap price of Rs 1,119, the IPO size would rise to about Rs 30,213 crore. Reliance Jio IPO details The anchor investor book is scheduled to open on October 19, while the public issue will open on October 21 and close on October 23, according to the company’s filing details reported by market publications. The company filed its red herring prospectus with the Registrar of Companies on October 14. Reliance Jio IPO GMP In the unofficial market, the GMP is around Rs 220, which indicates a healthy premium of 20% over the upper end of the price band. Also read: Akash, Isha Ambani's birthday to mark close of Reliance Jio's mega IPO Live Events Reliance Jio valuation The proposed price values Jio at a premium to where most large private investors entered in 2020, when several financial and sovereign investors invested at an equity valuation of about Rs 4.91 lakh crore. Google had invested at a lower equity valuation of about Rs 4.36 lakh crore. The IPO valuation, therefore, is more than double the level at which most outside investors came into Jio. At the upper end of the price band, Jio Platforms is expected to command a valuation of about Rs 10.3 lakh crore, making it one of the most valuable Indian companies at listing. The IPO will also surpass Hyundai Motor India’s Rs 27,900 crore public issue in 2024, which is currently India’s largest IPO. Analysts said Jio Platforms would command a post-issue market cap of about Rs 10.4 lakh crore, translating into a P/E multiple of around 34.6x FY26 consolidated earnings of Rs 30,049 crore. "We view the pricing as reasonably fair, with a relatively conservative approach compared with earlier valuation expectations, rather than an outright bargain," said Paresh Bhagat, Chairman, Mangal Keshav Financial Services. "Jio's leadership in India's telecom market, its large subscriber base, improving monetisation opportunities and expanding digital ecosystem justify a premium valuation. However, investors must also account for the capital-intensive nature of telecom operations, future network investments and the execution risks associated with newer digital businesses," Keshav said. Reservation details The offer includes a reservation of shares worth up to Rs 500 crore for eligible employees and up to Rs 2,500 crore for eligible Reliance Industries shareholders. Eligible RIL shareholders include individuals and HUFs who held public equity shares of Reliance Industries as of October 14, subject to applicable conditions. Also read: Diwali offer for RIL shareholders! Reliance Jio sets aside Rs 2,500 crore shares in IPO reservation That shareholder quota is one of the most closely watched parts of the IPO. Until now, public investors could get exposure to Jio only through Reliance Industries shares. The reservation gives eligible RIL shareholders a direct route to apply for Jio shares in a separate category. About Reliance Jio Jio Platforms houses Reliance’s digital and telecom businesses, including mobile services, broadband, cloud, entertainment, enterprise technology and artificial intelligence-linked platforms. The IPO is being pitched as more than a telecom listing, with the company seeking to position itself as a broader consumer technology and digital infrastructure play. For Reliance Industries, the IPO will create an independent market value for its biggest growth asset. RIL owns about two-thirds of Jio Platforms, and investors have long viewed a separate Jio listing as a key value-discovery event for the conglomerate. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Akash and Isha Ambani’s birthday on October 23 coincides with the closing day of Reliance Jio’s Rs 30,000 crore IPO. The listing marks a milestone for the telecom and digital business, which the twins have helped shape since its early years, as Jio prepares to enter India’s public markets. View More
Akash Ambani and Isha Ambani ’s birthday on October 23 will now also mark the close of Reliance Jio’s mega IPO, turning a personal milestone for Mukesh Ambani 's twins into a key date for India’s primary market. Jio Platforms has filed its red herring prospectus for an IPO of up to 27 crore equity shares. The anchor investor book will open on October 19, while the public issue will open on October 21 and close on October 23, according to the latest filing details. The offer has also set aside shares worth up to Rs 500 crore for eligible employees and up to Rs 2,500 crore for eligible Reliance Industries shareholders. Akash and Isha Ambani's rise in Jio The timing gives the issue a symbolic edge because Akash and Isha, who were born on October 23, 1991, have been closely associated with Jio’s rise from its early days. The IPO comes nearly a decade after Jio changed India's telecom market with cheap data, free voice and aggressive network expansion. It also comes at a time when Akash and Isha Ambani are taking a more visible role in the group’s consumer and digital businesses. Live Events Also Read: Diwali offer for RIL shareholders! Reliance Jio sets aside Rs 2,500 crore shares in IPO reservation Akash and Isha Ambani had taken the Jio IPO pitch global, with meetings aimed at large investors ahead of the proposed Rs 30,000 crore issue. Akash Ambani is now the central executive face of Jio. According to Reliance Industries' own profile, he has been chairman of Reliance Jio Infocomm since June 2022 and is managing director of Jio Platforms. He was earlier a non-executive director on the Reliance Jio Infocomm board from October 2014. He is involved in products and digital services and spearheads work around 5G, artificial intelligence, blockchain and the Internet of Things. His association with Jio goes back to the launch phase. Reliance says that under his leadership, Jio crossed the 100 million subscriber mark in less than six months of its 2016 launch and now serves more than 524 million customers. The company also credits him with helping attract more than $20 billion from investors including Meta and Google during Jio’s earlier private fundraising round. Also Read: Reliance Jio files RHP, announces IPO dates for India's biggest listing Isha Ambani has also had an early Jio connection. She played a pivotal role in conceptualising and launching the group’s digital services business in 2016. She is part of the executive leadership teams at Reliance Retail, Reliance Jio and Reliance Foundation, while also serving as a director on the boards of Reliance Jio Infocomm and Jio Platforms. The roadshow has put Akash Ambani in front of global investors at a crucial moment for the group. Reuters reported Akash was asked during pre-IPO investor meetings why Jio deserves a premium to rival Bharti Airtel and how the company plans to charge for digital services and platforms that are currently offered at no direct cost. Speaking on the sidelines of India Mobile Congress 2026, he described the Jio IPO as the company's biggest move and a huge responsibility towards Indian shareholders. He said the listing should be seen as the beginning of a longer journey and that Jio would need to deliver growth and value after the public issue. In another interview, Akash said he sees the IPO as a great responsibility for shareholders and assured that affordability would remain central to Jio’s strategy as it expands beyond connectivity into technology platforms and solutions. Reliance Jio IPO details The IPO is a marquee event for India's public markets this year as the company targets a valuation of about $106 billion, or around Rs 10.3 lakh crore, and that the issue could surpass Hyundai Motor India’s 2024 IPO, which is currently India’s largest. The offer is entirely a fresh issue, which means existing investors such as Reliance Industries, Meta, Google, Mubadala and Saudi Arabia’s Public Investment Fund are not expected to sell shares. The proceeds will go to Jio Platforms. For Reliance Industries shareholders, the Rs 2,500 crore reservation gives a direct route to apply for shares in the company that has so far been held inside RIL. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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Jio Platforms will open its Rs 30,000 crore IPO for subscription on October 21, with anchor investor bidding scheduled for October 19. The issue could become India’s largest-ever public offering, surpassing Hyundai Motor India’s record IPO. Here are 10 key details on issue size, dates, shareholder quota, financials and valuation. View More
Jio Platforms, the digital and telecom arm of Reliance Industries , will launch its much-anticipated initial public offering (IPO) for subscription on October 21. The company filed its red herring prospectus (RHP) on October 14, paving the way for what could become India’s largest-ever public issue. The IPO comprises a fresh issue of up to 27 crore equity shares, with the proposed fundraise expected to be around Rs 30,000 crore. At the reported valuation of about Rs 10.3 lakh crore, or $106 billion, the offering would surpass Hyundai Motor India’s Rs 27,856 crore IPO in October 2024. The offering will provide public market investors with exposure to Reliance’s digital ecosystem, which spans mobile connectivity, fixed broadband, cloud, entertainment, enterprise technology and artificial intelligence (AI). The anchor investor bidding date is October 19, while the public issue will remain open from October 21 to October 23. Based on the proposed timeline, the basis of allotment is likely to be finalised on October 26, with shares tentatively scheduled to make stock market debut on October 28. Live Events Here are 10 key things investors should know about the Jio Platforms IPO . 1. IPO dates and issue size Jio Platforms filed its RHP on October 14 after receiving an observation letter from the Securities and Exchange Board of India (Sebi) on August 28. The company had filed its draft red herring prospectus (DRHP) on June 19. The IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23. The anchor investor bidding date is Monday, October 19. The issue comprises a fresh offering of up to 27 crore equity shares of face value Rs 10 each. The proposed fundraise is expected to be over Rs 30,000 crore at the upper end of the price band. The company has fixed the price band at Rs 1,065-1,119 per share. ALSO READ: Reliance Jio files RHP, announces IPO dates for India's biggest listing 2. India’s biggest-ever IPO At the expected size, the Jio Platforms IPO would overtake Hyundai Motor India’s Rs 27,856 crore public issue in October 2024 to become India’s largest-ever IPO. Reuters earlier reported that Jio Platforms was targeting a valuation of around $106 billion, equivalent to approximately Rs 10.3 lakh crore, and was looking to raise up to Rs 30,200 crore at the upper end of the price band. 3. Fresh issue, with no offer for sale The Jio Platforms IPO is structured entirely as a fresh issue, with no offer for sale (OFS) by existing shareholders. This means Reliance Industries and strategic investors, including Meta, Google, Mubadala and Saudi Arabia’s Public Investment Fund, are not expected to sell shares through the offering. The proceeds will accrue to Jio Platforms, which plans to use the funds primarily to repay or prepay borrowings availed by its material subsidiary, Reliance Jio Infocomm Ltd (RJIL), alongside general corporate purposes. 4. How the IPO proceeds will be used Jio Platforms has identified two principal objectives for the net proceeds of the issue. Up to Rs 27,500 crore is proposed to be used for the repayment or prepayment, in full or in part, of certain outstanding borrowings of RJIL. The balance will be allocated towards general corporate purposes. The proposed use of funds makes debt repayment the primary objective of the issue, while the listing is also expected to create a public market for Jio Platforms’ equity shares. Also read: Diwali offer for RIL shareholders! Reliance Jio sets aside Rs 2,500 crore shares in IPO reservation 5. Reliance Industries and other major shareholders Reliance Industries Ltd is the promoter of Jio Platforms. As of the date of the draft red herring prospectus, RIL held 5,937,841,645 equity shares, representing 66.43% of Jio Platforms’ pre-issue paid-up equity share capital. Among the external investors, Meta affiliate Jaadhu Holdings held a 9.98% stake, while Google International held 7.73%, according to the shareholding details provided. The fresh-issue structure means these existing shareholders are not expected to dilute their holdings through an offer for sale in the IPO. 6. Reservation for Reliance shareholders and employees The IPO includes a reservation for eligible Reliance Industries shareholders, providing an additional route for existing RIL investors to participate in the offering. Up to Rs 2,500 crore worth of Jio Platforms shares will be reserved for eligible RIL shareholders who are individuals or Hindu Undivided Families (HUFs) holding public equity shares of Reliance Industries as of October 14, subject to the eligibility conditions set out in the RHP. A separate reservation of up to Rs 500 crore worth of shares has been made for eligible employees. These reservations are in addition to the broader allocation framework for institutional, non-institutional and retail investors. 7. Allocation for institutional, retail and non-institutional investors The IPO's investor allocation follows the categories specified in the RHP. Qualified institutional buyers (QIBs) will be offered not more than 50% of the net issue, while retail individual investors will be allocated not less than 35%. Non-institutional investors (NIIs) will be offered not less than 15% of the net issue. The allocation framework will determine how the shares are distributed across investor categories, subject to the final issue terms and applicable rules. 8. Financial performance: Revenue and profit rise in FY26 Jio Platforms reported an increase in revenue, operating earnings and profit in the financial year ended March 2026. Revenue from operations rose 14.6% to Rs 1,46,885.3 crore in FY26 from Rs 1,28,218.4 crore in FY25. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 18.8% to Rs 76,255.4 crore from Rs 64,170 crore, while profit after tax (PAT) climbed 15.1% to Rs 30,049.1 crore from Rs 26,109 crore. The PAT margin improved to 20.46% in FY26 from 20.36% in the previous financial year. The company's total customer base also expanded 7.4% to 524.4 million in FY26 from 488.2 million in FY25. 9. Valuation, grey market premium and investor interest Jio Platforms is reportedly targeting a valuation of around Rs 10.3 lakh crore, with the IPO price band set at Rs 1,065-1,119 per share. At the current estimated valuation, analysts expect Jio to trade at around 12 times estimated FY28 enterprise value to EBITDA, compared with approximately 10.3 times for Bharti Airtel’s India business, excluding Indus Towers. “Overall, the pricing appears fair to mildly conservative rather than deeply undervalued. The valuation offers moderate upside, provided earnings growth improves and tariff hikes support profitability,” said Abhinav Tiwari, senior research analyst at Bonanza. Grey market activity has also indicated strong interest ahead of the listing. Jio Platforms’ unlisted shares were commanding a premium of around Rs 218 per share, or 19%, implying a price of Rs 1,337 per share based on the upper end of the IPO price band at Rs 1,119. The grey market premium is an unofficial indicator and may change before listing. Reports have also suggested that the IPO has attracted more than $20 billion in bids from prospective investors, with global investment firms including Fidelity, Allianz and Capital Group reportedly expressing interest. 10. Registrar and book-running lead managers KFin Technologies Ltd is the registrar for the issue, while the book-running lead managers include 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 . Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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Jio IPO: Reliance Jio has filed its red herring prospectus for an October 21-23 IPO, set to be India’s biggest public issue. The offering comprises 27 crore fresh shares, with reservations for Reliance Industries shareholders and employees. The company plans to use most of the proceeds to repay borrowings, while investors assess its valuation. View More
Reliance Jio has filed its red herring prospectus with the registrar of companies (ROC), which showed that the company will launch its IPO on October 21. The issue will be open for subscription till October 23. The public offer, which will be India's biggest, is a fresh issue sale of 27 crore shares. The company has fixed the price band for its much-awaited IPO at Rs 1,065-1,119 per share. At the lower end of the price band, Jio Platforms could raise Rs 28,755 crore. At the cap price of Rs 1,119, the IPO size would rise to about Rs 30,213 crore. Reservation for RIL shareholders The offer also includes a sizeable reservation for Reliance Industries shareholders. Up to Rs 2,500 crore worth of shares will be reserved for eligible Reliance Industries shareholders, giving existing RIL investors a direct route to apply for shares in Jio Platforms. Up to Rs 500 crore worth of shares will also be reserved for eligible employees. The record date for the reservation for RIL shareholders is the date of filing of RHP, which is October 14. The shareholder reservation is one of the most closely watched parts of the issue because Jio Platforms is currently housed inside Reliance Industries. Investors in RIL have long expected the listing of Jio to unlock value in the conglomerate, whose businesses span telecom and digital services, retail, oil-to-chemicals and new energy. Also read: Diwali offer for RIL shareholders! Reliance Jio sets aside Rs 2,500 crore shares in IPO reservation Live Events Reliance Jio IPO details The Jio IPO is a entirely fresh issue, with no offer-for-sale by existing shareholders. That means Reliance Industries and Jio’s strategic investors, including Meta, Google, Mubadala and Saudi Arabia’s Public Investment Fund, are not expected to sell shares in the offer. The proceeds will go to Jio Platforms. ETMarkets earlier reported that some existing backers likely to increase their exposure to Jio Platforms in the IPO. Meta affiliate Jaadhu Holdings is the largest external investor, with a 9.98% stake, followed by Google International with 7.73%. The draft papers showed that up to Rs 27,500 crore of the net proceeds will be used to repay or prepay borrowings, mainly linked to Reliance Jio Infocomm, with the balance for general corporate purposes. Jio Platforms houses Reliance’s telecom and digital businesses, including mobile services, fixed broadband, cloud, entertainment, enterprise technology and AI offerings. The company had nearly 52.4 crore subscribers as of March. Jio IPO has already drawn more than $20 billion in bids from prospective investors, according to reports. Global investors including Fidelity, Allianz and Capital Group, along with other international and domestic institutions, are said to have indicated interest in the offering. Reliance Jio IPO GMP Grey market interest has already heated up ahead of the filing. Jio shares were trading at a premium of about Rs 218, or 19%, implying a price of Rs 1,337 per share, based on the presumption that the upper end of the IPO price band would be Rs 1,119. Jio is being positioned as more than a telecom company, with its businesses spanning mobile services, fixed broadband, cloud, entertainment, enterprise technology and artificial intelligence offerings. Impact on RIL shares For Reliance Industries, the IPO could create an independent market price for its most valuable growth business. A listed Jio would allow investors to value the digital platform separately instead of only through Reliance’s conglomerate structure, which also includes oil-to-chemicals, retail and new energy. However, the impact on RIL shares will depend on the final valuation, subscription demand, listing performance and whether investors believe the IPO can reduce Reliance’s holding-company discount. Analysts have said a small public float may limit immediate value unlocking because Reliance will continue to own the majority of Jio even after the listing. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! 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These policies include the Shipbuilding Project Credit Risk Insurance Policy for export projects and the Business Credit Shield Policy for domestic projects. The central government will subsidize insurance premiums and support insurers for shipyard claims. This initiative aims to alleviate financial stress and ensure smooth operations for shipyards. View More
MUMBAI: The Shipping Ministry on Tuesday announced two specialised credit risk insurance products to support India's shipbuilding industry under the National Shipbuilding Mission . The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd, will cover export projects, while the Business Credit Shield Policy Shipbuilders (BCSPS), developed by The New India Assurance Co Ltd, will protect domestic projects, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal announced at the concluding day of the 21st Maritime State Development Council (MSDC) held here. The central government will subsidise insurance premiums and provide direct support to insurers in case shipyards file claims, the minister said. Developed under the Shipbuilding Development Scheme (SbDS), these first-of-their-kind insurance policies aim to reduce financial stress in large-scale ship manufacturing. "Building a ship is a massive, multi-year journey, a single missed milestone payment could stall an entire shipyard's operations. With these new insurance policies, we are stepping in to give them a real safety net. We want our shipyards to focus on what they do best, building world-class vessels, without the fear of delayed payments or sudden global market shifts holding them back," said Sonowal. Live Events This was the first meeting of the MSDC after its recognition as a statutory consultative body under the Indian Ports Act, 2025, notified on May 15 this year. The Council, originally constituted in 1997, now functions with an enhanced mandate to promote integrated maritime growth, coordinated policy formulation, and planned development of maritime infrastructure. The Council endorsed the priorities of the National Perspective Plan and urged States to fast-track multimodal connectivity projects through road, rail, inland waterways, pipelines and conveyors. It resolved that States, in coordination with MoPSW, to develop port-linked industrial clusters with land availability, plug-and-play infrastructure and fast-tracked approvals, integrated with port capacity expansion and connectivity projects. Sonowal also launched the Ready Reckoner for Implementing ONOP, a comprehensive guide for major and other than major orts. The document includes references to central circularshissued by CBIC, Ministry of Home Affairs and Ministry of Health and Family Welfare for implementing inter-ministerial process reforms, and sets out clear expectations from state and Union Territory Governments to expedite ONOP implementation. "The MSDC has now entered a new statutory phase, strengthening cooperative federalism in maritime governance. With the adoption of MIV 2030 and MAKV 2047 targets, India's ports and shipping sector will be future-ready, competitive and aligned with global standards. The Council's resolutions today mark a decisive step towards integrated maritime growth and port-led industrialization," Sonowal said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
GMR Airports has incorporated GMR Aero Realty as a wholly owned subsidiary with ?1 crore in paid-up capital to pursue real estate and land development opportunities; operations are yet to begin View More