Jio Platforms IPO: What Investors Should Know

IPO Details: 21–23 Oct | ₹1,065–₹1,119/share Lot: 12 shares | Min. investment: ₹13,428 Issue size: ₹30,213 Cr. Allotment: 26 Oct listing: 28 Oct. The issue is entirely fresh shares, with no offer for sale. Business: Reliance Jio Infocomm contributes ~88% of FY26 revenue and 95% of EBITDA. JioStar and Reliance Retail are not part of this IPO. Growth: FY26 revenue grew 14.6%, EBITDA 18.8% and profit 15.1%. June-quarter profit was ₹7,764 Cr, with a 53.26% EBITDA margin. Cash & Debt: Capex fell to ₹34,184 Cr in FY26 from ₹53,510 Cr in FY24. Cash after capex rose to ₹43,372 Cr. Up to ₹27,500 Cr of IPO proceeds will repay Jio Infocomm debt. Reported net debt is ₹9,539 Cr, excluding ~₹1.04 lakh Cr in deferred spectrum payments and leases. Customers: 53.33 Cr users; ARPU ₹215.60/month, up 3.3%. Data usage rose 18% to 43.7 GB/month. Tariff hikes could boost revenue, but depend on competition and customer response. Valuation: At ₹1,119, market cap is ~₹10.3 lakh Cr and P/E ~34x FY26 earnings. ROCE fell from 12.83% in FY24 to 10.76% in FY26. Vs Airtel: Jio has more users, but Airtel’s ARPU is higher at ₹264. Debt comparisons must account for spectrum dues and leases. GMP: ₹246 (~22%), implying ~₹2,952 per lot before costs if sustained. GMP is unofficial and does not guarantee listing gains. Key Risks: High valuation, falling ROCE, telecom dependence, spectrum liabilities, execution, related-party transactions and dilution. Investor View: Strong business, but the price leaves less room for disappointment. Listing gains are uncertain; long-term returns depend on earnings growth, tariff hikes and newer businesses. Read the RHP and verify final figures before applying. Educational purposes only, not a buy/sell recommendation. IPOs carry market risk.