# Jio IPO: DRHP and RHP Breakdown > Jio IPO explained from the RHP: INR 1,065-1,119 price band, 12-share lot, 21-23 Oct dates, quotas, financials, risks and valuation. Sourced, no hype. - **Published**: 2026-10-18 - **Modified**: 2026-10-19 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/jio-ipo --- This is the hub for our [IPO guides](/ipo): the **Jio IPO** explained from its offer documents, the draft red herring prospectus (DRHP) filed with SEBI in June and the red herring prospectus (RHP) filed on 14 October 2026. Every number comes from those documents or exchange filings, and each section links to a deeper guide. **Last updated: 19 October 2026, IST.** Anchor bidding was scheduled for today. We will add the anchor allocation once it is filed and checked, and subscription figures from 21 October. > **Educational content, not investment advice.** This page explains the issue using the company's own offer documents and exchange filings. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. IPO investments can lose money, including on listing day. Read the [red herring prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) before you bid, and speak to a SEBI-registered adviser if you need personal advice.
- **What:** Jio Platforms, Reliance's telecom and digital arm, is selling **new shares** to the public for the first time. Nobody is cashing out. - **Price:** INR 1,065 to INR 1,119 a share, in lots of 12. One lot costs **INR 13,428** at the top. - **When:** bids from **21 to 23 October 2026**; listing expected around **28 October**. - **Why:** mainly to repay **INR 27,500 crore** of debt. - **The catch:** a big, profitable business, but it earns less on its equity than Airtel and leans heavily on other Reliance companies. Read the [risks](/articles/ipo/jio-ipo-risk-factors) before you bid.
Price band INR 1,065-1,119; lot 12 shares; issue size about INR 30,188 crore, fresh issue; anchor bidding 19 Oct; bidding 21-23 Oct 2026; allotment around 26 Oct and listing around 28 Oct (indicative). Source: RHP, 14 Oct 2026.
## Jio IPO status as of 19 October 2026 Both offer documents are out and the price band is set. Public bidding opens on Wednesday.
Timeline: DRHP filed 19 Jun 2026; SEBI observation letter 28 Aug 2026; RHP filed 14 Oct 2026; anchor bidding 19 Oct; bidding 21-23 Oct; allotment around 26 Oct; demat credit and refunds around 27 Oct; listing around 28 Oct 2026.
The **DRHP** (draft red herring prospectus) is the first version of the offer document, filed with SEBI for review. The **RHP** is the updated version filed just before the issue, with dates and quotas but not the final price. "Red herring" just means it is incomplete. SEBI's letter says filing does not mean SEBI has approved the issue.
Every date, and where to check your allotment, is in [Jio IPO dates, allotment status and listing](/articles/ipo/jio-ipo-dates-allotment-status). ## Jio IPO key details | Item | Detail | |---|---| | Company | Jio Platforms Limited (JPL), a subsidiary of Reliance Industries (RIL) | | Fresh issue | Up to 27 crore shares of INR 10 face value | | Offer for sale | None | | Price band | INR 1,065 to INR 1,119 per share (INR 54 discount for employees) | | Lot size | 12 shares (INR 13,428 at the cap) | | Issue size | INR 28,728.29 crore at the floor; INR 30,187.65 crore at the cap | | Market cap after the issue | INR 9,80,761.78 crore to INR 10,30,490.55 crore | | Listing | NSE (designated exchange) and BSE | | Registrar | KFin Technologies | | Final price | Not yet disclosed | Source: RHP and price band advertisement. The press has described it as India's largest IPO: at the cap it is about 8% bigger than Hyundai Motor India's INR 27,858.75 crore issue in 2024 (our calculation; Hyundai figure as reported by The Hindu). The lot maths for every category is in [Jio IPO price band and lot size](/articles/ipo/jio-ipo-price-band-lot-size). ## Fresh issue, no OFS: where the money goes
Use of proceeds at the cap: INR 27,500 crore to prepay Reliance Jio Infocomm's borrowings; the remaining INR 2,687.65 crore covers issue expenses and general corporate purposes, split not yet disclosed. Source: RHP objects of the issue.
All the money goes to Jio Platforms. Most of it pays down debt at Reliance Jio Infocomm (RJIL), the telecom subsidiary. General corporate purposes can take at most 25% of the gross proceeds.
In a **fresh issue** the company prints new shares and keeps the money. In an **offer for sale** existing owners sell their shares and the money goes to them. Jio is 100% fresh issue, so Reliance, Meta and Google are not selling. Their stakes shrink slightly instead.
### Who owns Jio Platforms before and after the IPO
Pre-issue (RHP): Reliance Industries 66.43%, Meta (Jaadhu Holdings) 9.98%, Google 7.73%, eight global funds 14.11%, 93 other shareholders 1.75%. After the IPO (our calculation at the top of the price band): Reliance 64.48%, Meta 9.69%, Google 7.50%, funds 13.70%, others 1.70%, new IPO shareholders 2.93%.
Reliance stays firmly in control. The new public shareholders will own about **2.93%** of the company (our calculation: 27 crore new shares out of 920.90 crore after the issue).
See every shareholder above 0.9% | Shareholder | Pre-issue stake | |---|---| | Reliance Industries (promoter) | 66.43% | | Jaadhu Holdings (Meta Platforms affiliate) | 9.98% | | Google International | 7.73% | | Public Investment Fund (Saudi Arabia) | 2.31% | | KKR affiliate | 2.31% | | Vista Equity Partners affiliate | 2.31% | | Silver Lake affiliate | 1.88% | | Mubadala affiliate | 1.85% | | General Atlantic affiliate | 1.34% | | ADIA affiliate | 1.16% | | TPG affiliate | 0.93% | | 93 other shareholders | 1.75% | Source: RHP and abridged prospectus, shareholding as on the RHP date.
## Issue structure and quota table
Indicative split of 27 crore new shares at the cap (our calculation): institutions 12.15 crore, retail 8.50 crore, NII 3.64 crore, RIL shareholders 2.23 crore, employees 0.47 crore.
Two reserved slices come off the top: up to **INR 2,500 crore for RIL shareholders** and up to **INR 500 crore for employees**. The rest, the net issue, is split under SEBI's Regulation 6(1): at most 50% to institutions, at least 15% to HNIs and at least 35% to retail investors.
- **QIB:** qualified institutional buyers such as mutual funds, insurers and foreign funds. - **Anchor investors:** QIBs that commit a day early. They can take up to 60% of the QIB slice and are locked in for 30 to 90 days. See [anchor investors](/articles/ipo/jio-ipo-anchor-investors). - **NII or HNI:** anyone bidding more than INR 2 lakh who is not an institution. - **Retail:** individuals bidding up to INR 2 lakh.
Retail: up to INR 2 lakh, 1-14 lots. Small NII: INR 2-10 lakh, 15-74 lots. Big NII: above INR 10 lakh, 75 lots or more.
The NII portion is split one-third for small NII (INR 2-10 lakh) and two-thirds for big NII (above INR 10 lakh).
| Category | Size | Bid limits | |---|---|---| | RIL shareholders | Up to INR 2,500 crore | Up to INR 2 lakh; RIL holders on 14 Oct 2026 | | Employees | Up to INR 500 crore | Up to INR 5 lakh, net of the INR 54 discount | | QIB | Not more than 50% of net issue | Up to 60% to anchors | | NII (small and big) | Not less than 15% of net issue | Above INR 2 lakh | | Retail | Not less than 35% of net issue | Up to INR 2 lakh | If a slice is undersubscribed, shares move between the employee and shareholder portions first, then to retail and NII. Details: [Jio IPO HNI quota: small NII vs big NII](/articles/ipo/jio-ipo-hni-nii-quota) and [the RIL shareholder quota](/articles/ipo/jio-ipo-ril-shareholder-quota). Ready to bid? See [how to apply](/articles/ipo/how-to-apply-jio-ipo). ## Jio Platforms financials from the offer document
Revenue INR 1,09,558 crore (FY24), INR 1,28,218 crore (FY25), INR 1,46,885 crore (FY26). EBITDA INR 54,959, INR 64,170 and INR 76,255 crore. Profit after tax INR 21,423, INR 26,109 and INR 30,049 crore. Source: RHP.
Revenue grew about 16% a year from FY24 to FY26 and profit by about 18% a year (RHP CAGR for revenue 15.79%; profit growth our calculation). In the June 2026 quarter, revenue was INR 39,173 crore and profit INR 7,764 crore. Jio had **533.3 million customers**, earning an average **INR 215.6** per user per month.
Full financial and operating table | INR crore | FY24 | FY25 | FY26 | Q1 FY27 | |---|---|---|---|---| | Revenue from operations | 1,09,558 | 1,28,218 | 1,46,885 | 39,173 | | EBITDA | 54,959 | 64,170 | 76,255 | 20,865 | | EBITDA margin | 50.16% | 50.05% | 51.91% | 53.26% | | Profit after tax | 21,423 | 26,109 | 30,049 | 7,764 | | Diluted EPS (INR ) | 23.93 | 29.17 | 33.59 | 8.68 | | Net worth | 2,77,866 | 3,04,022 | 3,34,013 | 3,41,779 | | Total borrowings | 54,349 | 73,060 | 70,781 | 61,372 | | Return on average net worth | 8.02% | 8.97% | 9.42% | 2.30% | | Customers (million) | 481.8 | 488.2 | 524.4 | 533.3 | | ARPU (INR per month) | 181.7 | 206.2 | 214.0 | 215.6 | | Monthly churn | 1.52% | 1.81% | 1.67% | 1.61% | Source: RHP, restated consolidated figures converted from INR million. Q1 FY27 is April to June 2026 and is not annualised.
The RHP's net debt-to-EBITDA of 0.36x for FY26 counts only loans and bonds. It leaves out **INR 1,04,514 crore of deferred spectrum payments** and INR 13,888 crore of lease liabilities. Airtel's figure includes them, so the two are not comparable.
## Valuation at the price band
P/E on FY26 diluted EPS: Bharti Airtel 40.71x; Jio 33.31x at INR 1,119 and 31.71x at INR 1,065; peer average 22.35x; Vodafone Idea 3.99x. Source: RHP and price band advertisement.
At the cap, Jio is valued at about **INR 10.3 lakh crore**, 33.31 times FY26 earnings and 2.93 times its June 2026 book value of INR 382.34 a share (our calculation). That is cheaper than Airtel on earnings, but Airtel earns about twice as much on its equity. The peer average is dragged down by Vodafone Idea, whose FY26 profit included INR 58,607 crore of exceptional items.
**Price-to-earnings** is the share price divided by one year's profit per share. A P/E of 33 means you pay INR 33 for every INR 1 of annual profit. Higher P/Es usually mean investors expect faster growth.
## Jio vs Airtel at a glance
Jio vs Airtel: mobile subscribers 508.4 vs 491.6 million (TRAI, Aug 2026); ARPU INR 215.6 vs INR 264; churn 1.61% vs 2.59%; FY26 profit INR 30,049 vs INR 33,823 crore; return on net worth 9.42% vs 20.32%; P/E 33.31x vs 40.71x.
Jio has more users and keeps them better. Airtel earns more from each user and on its capital. The full comparison is in [Jio vs Airtel](/articles/ipo/jio-vs-airtel). ## Jio vs Tesla vs SpaceX Curious how Jio's IPO valuation stacks up against global tech names? At the top of the band Jio is about **$108 billion**; Tesla and SpaceX (now public as SPCX) were about **$1.4 trillion** and **$2.0 trillion** in mid-October 2026. Revenue and profit tell a different story from the headline valuations. Full charts, FX and caveats: [Jio vs Tesla vs SpaceX](/articles/ipo/jio-vs-tesla-vs-spacex). ## Risk factors in the RHP The RHP lists 65 risks. These are the ones that matter most, in plain English. All 65 are summarised in [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors).
Reliance Retail is the **only** distributor of Jio's prepaid plans, which were 77.08% of FY26 revenue. **What it means for you:** if that arrangement changed, Jio would need a new sales network fast.
Many contracts are with RIL and group companies, RIL keeps about 64.5% (our calculation) and controls the board, and the "Jio" brand is owned by RIL. **What it means for you:** decisions may suit the group, not just minority shareholders.
Reliance Jio Infocomm brought in 87.74% of FY26 revenue and 94.88% of EBITDA. **What it means for you:** a problem at the telecom arm hits the whole company.
The telecom licence is due for renewal in October 2033; most spectrum expires in 2041-42. Renewals can be costly. **What it means for you:** future spectrum bills could eat into profits.
Besides borrowings, there are INR 1,04,514 crore of deferred spectrum payments. **What it means for you:** the balance sheet is heavier than the 0.36x headline suggests.
TRAI and the telecom department regulate tariffs, quality and spam rules. TRAI has issued penalty orders, which Jio is contesting. **What it means for you:** rule changes can affect earnings with little warning.
The RHP flags satellite broadband and other new technology as competitive threats, plus cyber and AI risks. **What it means for you:** today's network advantage is not guaranteed.
Jio Platforms has never paid a dividend. **What it means for you:** returns depend on the share price going up.
Weighing it all up? Read [should you invest in the Jio IPO](/articles/ipo/should-you-invest-in-jio-ipo), a balanced checklist. ## What about the grey market premium?
The **grey market premium** is the unofficial price at which some traders say IPO shares are changing hands before listing. It is unregulated, not recognised by SEBI and often wrong, so we keep it off this page. Dated, sourced figures and why they are unreliable are in our [Jio IPO GMP tracker](/articles/ipo/jio-ipo-gmp).
## Lead managers and registrar **Book-running lead managers (19):** Kotak Mahindra Capital, 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), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India and 360 ONE WAM. **Registrar:** KFin Technologies Limited, jioplatforms.ipo@kfintech.com, 1800 309 4001. **Sponsor banks for UPI:** ICICI Bank, Kotak Mahindra Bank, SBI and Axis Bank. ## What is official and what is only reported | Official (offer document or exchange filing) | Reported only | |---|---| | Dates, price band, lot size, issue size, market cap at the band | Names of institutions said to be interested in the anchor book | | Quota structure and reservation sizes | Anchor commitments of about INR 2.5 lakh crore, reported by Mint citing media reports | | Financials, KPIs, risk factors, objects | Grey market premium (GMP) | | Lead managers, registrar, sponsor banks | Brokerage ratings and target multiples | ## Still not disclosed - Final issue price, final issue size and the number of shares in each category. - Anchor investor names and allocation. - Subscription figures by category (live on NSE and BSE from 21 October). - Final post-issue shareholding percentages. - Trading symbol at listing. ## All Jio IPO guides - [Jio IPO GMP tracker](/articles/ipo/jio-ipo-gmp): grey market premium, dated and sourced - [Price band and lot size](/articles/ipo/jio-ipo-price-band-lot-size): how much you need in each category - [HNI quota: small NII vs big NII](/articles/ipo/jio-ipo-hni-nii-quota): minimum amounts and allotment - [RIL shareholder quota](/articles/ipo/jio-ipo-ril-shareholder-quota): who qualifies and how to bid - [How to apply](/articles/ipo/how-to-apply-jio-ipo): UPI and ASBA, step by step - [Dates, allotment status and listing](/articles/ipo/jio-ipo-dates-allotment-status) - [Jio vs Airtel](/articles/ipo/jio-vs-airtel): subscribers, ARPU, profit and valuation - [Jio vs Tesla vs SpaceX](/articles/ipo/jio-vs-tesla-vs-spacex): revenue, profit and valuation vs two global names - [Risk factors](/articles/ipo/jio-ipo-risk-factors): what the RHP warns about - [Anchor investors](/articles/ipo/jio-ipo-anchor-investors): the rules and what to watch - [Should you invest?](/articles/ipo/should-you-invest-in-jio-ipo): a balanced checklist - [Jio Financial vs Jio Platforms](/articles/ipo/jio-financial-vs-jio-platforms): not the same company - [How IPOs work in India](/articles/ipo/how-ipos-work-india): DRHP, RHP, GMP, quotas, allotment - [Tax on IPO listing gains](/articles/ipo/ipo-listing-gains-tax) ## Sources Primary sources first. All links accessed 18 October 2026. - [SEBI, Jio Platforms Limited: Red Herring Prospectus dated 14 October 2026 (filing page, posted 15 October 2026)](https://www.sebi.gov.in/filings/public-issues/oct-2026/jio-platforms-limited-rhp_105274.html), and the [full RHP PDF](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) - [SEBI, Jio Platforms Limited: Abridged Prospectus (RHP stage)](https://www.sebi.gov.in/sebi_data/commondocs/oct-2026/Jio%20Platforms%20Limited%20-%20Red%20Herring%20Prospectus%20and%20Abridged%20Prospectus_p.pdf) - [SEBI, Jio Platforms Ltd: Draft Red Herring Prospectus dated 19 June 2026](https://www.sebi.gov.in/filings/public-issues/jun-2026/jio-platforms-ltd-drhp_102248.html) - [SEBI observation letter on the DRHP, 28 August 2026 (hosted by Jio)](https://myjiostatic.cdn.jio.com/cms/assets/iv3/Final%20observation%20letter%20dated%20August%2028,%202026%20issued%20by%20SEBI%20(Ref.%20No.%20HO491111(307)2026-CFD-RAC-DIL1).pdf) - [Reliance Industries, disclosure to BSE and NSE on filing of the RHP, 14 October 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9f9c9b25-75e8-45ba-83a4-e230e7657f54.pdf) - [Reliance Industries, disclosure to BSE and NSE on price band, employee discount and bid lot, 14 October 2026](https://www.ril.com/sites/default/files/2026-10/RIL_SE_14102026_.pdf) - [Jio Platforms price band advertisement, 14 October 2026 (hosted by lead manager JM Financial)](https://www.jmfl.com/Common/getFile/6109) - [BSE, public issue page for Jio Platforms Limited (bid details, lot, categories, lead managers)](https://www.bseindia.com/markets/publicIssues/DisplayIPO?IPONo=8047&id=4894&idtype=1&series=mainboard&startdt=21%2F10%2F2026&status=F&type=IPO) - [NSE, current and upcoming issues](https://www.nseindia.com/market-data/all-upcoming-issues-ipo) - [Reliance Industries, Chairman's statement at the 49th AGM, 19 June 2026](https://www.ril.com/sites/default/files/reports/Chairmans-Statement-at-49th-RILAGM.pdf) - [The Hindu (PTI), Reliance's Jio Platforms files final IPO prospectus; offer to open on October 21, 14 October 2026](https://www.thehindu.com/business/markets/reliances-jio-platforms-files-final-ipo-prospectus-offer-to-open-on-october-21/article71584837.ece) - [Reuters (via VCCircle), Jio Platforms set to target nearly $106 bn valuation in IPO, 9 October 2026](https://www.vccircle.com/jioplatforms-set-to-target-nearly-106-bn-valuation-in-ipo) - [Mint, Reliance Jio IPO: LIC, leading MFs, AMCs and global investors eye issue, say reports (GMP INR 235), 18 October 2026, 10:56 IST](https://www.livemint.com/market/ipo/reliance-jio-ipo-lic-leading-mfs-amcs-and-global-investors-eye-issue-say-reports-check-latest-gmp-price-today-11792299184449.html) - [TRAI, Press Release No. 125/2026, telecom subscription data as on 31 August 2026](https://www.trai.gov.in/sites/default/files/2026-09/PR_No125of2026.pdf) - [Bharti Airtel, Q1 FY27 media release, 4 August 2026](https://assets.airtel.in/static-assets/cms/investor/docs/quarterly_results/2026-27/Q1/Press-Release.pdf) --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)