# Should You Invest in the Jio IPO? Pros, Cons and Questions

> Should you invest in the Jio IPO? A balanced look at RHP numbers: growth and a P/E below Airtel's vs lower returns, spectrum dues and group dependence.
- **Published**: 2026-10-18
- **Modified**: 2026-10-18
- **Category**: ipo
- **URL**: https://www.tldr.money/articles/ipo/should-you-invest-in-jio-ipo

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**Should you invest in the Jio IPO?** We will not tell you to buy or skip it. This page sets out the case for and against, using the RHP's own numbers, and the questions worth answering before you bid. It is part of the [Jio IPO DRHP and RHP breakdown](/articles/ipo/jio-ipo) and our [IPO guides](/ipo).

> **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.

## The facts in one table

| | Jio Platforms IPO |
|---|---|
| Price band | INR 1,065 to INR 1,119 per share |
| Market value at the cap | INR 10,30,490.55 crore |
| P/E at the cap (FY26 diluted EPS INR 33.59) | 33.31x |
| Bharti Airtel P/E (RHP, 13 October 2026) | 40.71x |
| FY26 revenue / profit | INR 1,46,885 crore / INR 30,049 crore |
| FY26 return on net worth | 9.42% |
| Type of issue | Fresh issue only; no existing shareholder is selling |
| Main use of money | Prepay up to INR 27,500 crore of RJIL borrowings |
| Dividends paid so far | None |

## The case for

- **Scale and growth.** 533.3 million customers at June 2026, India's largest mobile operator by subscribers (39.31% share, TRAI, August 2026). Revenue grew from INR 1,09,558 crore in FY24 to INR 1,46,885 crore in FY26, and profit from INR 21,423 crore to INR 30,049 crore.
- **Rising ARPU.** Average revenue per user rose from INR 181.7 in FY24 to INR 215.6 in Q1 FY27. Airtel's India mobile ARPU of INR 264 shows the room that exists if tariffs rise.
- **Lower churn and a large 5G base.** Monthly churn of 1.61%, 284.9 million 5G customers and 28.6 million home broadband connections.
- **Priced below Airtel on earnings.** 31.71x to 33.31x FY26 earnings, compared with 40.71x for Airtel at RHP-date prices.
- **No selling shareholder.** It is a fresh issue: none of RIL, Meta, Google or the private equity investors is cashing out in this IPO, and the money goes to reduce debt.
- **Capex past its peak, for now.** Cash capex fell from INR 53,510 crore in FY24 to INR 34,184 crore in FY26.

## The case against

- **Lower returns than its main rival.** Return on net worth of 9.42% against Airtel's 20.32%. Investors are paying 33x earnings for a business earning under 10% on equity.
- **Large obligations outside "borrowings".** INR 1,04,514 crore of deferred spectrum payments and INR 13,888 crore of lease liabilities at FY26, not counted in the reported net leverage of 0.36x.
- **Heavy dependence on Reliance group companies.** Reliance Retail is the sole prepaid distributor (77.08% of FY26 revenue); RIL keeps control; many related-party agreements.
- **Regulatory exposure.** Tariffs, spectrum and licences depend on government policy. The licence is up for renewal in October 2033.
- **No dividend history.** Returns depend on the share price.
- **Big issue, wide ownership.** About INR 30,188 crore at the cap. Large IPOs have more shares to absorb, and lock-in expiries for anchors (from about late November 2026) can bring selling.

See [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors), [Jio vs Airtel](/articles/ipo/jio-vs-airtel) and [Jio vs Tesla vs SpaceX](/articles/ipo/jio-vs-tesla-vs-spacex) for detail.

## Questions to answer before you bid

1. **Why am I applying: listing gains or a long-term holding?** If you want listing gains, you are relying on demand on one day, which grey market figures do not reliably predict. If you want to hold for years, the questions are ARPU growth, capex and returns.
2. **Do I already own this business?** If you own Reliance Industries shares, or an index fund that holds RIL, you already have indirect exposure, since RIL owns 66.43% of JPL before the issue.
3. **Can I afford to see it fall below INR 1,119?** IPOs can list below the issue price.
4. **Would I buy it on the open market at this price?** If not, the IPO route is mainly a bet on allotment luck and listing-day demand.
5. **Which category am I in?** Your chance of allotment depends on it. If the retail portion is oversubscribed, each successful retail applicant gets one lot by a draw, so bidding for more lots does not raise the chance of getting one. Eligible RIL shareholders can bid in their quota as well as in retail. NII applicants should read the [HNI quota guide](/articles/ipo/jio-ipo-hni-nii-quota) first.

## Signals worth watching before 23 October

- **Anchor allocation** (19 October): who bought, how much. See [anchor investors](/articles/ipo/jio-ipo-anchor-investors).
- **Live subscription** by category on NSE and BSE from 21 October. Many investors watch QIB demand most closely.
- **Not GMP.** It is unofficial and unregulated; see [Jio IPO GMP](/articles/ipo/jio-ipo-gmp).

## If you do apply

- Bid only money you will not need for at least the allotment period, and preferably far longer.
- Retail investors: decide on the number of lots now, not on the last evening.
- Remember tax: profits from selling within 12 months are taxed at 20%. See [IPO listing gains tax](/articles/ipo/ipo-listing-gains-tax).

## Related Jio IPO guides

- [Jio IPO: DRHP and RHP breakdown](/articles/ipo/jio-ipo)
- [Jio IPO GMP tracker](/articles/ipo/jio-ipo-gmp)
- [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors)
- [Jio vs Airtel, by the numbers](/articles/ipo/jio-vs-airtel)
- [Jio vs Tesla vs SpaceX](/articles/ipo/jio-vs-tesla-vs-spacex)
- [How to apply for the Jio IPO](/articles/ipo/how-to-apply-jio-ipo)

## 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)
- [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)
- [Jio Platforms price band advertisement, 14 October 2026 (hosted by lead manager JM Financial)](https://www.jmfl.com/Common/getFile/6109)
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