The company plans to issue up to 27 crore fresh equity shares. The filing sets out where the IPO proceeds will go, how the business has performed, the scale of its telecom operations and the areas Jio Platforms is targeting for growth.
Where will the IPO money go?
Jio Platforms plans to use ₹27,500 crore of the net proceeds to prepay, in full or in part, certain borrowings of Reliance Jio Infocomm (RJIL), its material subsidiary.The remaining proceeds will be available for general corporate purposes, although this portion cannot exceed 25% of the gross IPO proceeds.
The final amount raised will depend on the issue price, which will be determined later in the IPO process.
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Who owns Jio Platforms?
Reliance Industries is the promoter and held 66.43% of Jio Platforms as of March 31, 2026.
Jaadhu Holdings, an affiliate of Meta Platforms, held 9.98%, while Google International held 7.73%.
The company had 105 shareholders as of the DRHP date. Other shareholders include Saudi Arabia’s Public Investment Fund, KKR-affiliated Omicron Asia Holdings, Vista Equity Partners-affiliated VEPF VII AIV I and Silver Lake-affiliated SLP Redwood Holdings.
The current shareholder base follows a fundraising exercise in 2020, when Jio Platforms raised ₹1.52 lakh crore from 13 global investors. The investors included Facebook, now Meta, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority (ADIA), TPG, L Catterton, Saudi Arabia’s Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures.
Facebook invested ₹43,573.62 crore for a 9.99% stake, while Google invested ₹33,737 crore. The investments helped bring a group of global technology and investment firms into Jio Platforms ahead of its eventual public-market plans.
Jio controls nearly half of India’s wireless broadband market
The scale of Jio’s telecom business is reflected in its market share.
Jio held 49.95% of India’s wireless broadband market as of March 31, 2026, according to the Analysys Mason report cited in the DRHP. Bharti Airtel had 35.13%, Vodafone Idea 12.65% and BSNL 2.24%.
The top three operators together accounted for more than 97% of India’s wireless broadband market. Jio had about 1.4 times the 4G and 5G customer base of the second-largest operator.
Reliance Jio Infocomm had 524.4 million customers in India as of March 31, 2026, compared with 488.2 million a year earlier. The company added 36.2 million customers during fiscal 2026.
Its 5G customer base stood at 268.5 million, compared with 190.9 million in March 2025 and 109 million in March 2024.
Jio also had the largest spectrum bank among Indian operators, totalling 26,800.8 MHz, according to the DRHP. It said it was the only operator with spectrum in the low-, mid- and millimetre-wave bands for 5G across all circles.
Jio’s expansion is not limited to mobile connections. Fixed broadband has become another part of its business, with the company offering fibre and fixed wireless access through JioFiber and JioAirFiber.
Jio had 27.1 million fixed broadband customers at the end of fiscal 2026, giving it a 42.60% share of India’s overall fixed broadband market. It accounted for 67.56% of all net additions in the segment during the year.
Its position is particularly strong in 5G and UBR-based fixed wireless access, where it had a 77.49% market share in FY26.
The broader market also has room to expand. India’s fixed broadband customer base reached 63.6 million in FY26, with household penetration at about 20%. The DRHP projects the customer base could reach 150.4 million by FY31.
Jio says its fixed broadband coverage extended to about 98% of India’s pin codes as of March 31, 2026.
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Jio is building more than a mobile network
The DRHP describes Jio Platforms as a technology platform built on proprietary digital technology and pan-India digital connectivity.Its consumer offerings include mobile and fixed broadband, entertainment, cloud gaming, cloud computing, cloud PC and storage, smart-home solutions and AI-based products.
For businesses, the portfolio includes enterprise connectivity, cloud and productivity services, IoT, managed Wi-Fi, private 5G, security solutions and managed information and communication services.
Jio also says it has developed an end-to-end 5G standalone technology stack covering network engineering, software, operating systems and applications. It deployed more than one million 5G cells within one year, according to the DRHP.
The company says its platform creates multiple monetisation layers across connectivity and digital services, including entertainment, cloud, managed services, IoT and CPaaS.
Revenue has crossed ₹1.4 lakh crore
Jio Platforms reported ₹1,46,885.3 crore in revenue from operations in fiscal 2026, up 14.56% from ₹1,28,216.6 crore in fiscal 2025.
Profit for the year rose to ₹30,049.1 crore, from ₹26,107.4 crore a year earlier. Profit attributable to owners stood at ₹30,060.1 crore. Basic earnings per share increased to ₹33.63 from ₹29.21.
EBITDA stood at ₹76,260 crore in fiscal 2026, with an EBITDA margin of 51.91%. Revenue and EBITDA recorded compound annual growth rates of 15.79% and 17.79%, respectively, between fiscal 2024 and fiscal 2026.
The next growth driver is not just subscriber additions
With more than 52 crore customers, the pace at which Jio can add subscribers is only one measure of growth.
Its average revenue per user (ARPU) was ₹214 in fiscal 2026, up 3.78% from the previous year. The company attributed the increase to tariff changes, higher engagement, adoption of plans with higher data allowances and a greater mix of 5G and fixed broadband customers.
Per-capita wireless data consumption reached 42.3 GB a month in the quarter ended March 31, 2026, compared with 33.6 GB a year earlier.
The broader market could also provide room for ARPU growth. The DRHP estimates India’s mobile broadband ARPU could rise from ₹199.8 a month in FY26 to ₹326.4 by FY31.
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The business remains capital intensive
Jio Platforms had ₹70,781 crore of total borrowings as of March 31, 2026. This comprised ₹51,455 crore of non-current borrowings and ₹19,326 crore of current borrowings.
The company reported ₹34,184 crore in cash capital expenditure in FY26, down from ₹44,268 crore in FY25 and ₹53,510 crore in FY24.
The proposed ₹27,500 crore repayment would therefore cover part of the group’s borrowings. The company will continue to require capital for its connectivity and digital infrastructure.
Reliance group companies remain important to the business
The DRHP also highlights Jio Platforms’ dependence on arrangements with other Reliance group companies.
Reliance Retail is the sole distributor of Jio’s prepaid connectivity services. Revenue from prepaid connectivity services accounted for 77.08% of consolidated revenue from operations in fiscal 2026.
Jio Platforms also has agreements with the promoter covering areas including project execution, business support and managed IT services. These include access to data centres, network infrastructure, human resources and back-office services.
The company has identified its dependence on these arrangements as a risk, saying disruption to the services or changes to the agreements could affect its business, financial condition and results.
What investors still don’t know
The DRHP does not include Jio Platforms’ final IPO valuation, price band or issue price — details that are typically determined closer to the share sale. Until those are disclosed, investors cannot calculate the company’s implied market capitalisation at the IPO price or valuation multiples based on the offer price.
What the DRHP does provide is a detailed picture of the business investors will eventually be asked to value. Jio Platforms had 524.4 million telecom customers, including 268.5 million 5G users, and 27.1 million fixed broadband customers. It reported ₹1.47 trillion in annual revenue and ₹300.5 billion in profit. People familiar with the matter had earlier indicated that the company could seek a valuation of more than $100 billion, though the final figure will depend on the eventual pricing of the issue.
