Jio Platforms IPO: Issue subscribed 57%, NSE data shows; check latest GMP
Jio IPO: The strong investor response is seen as Jio's IPO is priced at 33.3 times earnings per share at the upper limit of the price band, which is 18 per cent below Bharti Airtel’s 40.71 times.
- Oct 21, 2026,
- Updated Oct 21, 2026 10:56 AM IST
The Rs 30,213 crore Jio Platforms initial public offer (IPO) has received bids for 11,41,67,880 shares, equivalent to 58 per cent of the offer size of 19,75,25,934 shares, as per data available with NSE. The strong response is seen as Jio's issue is priced at 33.3 times earnings per share at the upper limit of the price band, which is 18 per cent below Bharti Airtel’s 40.71 times. Jio's 12 times EV/Ebitda multiple is seen reasonable, given its higher market share, double-digit Ebitda growth rate, and dominant home broadband expansion.
Jio's grey market premium (GMP) jumped to Rs 276 apiece today, compared with Rs 273 the previous day and Rs 221 at the end of last week.
Incorporated in November 2019 and promoted by Reliance Industries Ltd (RIL), which holds 66.43 per cent of pre-issue capital, Jio Platforms conducts its licensed operations through its material subsidiary Reliance Jio Infocomm Limited (RJIL), which served 53.33 crore customers as of June 30. Its business combines mobile, fixed broadband and digital services on a unified platform, and it is transitioning toward an AI-native digital services model built on a technology stack it designed, developed and deployed in-house.
Analysts noted that Jio has successfully transitioned from a capital-heavy telecom rollout to a high-margin digital monetisation engine. With heavy 5G network capex largely complete, capital intensity is rapidly moderating, they said.
"At the upper issue price, the company is valued at 34.3 times FY2026 P/E and 14.8 times FY2026 EV/Ebitda. Considering its leadership position in India's digital ecosystem, strong profitability, scalable technology platform, robust growth prospects and significant opportunities in AI, enterprise digital services and fixed broadband, the valuation appears reasonable relative to its long-term growth potential," said Anand Rathi.
The brokerage recommended a "Subscribe – Long Term" rating for the issue.
If the IPO sails through, Jio will become India’s fourth-most-valued listed company following its Rs 30,213 crore IPO. At the upper end of the Rs 1,065-1,119 price band, the Mukesh Ambani-led company has an implied market capitalisation of Rs 10,30,490.55 crore, behind Bharti Airtel at Rs 11,68,689 crore and HDFC Bank Ltd at Rs 10,97,187.39 crore. Reliance Industries Ltd (RIL) would retain the No. 1 spot, with a market capitalisation of Rs 16,27,693 crore.
Shriram Research recommended “Subscribe” on the IPO, with a medium- to long-term investment horizon, citing Jio’s market leadership, cash generation and growth potential, while also highlighting risks relating to regulation, competition, related-party dependence and financial obligations.
The IPO would also pave the way for Rs 3.18 lakh crore in value unlocking for technology giants such as Meta Platforms and Google, and sovereign wealth funds such as ADIA and The Public Investment Fund, many of whom bought stakes in the telecom operator largely in 2020, at the peak of the Covid-19 pandemic.
In total, the top 10 non-promoter shareholders hold 2,84,43,20,720 shares in Jio Platforms, worth Rs 3.18 lakh crore and accounting for 31.8 per cent of its pre-IPO stake, data compiled by Business Today from the telecom giant's red herring prospectus (RHP) showed.
The Rs 30,213 crore Jio Platforms initial public offer (IPO) has received bids for 11,41,67,880 shares, equivalent to 58 per cent of the offer size of 19,75,25,934 shares, as per data available with NSE. The strong response is seen as Jio's issue is priced at 33.3 times earnings per share at the upper limit of the price band, which is 18 per cent below Bharti Airtel’s 40.71 times. Jio's 12 times EV/Ebitda multiple is seen reasonable, given its higher market share, double-digit Ebitda growth rate, and dominant home broadband expansion.
Jio's grey market premium (GMP) jumped to Rs 276 apiece today, compared with Rs 273 the previous day and Rs 221 at the end of last week.
Incorporated in November 2019 and promoted by Reliance Industries Ltd (RIL), which holds 66.43 per cent of pre-issue capital, Jio Platforms conducts its licensed operations through its material subsidiary Reliance Jio Infocomm Limited (RJIL), which served 53.33 crore customers as of June 30. Its business combines mobile, fixed broadband and digital services on a unified platform, and it is transitioning toward an AI-native digital services model built on a technology stack it designed, developed and deployed in-house.
Analysts noted that Jio has successfully transitioned from a capital-heavy telecom rollout to a high-margin digital monetisation engine. With heavy 5G network capex largely complete, capital intensity is rapidly moderating, they said.
"At the upper issue price, the company is valued at 34.3 times FY2026 P/E and 14.8 times FY2026 EV/Ebitda. Considering its leadership position in India's digital ecosystem, strong profitability, scalable technology platform, robust growth prospects and significant opportunities in AI, enterprise digital services and fixed broadband, the valuation appears reasonable relative to its long-term growth potential," said Anand Rathi.
The brokerage recommended a "Subscribe – Long Term" rating for the issue.
If the IPO sails through, Jio will become India’s fourth-most-valued listed company following its Rs 30,213 crore IPO. At the upper end of the Rs 1,065-1,119 price band, the Mukesh Ambani-led company has an implied market capitalisation of Rs 10,30,490.55 crore, behind Bharti Airtel at Rs 11,68,689 crore and HDFC Bank Ltd at Rs 10,97,187.39 crore. Reliance Industries Ltd (RIL) would retain the No. 1 spot, with a market capitalisation of Rs 16,27,693 crore.
Shriram Research recommended “Subscribe” on the IPO, with a medium- to long-term investment horizon, citing Jio’s market leadership, cash generation and growth potential, while also highlighting risks relating to regulation, competition, related-party dependence and financial obligations.
The IPO would also pave the way for Rs 3.18 lakh crore in value unlocking for technology giants such as Meta Platforms and Google, and sovereign wealth funds such as ADIA and The Public Investment Fund, many of whom bought stakes in the telecom operator largely in 2020, at the peak of the Covid-19 pandemic.
In total, the top 10 non-promoter shareholders hold 2,84,43,20,720 shares in Jio Platforms, worth Rs 3.18 lakh crore and accounting for 31.8 per cent of its pre-IPO stake, data compiled by Business Today from the telecom giant's red herring prospectus (RHP) showed.