Jio Platforms IPO: Why JPL shares may command premium valuations over peers at listing

ICICI Securities expects Jio Platforms Ltd (JPL) to debut at premium valuations over listed peers, continuing the trend observed during its earlier equity dilution in FY21. At that time, JPL raised capital at a valuation of $65–70 billion, already commanding a premium to Bharti India, at 14–14.7 times FY22 one-year forward EV/Ebitda, compared with Bharti’s average of 9.6 times during the same period.

The brokerage has upgraded the telcom sector outlook, citing an improved tariff structure and renewed push for 5G adoption; and JPL’s likely listing in H1CY26. JPL’s IPO and relatively higher valuations should benefit the entire sector, it said. 

"JPL’s potential listing: We believe, this may attract premium valuation given its India-focused business, rising contribution of digital services (under-appreciated for telcos), and the new opportunities arising from its technology stacks," ICICI Securities said.

JPL’s higher valuation multiples are underpinned by its dominant position in India’s telecom and digital ecosystem, strong growth prospects across mobility and broadband, a clean balance sheet with minimal legacy issues or contingent liabilities, and leverage from the broader Reliance Group’s content and digital platforms, ICICI Securities said.

The brokerage said Jio continued to dominate mobility with an adjusted gross revenue (AGR) market share of 42.8 per cent in Q1FY26. In fixed broadband, JPL held a 37.3 per cent subscriber market share in August 2025, while its fixed wireless access (FWA) offerings, including ultra-broadband (UBR), commanded an 80.6 per cent share, highlighting its leadership in both mobile and fixed connectivity.

JPL also operates India’s largest 4G and 5G networks, with extensive fronthaul capacity and the highest number of fibre-connected towers for backhaul. Its terrestrial fibre network spans over 1.1 million route kilometres, and the company’s sub-GHz spectrum in the 700MHz and 800MHz bands ensures deep indoor and rural coverage.

Leveraging these capabilities, JPL is well-positioned to tap into the enterprise market, particularly MSME and SOHO customers, through fibre-grade connectivity enabled by 5G and UBR-based FWA offerings. The company’s plans to offer bundled and affordable enterprise service packs could accelerate penetration, potentially disrupting the enterprise segment in a manner similar to its shake-up in mobility and home broadband.

On the digital enterprise side, ICICI Securities expects strong growth in cloud, IoT, private 5G, automation, CPaaS, and cybersecurity services. Reliance Industries’ newly formed subsidiary, Reliance Intelligence, focused on AI initiatives, could further enhance JPL’s role in driving the group’s digital transformation. In addition, JPL’s proprietary 5G and UBR-FWA technology stack offers opportunities for near-term commercialisation, potentially expanding the company’s addressable market significantly.

Overall, ICICI Securities believes JPL’s market leadership, extensive digital ecosystem, and technological edge justify a likely valuation premium relative to peers when the IPO hits the market.