JIO PLATFORMS LTD IPO: Company Review, Subscription and Allotment Updates

2026-10-20 — Company overview and issue details

JIO PLATFORMS LTD IPO (ABOUT THE COMPANY)

JIO PLATFORMS LTD – COMPANY BACKGROUND

Jio Platforms Ltd is part of Reliance Industries and is focused on digital connectivity, digital services, and tech-driven solutions to business and homes in India. It has the largest mobile subscriber base in India today. The telecom business is run through its subsidiary (Reliance Jio Infocomm Ltd), which has over 53.33 crore customers in India as of June 2026. Its palate of consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, smart home solutions etc. It caters with unique offerings to homes and to enterprises. Jio has one of the largest 4G and 5G network infrastructure in India with a broadband infrastructure that covers more than 99% of Indian population. For Reliance group, telecom and connectivity is not just a telecom offering, but part of a larger consumer offering that also includes retail and FMCG products; which are all integrated.

The promoters of Jio Platforms Ltd is Reliance Industries, which is the most valuable company in India by market cap. The IPO will be entirely a fresh issue of shares with no offer for sale (OFS) component by the promoters or investor shareholders of the company. Nearly 90% of the proceeds from the fresh issue will be used by the company to repay or prepay its debt, with the medium-term goal of making the company net zero debt (debt net of cash). Post the fresh issue of shares, the total outstanding shares of the company will go up from 893.90 lakh shares to 920.90 lakh shares. The issue is being lead-managed by a total of 19 book running lead managers (BRLMs); with some of the principal investment bankers being Kotak Mahindra Capital, Morgan Stanley India, BOFA Securities, Axis Capital, BNP Paribas India, Citigroup Global Markets, CLSA India etc. KFIN Technologies Ltd (KFINTECH) is the IPO registrar.

HIGHLIGHTS OF THE IPO ISSUE OF JIO PLATFORMS LTD

Here are the key highlights of the public issue of Jio Platforms Ltd.

The IPO is open from October 21st, 2026 to October 23rd, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹1,065 to ₹1,119 per share. Eligible employees will get a discount of ₹54 per share.

The IPO of Jio Platforms Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component. Being a fresh issue, the funds will come into the company, and will also result in dilution of equity.

The fresh issue portion of the IPO comprises the issue of 27,00,00,000 shares (2,700 lakh shares), which at the upper price band of ₹1,119 per share, translates into a fresh issue size of ₹30,187.65 crore, after factoring in the employee discount.

Since there is no OFS component, the overall IPO will also comprise only of the fresh issue portion of 27,00,00,000 shares (2,700 lakh shares), which at the upper price band of ₹1,119 per share translates into an overall issue size of ₹30,187.65 crore.

Due to dilutive impact of the fresh issue of shares in the IPO, the promoter stake in the company will reduce from 66.43% pre-IPO to 64.48% post-IPO.

At the upper price band of ₹1,119 per share, the company, Jio Platforms Ltd, will have a post-issue market capitalization of ₹10,30,490.55 crore.

The IPO of Jio Platforms Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on October 19, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Jio Platforms Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of Jio Platforms Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 12 shares)

FINANCIAL HIGHLIGHTS OF JIO PLATFORMS LTD

The table captures the key financials of Jio Platforms Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Between FY24 and FY26, revenues of the company have growth by 34.1%. During the same period, the net margins have also improved from 19.55% to 20.46%. In the same period, the EBITDA margins showed an improvement from 50.16% to 51.91%. The ROE and ROA, as well as the asset turnover ratio, are relatively on the lower side due to the substantial upfront investments done by the company in bandwidth and 4G and 5G infrastructure. However, this is a business where the profit growth will be a lot more visible once capital costs are substantially absorbed.

VALUATION METRICS OF JIO PLATFORMS LTD IPO

At the IPO price of ₹1,119 (upper band), the stock gets discounted at a P/E ratio of 33.3X, based on the latest FY26 EPS of ₹33.59. Jio is the largest telecom player in India with a customer base that exceeds 53 crore and the network value of such a customer base would be leveraged over a much longer period. The other major competitor for Jio Platforms is Bharti Airtel, which quotes at a P/E of 40.7X. However, compared to Jio Platforms, Bharti Airtel has a higher a higher return on net worth (RONW) as well as a higher average revenue per user (ARPU). What works in favour of Jio is that its ARPU between FY24 and FY26 has gone up from ₹181.70 to ₹214.00. That is directly translating into better margins. Also, its monthly data consumption per customer has gone up by 50% between FY24 and FY26.

Clearly, there is a strong case to invest in Jio Platforms IPO based on the financial growth story. But, the more important story in Jio is the non-financial moat that it has created. It has a strong technology team and a full-scale proprietary technology stack, which has hidden value for the company. Also, digital connectivity stack and OTT remain the other big growth areas for Jio Platforms Ltd. It also has a strong fixed broad franchise of 2.9 crore customers availing its JioFiber services. Its combination of data and tech stack has attracted the attention of some of the largest technology platforms in the world. Jio Platforms Ltd may not be the short-term trade that investors are looking at. However, from a medium-term bet on Indian telecom and Indian consumer demand, Jio Platforms Ltd is almost a must-have in every serious portfolio.

2026-10-20 — Anchor allocation

JIO PLATFORMS LTD IPO (ANCHOR ALLOCATION 26.84%)

BRIEF ON ANCHOR ALLOCATION OF JIO PLATFORMS LTD

The anchor issue of Jio Platforms Ltd saw a strong response on 19th October 2026 with 26.84% of the IPO size absorbed by anchors. Out of 27,00,00,000 shares (2,700.00 lakh shares) on offer in the IPO; anchors picked up 7,24,74,066 shares (724.74 lakh shares) accounting for 26.84% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹1,119 per share. This includes the face value of ₹10 per share plus a share premium of ₹1,109 per share. The anchor bidding opened and closed on 19th October 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Jio Platforms Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN JIO PLATFORMS LTD

On 19th October 2026, Jio Platforms Ltd allotted 7,24,74,066 shares to a total of 212 anchor investors. The allocation was done at the upper IPO price band of ₹1,119 per share which resulted in overall anchor allocation of ₹8,109.85 crore. The anchors have already absorbed 26.86% of the total issue size of ₹30,187.65 crore, after factoring in the employee discount of ₹54 per share offered in the IPO to eligible employees.

Listed below are the Top 20 IPO anchor investors who accounted for anchor collection of ₹3,731.31 crores, or, 46.01% of the overall anchor allocation of shares, one trading day ahead of the IPO of Jio Platforms Ltd. The individual anchor allocation (top-20) to these investors is indexed descending on the number of shares allotted.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/anchorintimationletter$3e15a9d3-8148-4534-a852-2ae82382b64c.pdf

Out of the 7,24,74,066 shares allocated to the anchors in the IPO, there was an allocation of 2,48,87,928 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 95 MF schemes of 25 asset management company (AMC). Mutual funds accounted for 34.34% of the overall anchor allocation.

Out of the 7,24,74,066 shares allocated to the anchors in the IPO, there was an allocation of 97,40,424 shares to made to 22 life insurance companies and pension funds regulated by IRDAI an PFRDA. These life Insurance companies and pension funds jointly accounted for 13.44% of the overall anchor allocation.

The remaining anchor allocation was spread across FPIs, SIFs, ODIs, and alternate investment funds (AIFs).

NEXT STEPS IN JIO PLATFORMS LTD IPO

Post the closure of the IPO subscription on 23rd October 2026, the basis of allotment will be finalized on 26th October 2026 and the refunds will be initiated on 27th October 2026. In addition, the demat credits are expected to also happen on 27th October 2026 and the stock will list on 28th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th October 2026 under ISIN (INE0BJO01010).

Interested in applying for this IPO?

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2026-10-23 - Day-3 subscription update

Jio Platforms Ltd (Day-3 Final Subscription at 22.19 times)

JIO PLATFORMS LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.15 pm on 23rd October 2026, out of the 1,975.26 lakh shares on offer in the IPO (excluding anchor portion), Jio Platforms Ltd saw bids for 43,826.16 lakh shares. This implies an overall subscription of 22.19X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Jio Platforms Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO, with substantial oversubscription in the QIB segment. The company had seen steady anchor participation a day ahead of the IPO opening with 26.84% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Jio Platforms Ltd was open up to October 23, 2026, and has closed for subscription as of the close of trading hours on October 23, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. These are as updated by the NSE / BSE website at 7.00 PM, the final cut-off time for IPO bids.

Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹4,98,525 crore.

NEXT STEPS IN THE JIO PLATFORMS LTD IPO

Post the closure of the IPO subscription on 23rd October 2026, the basis of allotment will be finalized on 26th October 2026 and the refunds will be initiated on 27th October 2026. In addition, the demat credits are expected to also happen on 27th October 2026 and the stock will list on 28th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th October 2026 under ISIN (INE0BJO01010).

2026-10-23 - Allotment guidance and next steps

Jio Platforms Ltd (How to check allotment status online)

ABOUT THE JIO PLATFORMS LTD IPO

The IPO of Jio Platforms Ltd opened on October 21st, 2026 and closed on October 23rd, 2026. The IPO comprised entirely of a fresh issue of 27,00,00,000 shares (2,700 lakh shares) worth ₹30,187.65 crore at the upper band price of ₹1,119 per share, after factoring in the employee discount. There was no offer for sale (OFS) component in Jio Platforms Ltd IPO.

While the overall equity size will increase due to the new issue, the promoter stake also gets diluted post the IPO. The allotment status will be finalized by EOD of October 26, 2026. Here is how to check allotment status for the IPO of Jio Platforms Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).

CHECKING ALLOTMENT STATUS OF JIO PLATFORMS LTD ON BSE WEBSITE

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select Jio Platforms Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Once this is done; you need enter the 6-character alpha-numeric Captcha code to verify you are not a robot

Finally click on the SUBMIT Button on the left.

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Jio Platforms Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF JIO PLATFORMS LTD ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Bid Details Option

Under SELECT SYMBOL – Select JPL from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Enter one of the above inputs and, click on the SUBMIT Button

Now, you can either input the Application / CAF number or the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Jio Platforms Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF JIO PLATFORMS LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ipostatus.kfintech.com/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. There is no radio button for recent IPOs, so you have to search through a long list. You can simplify the search by typing the first 3-4 characters of the company name in the Search box. The dropdown list of IPOs will only show those IPOs where KFINTECH is the registrar, and where allotment status has been finalized. From the list, select Jio Platforms Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

Enter the Application Number / CAF as it is

Application Number is available in the IPO application acknowledgement

Enter the Income Tax PAN number of the applicant

PAN is available on PAN card or on filed tax returns

Click on Submit button

Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

First select the depository (NSDL / CDSL)

Enter the DP-ID and CLIENT-ID as one single string

DP-ID / CLIENT-ID details are available in your demat statement or Contract Note

For NSDL, you need to enter the 14 digits after “IN”

For CDSL, you need to enter the full 16-digit DP-ID / CLIENT ID combination

Click on Submit button

Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

Enter the 10-Character PAN number, available on your PAN card

You can verify your PAN number from PAN card or your filed tax returns.

Click on Submit button

Allotment status gets displayed on screen

Ensure to input the correct details in the query screen. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.

NEXT STEPS IN THE JIO PLATFORMS LTD IPO

Post the closure of the IPO subscription on 23rd October 2026, the basis of allotment will be finalized on 26th October 2026 and the refunds will be initiated on 27th October 2026. In addition, the demat credits are expected to also happen on 27th October 2026 and the stock will list on 28th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th October 2026 under ISIN (INE0BJO01010).