Mukesh Ambani's Jio Platforms IPO opens for public subscription on today with shares commanding a grey market premium (GMP) of around 22%, indicating strong investor interest ahead of India's largest-ever public offering. Brokerages are positive on the issue, citing the company's dominant telecom position, improving profitability and growth opportunities in broadband and artificial intelligence.
The Rs 30,213 crore IPO, priced between Rs 1,065 and Rs 1,119 per share, will remain open until October 23. At the upper end of the price band, Jio Platforms is seeking a valuation of Rs 10.3 lakh crore, making it one of India's most valuable companies.
The IPO has already received a strong response from institutional investors. Jio raised Rs 8,110 crore from its anchor allocation on Monday, with LIC, BlackRock, Fidelity and several other prominent domestic and global institutions participating.
The offering has attracted attention as the company moves beyond its capital-intensive 5G rollout and looks to generate additional revenue through home broadband, enterprise services, cloud computing and AI.
Jio Platforms shares were commanding a grey market premium of approximately Rs 245 on Tuesday, October 20, suggesting an indicative listing price of Rs 1,364 against the upper issue price of Rs 1,119. This translates into a potential listing premium of nearly 22%, according to unofficial grey market quotations.
Also Read: Jio IPO opens: How can investors maximise allotment chances under Rs 2,500 crore RIL shareholders quota
The strong GMP reflects expectations of healthy demand for the IPO, although grey market prices are unofficial and can change significantly before listing. They do not guarantee actual listing gains.
Jio IPO: Should you subscribe?
However, it cautioned that connectivity remains the company's main earnings driver, while newer digital services have yet to demonstrate their ability to generate significant profits at scale.
Swastika Investmart has also assigned a Subscribe rating to the IPO, describing Jio as a business positioned to benefit from India's expanding digital economy. The brokerage expects home broadband adoption, higher average revenue per user (ARPU) and improving cash generation to support growth.
It noted that Jio's valuation of about 33 times FY26 earnings compares favourably with Bharti Airtel's price-to-earnings multiple of around 41 times. However, Airtel currently generates higher ARPU and returns on capital, while Jio's telecom business continues to account for the bulk of its earnings.
Canara Bank Securities has similarly recommended subscribing for the long term. It expects Jio to benefit from the migration of 2G subscribers to 4G and 5G, growth in home broadband and opportunities to monetise its technology in overseas markets.
The brokerage highlighted Jio's proprietary technology stack, including its 5G network, broadband solutions and JioBrain AI platform, as potential sources of future revenue.
Jio IPO valuation and financial performance
At the upper price band of Rs 1,119, the valuation is below Bharti Airtel's trailing earnings multiple of about 40.7 times, although differences in profitability, return on capital and business mix remain important considerations.
Jio reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Its net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June quarter.
Further tariff increases, premiumisation of mobile plans and growing demand for broadband services could support earnings, although management has said it intends to focus on offering more services rather than relying primarily on tariff hikes.
How to improve chances of allotment?
Eligible Reliance Industries shareholders can improve their chances of securing Jio Platforms IPO shares by applying under both the shareholder reservation and the regular retail category. Investors who held at least one RIL share as of October 14, 2026, qualify for the Rs 2,500 crore shareholder quota. They can submit one application under each category using the same PAN, giving them access to two separate allotment pools. However, allotment will depend on subscription demand in each category.
Investors can also consider applying for more than one lot under the shareholder quota, subject to the Rs 2 lakh application limit. At the upper price band of Rs 1,119, the minimum bid is 12 shares costing Rs 13,428, while the maximum permissible application within this limit is 14 lots, or 168 shares, worth Rs 1,87,992. A larger application may help where proportionate allotment applies, although it does not guarantee shares in a heavily oversubscribed category.
Families with multiple members who independently held RIL shares on the eligibility date can submit separate applications using their respective PANs and demat accounts.
Jio IPO size and listing date
The IPO comprises 27 crore fresh equity shares, with no offer-for-sale component. The company plans to use up to Rs 27,500 crore from the net proceeds to repay or prepay borrowings at Reliance Jio Infocomm. Retail investors can apply for a minimum of 12 shares, requiring Rs 13,428 at the upper price band. Applications can be made in multiples of 12 shares.
The basis of allotment is expected to be finalised on October 26, with the shares scheduled to list on the BSE and NSE on October 28.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.
