Key Points
- Jio Platforms files DRHP with SEBI for fresh issue of 27 crore equity shares
- RIL holds 66.43 per cent stake with Meta and Google among top ten shareholders
- RJIL owes DoT Rs 1.04 lakh crore in deferred spectrum payments
Jio Platforms Limited (JPL) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering, marking the most significant listing in India’s telecommunications sector since Reliance Jio Infocomm (RJIL) disrupted the market in 2016.
The IPO is structured as an entirely fresh issue of up to 27 crore equity shares. The company will use the proceeds to prepay certain borrowings of its subsidiary RJIL and for general corporate purposes, according to the DRHP.
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By the numbers
- 27 crore
- Fresh equity shares in the IPO
- 66.43%
- RIL’s shareholding in Jio Platforms
- ₹1.04 lakh crore
- Deferred spectrum payments owed to DoT
The listing will have direct implications for millions of consumers and businesses. RJIL served 524.4 million customers as of 31 March 2026, positioning it as one of the largest connectivity providers in the country. JPL held a 50 per cent market share in wireless broadband and carried almost 60 per cent of India’s total wireless data traffic as of the same date.
Shareholding structure and key investors
Reliance Industries Limited (RIL) is the sole promoter of Jio Platforms, holding 593.78 crore equity shares that constitute 66.43 per cent of the pre-issue paid-up equity share capital. The company has 105 shareholders as of the DRHP filing date.
The top ten shareholders control 97.32 per cent of the company. These include Jaadhu Holdings LLC, an affiliate of Meta Platforms, with 9.98 per cent; Google International LLC with 7.73 per cent; the Public Investment Fund of Saudi Arabia with 2.31 per cent; and affiliates of KKR, Vista Equity Partners, Silver Lake, Mubadala, General Atlantic and the Abu Dhabi Investment Authority (ADIA) holding between 1.16 and 2.31 per cent each.
The shareholders’ agreements with Meta and Google, classified as Group A investors, will automatically terminate upon listing. Group B investors — including Silver Lake, KKR, TPG, Mubadala, Intel Capital and Qualcomm — currently hold board nomination rights that will also end with the IPO. This termination will standardise governance and give RIL cleaner control over the company.
Financial performance
Jio Platforms reported revenue from operations of Rs 1,46,885.3 crore in FY26, up from Rs 1,09,558.1 crore in FY24 — a compound annual growth rate (CAGR) of 16 per cent. EBITDA grew at 18 per cent over the same period.
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Net profit rose from Rs 21,423.2 crore in FY24 to Rs 30,049.1 crore in FY26. The profit after tax (PAT) margin improved marginally, from 19.55 per cent in FY24 to 20.46 per cent in FY26.
Capital expenditure has been declining: from Rs 53,510 crore in FY24 to Rs 44,268 crore in FY25 and Rs 34,184 crore in FY26. The company’s EBITDA less cash capex conversion reached 55.17 per cent in FY26, indicating the most capital-intensive phase of 5G investment has passed.
However, return on average capital employed (RoCE) has trended downward, falling to 10.76 per cent in FY26 from 12.83 per cent in FY24. This suggests incremental profit is not keeping pace with the scale of capital deployed into the network.
Technology and market position
JPL operates on a vertically integrated technology stack developed in-house. The company states in its DRHP that it is the only digital connectivity provider globally to own an end-to-end 5G stack, encompassing the core network, 5G devices, and proprietary operating systems for operations support and business support.
The 5G stack is described as an indigenously developed, made-in-India infrastructure covering network engineering, software, operating systems and applications. This full-stack ownership allows for faster development cycles and structural cost advantages by reducing dependency on third-party vendors.
Jio holds 26,800.8 MHz of spectrum, the largest bank among Indian operators. It is the only carrier with 5G spectrum across low-band (700MHz), mid-band and millimetre wave (26GHz) frequencies in all telecom circles. The company also has access to over 1 million route kilometres of fibre, the largest among private providers in India.
The company operates through a combined digital and physical distribution model. The MyJio app had 215.9 million monthly active users, supported by 1,059 Jio Centres and 6,323 Jio Points across the country.
Key risks
The DRHP identifies several material risks. RJIL’s operations depend entirely on maintaining and renewing telecommunication licences and spectrum. Any failure to renew licences or unsuccessful bidding in future spectrum auctions could harm the business.
While the company has Rs 70,000 crore in borrowings, its net debt figure of Rs 27,579 crore excludes deferred payment liabilities for spectrum. As of 31 March 2026, RJIL owes the Department of Telecommunications (DoT) Rs 1.04 lakh crore in deferred payments.
JioAirFiber services rely heavily on unlicensed band radio (UBR) technology. Because this spectrum is shared with other users and devices, increasing deployment density may cause signal interference that the company cannot legally prevent.
The company’s dependence on Reliance Retail Limited (RRL) presents a concentration risk. RRL is the sole distributor for prepaid connectivity services, which accounted for 77 per cent of Jio’s consolidated revenue in FY26. Any operational disruption at RRL would directly affect Jio’s primary revenue stream.
The telecommunications sector is heavily regulated by TRAI and DoT. Changes in laws — such as increased licence fees, currently at 8 per cent of adjusted gross revenue, or broader definitions of taxable revenue — could significantly increase financial obligations.
Strategic rationale
JPL is transitioning from a connectivity provider to an AI-based digital services company. The company intends to monetise its proprietary technology stack internationally by offering it to global operators, competing with established equipment providers such as Nokia, Ericsson and Huawei.
The IPO increases the company’s public profile and provides ongoing capital for 5G network densification, scaling AI and cloud services, expanding JioAirFiber penetration, and research into 6G technology.
Your Questions, Answered
What is the size of the Jio Platforms IPO?
The IPO is a fresh issue of up to 27 crore equity shares. The proceeds will be used to prepay borrowings of subsidiary RJIL and for general corporate purposes.
Who are the major shareholders in Jio Platforms?
RIL is the sole promoter with 66.43 per cent. Other major shareholders include Meta’s Jaadhu Holdings (9.98 per cent), Google International (7.73 per cent), Saudi Arabia’s Public Investment Fund (2.31 per cent), and affiliates of KKR, Vista Equity Partners, Silver Lake, Mubadala, General Atlantic and ADIA.
What are the key risks for Jio Platforms investors?
Key risks include spectrum licence renewals, Rs 1.04 lakh crore in deferred payments to DoT, signal interference risks for JioAirFiber using unlicensed spectrum, and heavy dependence on Reliance Retail for 77 per cent of prepaid revenue.
What is Jio Platforms’ market share?
As of 31 March 2026, Jio Platforms held 50 per cent market share in wireless broadband and 43 per cent in fixed broadband. It carried almost 60 per cent of India’s total wireless data traffic.