Jio had 533.3 million customers as of June 2026, with a 50% share of wireless broadband and 42.6% of fixed broadband, and it has the largest 5G customer base outside China, according to Emkay Global Financial Services. The company carries about 60% of India’s wireless data traffic. Consolidated revenue grew at a compound annual rate of 15.8% between FY24 and FY26, against 13.3% for Bharti Airtel and 2.6% for Vodafone Idea.
Emkay values Jio at 15.6 times FY26 enterprise value to Ebitda and recommends subscribing to the IPO. Centrum values Jio's equity at ₹11.5 trillion, using an enterprise value-to-Ebitda multiple of 12 times estimated FY28 Ebitda. In comparison, Bharti Airtel, which has a business in Africa and counts Indus Towers as a unit, trades at 8.6 times its estimated FY28 Ebitda, according to Bloomberg data.
The IPO comes as Jio seeks to build on its dominance across mobile connectivity, home broadband and digital services, including enterprise and cloud offerings in the world's most-populated nation. The entirely fresh issue, priced at ₹1,065–1,119 a share, opens on Wednesday and closes on Friday. At the upper end of the price band, Jio would command a market capitalization of about ₹10.3 trillion. Of the proceeds, ₹27,500 crore will be used to repay or prepay borrowings at subsidiary Reliance Jio Infocomm, helping reduce financing costs.
Jio Platforms’ shares commanded a grey market premium of ₹252, or about 22.5% above the upper issue price of ₹1,119, according to InvestorGain, signalling expectations of listing gains.
Jio earns revenue from mobile connectivity, home broadband and digital services, including enterprise and cloud offerings. Telecom remains its financial backbone: Reliance Jio Infocomm contributed about 88% of consolidated revenue and 95% of Ebitda in FY26.