Jio IPO: Reliance Jio Platforms’ much-awaited initial public offering (IPO) will open for subscription on October 21, putting the digital services business led by Mukesh Ambani in focus ahead of its stock market debut. With an issue size of ₹30,213 crore, the offering gives investors an opportunity to participate in India’s digital connectivity and technology growth story.
Motilal Oswal’s comparison suggests that Jio’s valuation is relatively attractive against Bharti Airtel’s on a price-to-earnings basis. At the upper end of the IPO price band, Jio is valued at around 34 times its FY26 earnings on a post-issue basis, compared with Bharti Airtel’s trailing price-to-earnings multiple of around 40 times.
The brokerage highlighted Jio’s scale and profitability in its assessment of the company’s prospects.
Jio reported FY26 revenue of ₹1,46,885.3 crore, compared with Bharti Airtel’s ₹2,10,972.8 crore. However, Airtel recorded a higher return on average net worth of 20.3%, against Jio’s 9.4%, indicating a difference in capital returns despite Jio’s comparatively lower valuation multiple.
Its revenue and profit grew at compound annual growth rates of approximately 16% and 18%, respectively, between FY24 and FY26, reaching ₹1.47 lakh crore and ₹30,049 crore.