Reliance’s digital crown is heading down the Dalal Street. In what could be India’s biggest IPO yet, Jio Platforms has filed its RHP with SEBI for a ₹30,213 Cr listing. So, what does Jio Platforms’ IPO stack look like?

India’s Biggest IPO: Jio Platforms’ public issue, which consists entirely of a fresh issue of 27 Cr equity shares, will open for subscription on October 21 and close on October 23. The digital giant has set a price band of ₹1,065 to ₹1,119 per share for its issue, which will value the company at a nifty ₹10.3 Lakh Cr. 

Who Owns Jio? Reliance Industries holds 66.43% of the company, while big tech giants Meta and Google own 9.98% and 7.73%, respectively. Beyond the captable, Jio Platforms will use ₹27,500 Cr of the IPO proceeds to repay borrowings. The remaining ₹2,713 Cr will support corporate purposes, growth, capex, working capital and marketing.

The Number Game: Jio Platforms is stepping into D-Street with a profitable stack and robust top line growth.

Jio Mighty Scale: What works for the digital giant’s IPO is its massive subscriber base, nationwide 5G network and strong financial growth. On top of this, Jio’s expansion into AI, data centres and SaaS could unlock new revenue streams for the company, while the debt repayment will lower interest costs and strengthen the balance sheet. The issue’s record size and RIL’s backing could further support demand.

The Valuation Friction: Despite the tailwinds, Jio’s sky-high valuation could face pushback from public investors. With wireless subscriber growth plateauing, future earnings rely heavily on ARPU hikes that could lead to user churn.

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