In the three months to June 2026, Jio’s customers moved 69.4 billion gigabytes of data. By Blitz arithmetic that is about 43 GB a customer every month — the internet of a country of 53 crore subscribers, run by one company that is now asking the public to buy in.
Jio Platforms filed its red herring prospectus with the Registrar of Companies on 14 October, and the Securities and Exchange Board of India (Sebi) posted it the next day. The issue opens on 21 October and closes on 23 October, with anchor bidding on 19 October, according to the prospectus.
What the numbers show
The issue is entirely fresh capital: up to 27 crore new shares. Reliance Industries, the promoter, holds 66.43 per cent and sells nothing. By Blitz arithmetic the new shares add about 3 per cent to the share count, a light dilution for an issue of this size.
The business behind it is large and profitable. Revenue from operations reached ₹1,46,885 crore in 2025-26, up 14.6 per cent on the year and 34 per cent over two years. EBITDA was ₹76,255 crore, a margin of 51.9 per cent, and profit after tax about ₹30,049 crore, according to the restated accounts in the draft prospectus of 19 June 2026. Reliance Jio Infocomm, the operating subsidiary, served 533.3 million customers at 30 June 2026, of whom 284.9 million were on 5G, with average revenue of ₹215.6 per user per month.
Where the money goes
The proceeds will prepay borrowings of Reliance Jio Infocomm, with the rest for general corporate purposes. Total borrowings already fell from ₹70,781 crore in March 2026 to ₹61,372 crore in June. An IPO that cuts debt rather than funding an exit is the kind of listing that strengthens a balance sheet instead of only rewarding early investors.
Why it matters beyond Jio
For India’s capital markets, the issue tests how much domestic savings can absorb in one go — a question that once had to be answered abroad. Nineteen book-running lead managers, Indian and global, are on the cover. The prospectus also sets aside a category for eligible shareholders of Reliance Industries, bringing millions of existing retail investors directly into the digital business.
For other Indian technology and infrastructure companies, the lesson is the sequence: build the network, prove the cash flow, then list at home. What India gains: a large share of its digital infrastructure owned by Indian savers, priced on an Indian exchange, and less debt on the books of the company that carries most of the country’s mobile data.
