IPO Analysis · Mainboard · 20 October 2026

Jio IPO 2026: Date, Price, Lot Size, GMP and Review

India's biggest IPO pays off debt, not early investors. Jio is raising ₹30,213 crore. All of it is new money for the company. No old shareholder is selling. Most of the money will go to paying back loans. Here is the whole IPO explained in simple words.

Sources: Jio's Red Herring Prospectus (RHP) dated 14 October 2026, with page numbers given · Anchor investor list filed with BSE and NSE on 19 October 2026 · Price band announcement, 14 October 2026

By Jain Sahab · Published 20 Oct 2026 · Updated 21 Oct 2026 · 10 min read

1. Jio IPO review: the short version
2. What Jio Platforms does
3. Jio financials: sales and profit
4. The real story: cash
5. Jio IPO objective: where the money goes
6. Who owns Jio Platforms
7. Jio IPO anchor investors
8. Jio IPO GMP and expected listing gains
9. Jio IPO valuation: is the price fair?
10. Jio share price: what it could be worth
11. Jio IPO risks
12. My view
13. How to apply and check allotment
14. Jio IPO FAQs
15. Where every number comes from

Jio IPO review: the short version

What Jio Platforms does

VERIFIEDRHP p.128, p.131, p.163–164

Jio sells mobile recharges and home internet. On top of that, it sells apps and services like JioSaavn and cloud services for businesses.

• About 60% of all mobile internet data in India runs on Jio's network (p.128).
• Jio has 49.78% of mobile internet customers. Airtel has 35.47% and Vodafone Idea has 12.51% (p.163–164).
• It has 3,60,537 mobile towers (p.128).

Jio financials: sales and profit

VERIFIEDRHP p.131, p.451 · financial year runs April to March

In simple words: Jio keeps about ₹20 as profit from every ₹100 of sales. That is very good. But profit growth is slowing down: 21.9%, then 15.1%, and now 9.2%.

One reason is interest. Jio paid ₹8,653 crore in interest in FY26, up from ₹4,905 crore a year before (p.451).

The real story: cash

VERIFIEDRHP p.43, p.132

Building 5G cost a lot of money. That spending is now falling fast, so Jio keeps much more cash.

*Operating profit before interest, tax and depreciation, minus money spent on the network, as the RHP calculates it.

Two years ago, Jio had almost no cash left after building its network. Now it keeps over ₹42,000 crore a year. This is the main reason I like this IPO.

Jio IPO objective: where the money goes

VERIFIEDRHP p.116–117, p.451

Where the IPO money goes: ₹27,500 crore will be used to repay loans, including foreign loans. The rest, up to 25% of the IPO, is for general company use (p.116–117).

Who owns Jio Platforms

VERIFIEDRHP p.108

Mukesh Ambani is the chairman of Jio Platforms and Akash Ambani is the managing director (RHP p.6–7).

None of them is selling in this IPO. But they can sell later, after the shares list. That could push the price down.

Jio IPO anchor investors

VERIFIEDAnchor list filed with BSE and NSE, 19 October 2026

Anchor investors are big funds that buy one working day before the IPO opens (19 October). 212 of them put in ₹8,109.85 crore, all at the top price of ₹1,119.

Biggest names: Capital Group (₹725 crore), LIC (₹499.98 crore), Fidelity (₹475 crore), SBI, HDFC and ICICI Prudential mutual funds (₹425 crore each), and Singapore's government funds (₹425 crore).

Anchor investors cannot sell half their shares for 30 days, and the other half for 90 days (RHP p.106). So watch for selling around late November and late January.

Jio IPO GMP and expected listing gains

NOT VERIFIED · SENTIMENT ONLYInvestorGain, 20 October 2026, 7:02 PM

GMP (grey market premium) is the extra price people are paying for IPO shares in an unofficial market before listing. It is not regulated and it changes every day.

What this means: the grey market expects about 23% listing gains. But ₹1,379 is above my fair value of ₹1,150–1,360. So the grey market is already pricing in more than the numbers support. I don't use GMP to decide.

Jio IPO valuation: is the price fair?

MY CALCULATIONFrom RHP p.72, p.130–131

At ₹1,119, the whole company is worth ₹10,30,491 crore (about ₹10.3 lakh crore).

The simplest way to judge the price is the P/E ratio: how many years of profit you are paying for. Here is Jio vs Airtel, its main listed rival.

Airtel figures from RHP p.130 (share price as of 13 October 2026). Jio's P/E is my calculation.

What this means: Jio is about 16% cheaper than Airtel. But Airtel earns more than twice as much profit on its shareholders' money. So the lower price is fair. It is not a steal.

Jio share price: what it could be worth

MY ESTIMATEI assume FY27 profit of ₹33,000 crore (about 10% growth, close to the latest 9.2%). That is about ₹35.8 profit per share.

My fair value: ₹1,150 to ₹1,360 per share. Some upside, small downside. A fair deal, not a jackpot.

Jio IPO risks

1. One company makes almost all the profit. Its mobile arm brings in 94% of profit (p.34).
2. One shop sells almost everything. Reliance Retail, a Reliance group company, is the only seller of Jio prepaid recharges. Prepaid is 77% of Jio's sales (p.33).
3. Hidden debt. ₹1,04,514 crore owed to the government for spectrum (p.451).
4. Low profit on shareholders' money. 9.42%, less than half of Airtel's (p.130).
5. Slowing growth. Profit grew only 9.2% in the latest quarter, and fewer new customers joined (p.131).
6. Tax fights. CONTESTED Tax officers want ₹6,796 crore in GST. Jio says it will win, so it has not set money aside (p.47).
7. Big owners may sell later. Meta, Google and others own about 31% (p.108).
8. Licence renewal. Jio's telecom licence must be renewed in October 2033 (p.30).

How to apply for the Jio IPO and check allotment

VERIFIEDRHP p.10, p.14, p.73, p.524

1. Apply through your broker app (UPI) or your bank's net banking (ASBA) between 21 and 23 October.
2. Choose "cut-off price" so your bid is at the final price. Retail investors can bid up to ₹2 lakh.
3. Accept the UPI request by 7:00 PM on 23 October, or your bid will not count.
4. Reliance shareholders can also bid up to ₹2 lakh in the separate ₹2,500 crore RIL quota. This is not a multiple application.
5. Check the Jio IPO allotment status on or about 26 October (the allotment date), with your PAN, on the KFin Technologies website or the BSE/NSE IPO status page.
6. Shares arrive in your demat account on or about 27 October. Listing is on or about 28 October.

Jio IPO FAQs

Where every number comes from

Numbers are from Jio's Red Herring Prospectus dated 14 October 2026, the anchor investor filing dated 19 October 2026 and the price band announcement dated 14 October 2026. Amounts in the RHP are in ₹ million; I have converted them to ₹ crore and rounded. I am not a SEBI-registered investment adviser or research analyst. Read the offer document and speak to a SEBI-registered adviser before investing.