Jio Platforms Files RHP for IPO, Plans Rs 27,500 Cr Debt Repayment
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Khushi Jain
- October 14, 2026
Reliance Industries Ltd’s (RIL’s) technology arm, Jio Platforms, has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The issue will open for public subscription on October 21 and close on October 23, with anchor bidding scheduled for October 19.
The company has retained the IPO size outlined in its draft IPO papers. The offering will comprise a fresh issue of up to 27 Cr equity shares. Earlier reports had indicated that Jio’s IPO size could exceed Rs 30,000 Cr.
Jio Platforms to Use Rs 27,500 Cr for Debt Repayment
According to the RHP, Jio Platforms plans to use Rs 27,500 Cr from the fresh issue to prepay, either fully or partially, certain outstanding borrowings of its material subsidiary, Reliance Jio Infocomm (RJIL).
The repayment is expected to reduce RJIL’s net debt and interest costs, improve leverage and strengthen its financial position. It would also help preserve the company’s ability to invest in strategic priorities, including 5G network expansion, fixed broadband, AI and cloud services, enterprise digital services and international technology partnerships.
The proposed prepayment covers three external commercial borrowing (ECB) term loan facilities availed by RJIL, totalling over Rs 29,971 Cr.
The loans were sanctioned by a consortium of international and Indian lenders, including SBI, Bank of America and First Abu Dhabi Bank, among others. They are due for repayment between March and June 2028.
The borrowings were originally raised to fund capital expenditure towards 5G infrastructure deployment and spectrum acquisition. Their interest rates range from 1.40% to 5.13% per annum.
The remaining IPO proceeds allocated for general corporate purposes may be used for strategic initiatives, growth opportunities, capital expenditure, working capital, marketing and other business requirements.
Jio Outlines Technology and Network Strengths
In its RHP, Jio Platforms highlighted its technology capabilities, digital services, operational systems and network infrastructure as key competitive strengths.
Technology and Innovation
Jio said it has proprietary capabilities across network infrastructure, devices, software, operating systems and applications. As of June 30, 2026, it had filed 7,220 patent applications.
The company also operates an end-to-end indigenous 5G standalone technology stack at a nationwide scale.
Scale of Digital Services
RJIL had 533.3 Mn customers, including 284.9 Mn 5G subscribers, as of June 2026.
It had 28.6 Mn JioFiber and JioAirFiber subscribers and accounted for a 61.73% share of net fixed broadband customer additions in the June quarter.
Its MyJio app recorded 227.6 Mn average monthly active users during the quarter.
Technology-Led Operations
Jio uses AI-powered network automation, digital twins and its JioBrain platform to optimise network capacity, predict faults and improve service delivery.
The company said 84% of customer service requests were handled through self-service or AI-assisted workflows in the June quarter.
Network Infrastructure
Jio had access to 3.61 Lakh network towers, over 1 Mn route kilometres of fibre and 26,800.8 MHz of spectrum.
Its wireless broadband network covered over 99% of India’s population.
Investor Interest Ahead of Jio’s IPO
Jio’s proposed IPO could rank among the largest public issues in India. The company filed its draft red herring prospectus (DRHP) in June and received an observation letter from SEBI in August.
The IPO has drawn interest from RIL investors. The company has reserved a Rs 500 Cr portion for eligible employees and up to Rs 2,500 Cr for eligible shareholders of RIL.
Earlier reports said Jio had received more than $20 Bn in bids ahead of the issue. Existing investors, including Meta and Google, were also reported to be considering increasing their stakes rather than exiting.
However, investor interest also raises a broader question about whether Reliance Industries can translate Jio’s telecom dominance into a wider digital technology business that commands a premium valuation.
According to Inc42’s analysis in June, Jio’s next phase of growth will depend less on subscriber additions and more on monetisation. With 524.4 Mn subscribers as of March 2026, even a modest increase in average revenue per user (ARPU) could significantly influence earnings.
Jio Platforms’ Financial Performance
Jio Platforms reported a consolidated net profit of Rs 7,764 Cr in the quarter ending June, or Q1 FY27, up 9.2% from Rs 7,110 Cr in the corresponding period.
Operating revenue rose 11.8% year-on-year (YoY) and 2.4% quarter-on-quarter (QoQ) to Rs 39,173 Cr. Gross revenue increased 12% YoY to Rs 45,961 Cr.
Beyond telecom, Jio is expanding into AI, cloud computing, data centres, enterprise software and satellite connectivity. Turning these initiatives into meaningful earnings will be key to establishing the company as a broader digital technology business.
FAQs
1. When will the Jio Platforms IPO open for public subscription?
The IPO will open on October 21 and close on October 23. Anchor bidding is scheduled for October 19.
2. How much does Jio Platforms plan to use for debt repayment?
Jio Platforms plans to use Rs 27,500 Cr from the fresh issue to prepay, fully or partially, certain outstanding borrowings of Reliance Jio Infocomm.
3. What is the total value of RJIL’s three ECB loan facilities?
The three external commercial borrowing term loan facilities total over Rs 29,971 Cr.
4. How many customers did RJIL have as of June 2026?
RJIL had 533.3 Mn customers, including 284.9 Mn 5G subscribers, as of June 2026.
5. What was Jio Platforms’ net profit in Q1 FY27?
Jio Platforms reported a consolidated net profit of Rs 7,764 Cr in Q1 FY27, up 9.2% from Rs 7,110 Cr.
