Jio IPO to give investors peek into company's standalone business
What's the story
Jio Platforms is gearing up for its Initial Public Offering (IPO), a move that could significantly boost its market presence. The listing will provide key insights into the company's subscriber base and standalone data consumption. Reliance Jio Infocomm, a major subsidiary of Jio Platforms, is expected to have India's largest IPO due to its rapid customer growth and revenue increase.
Market impact
Standalone view of telecom and digital business
The Jio Platforms IPO will do more than just raise capital.
It will provide a standalone view of Reliance's telecom and digital business, which has been reported as part of Reliance Industries's consolidated quarterly results so far.
The initial numbers show a massive base; Reliance Jio Infocomm had 524.4 million customers as of March 31, 2026, with over half on its 5G network by then.
Competitive edge
India's data market transformation in a decade
The IPO documents also reference an industry report by Analysys Mason, which highlights Jio's pan-India presence and its large, highly engaged customer base.
This comes amid a major expansion of India's data market.
At the Jio IPO media meet on October 15, Uday Kotak, Chairman of Kotak Investment Banking, said India has transformed from a "data-scarce nation" to one with 100 crore 4G and 5G customers in just 10 years.
Connectivity revolution
Over 60% of India's digital traffic
Kotak also noted that Jio's entry into the market has brought down prices for users and democratized connectivity.
Akash Ambani, Managing Director of Jio Platforms, echoed this sentiment at the event.
He said Jio built a customer base of 53 crore over a decade and now carries over 60% of India's digital traffic with an average monthly data consumption of 43.7GB per user.
Expansion details
Broadband and financial growth
On the broadband front, Ambani said Jio has around 30 million home broadband customers and its network covers nearly 40 million homes.
He also revealed that 40% of new additions are from outside tier-I and tier-II cities, driven by Jio's wireless last-mile technology.
On the financial side, Ambani said Jio Platforms's revenue has grown from ₹1.09 lakh crore to over ₹1.46 lakh crore in three years at a CAGR of 15.8%.
Financial growth
Future outlook post-IPO
Ambani also said EBITDA rose from around ₹54,000 crore to over ₹76,000 crore during the same period, with an EBITDA margin of 53.3% in the June quarter.
After its listing, Jio will disclose subscriber numbers, data usage and network spending separately every quarter.
This will give investors a direct view of these metrics and help track Jio's growth story in the open.