Jio gets Sebi clearance for estimated ₹37,700 crore IPO
Reliance Jio’s proposed listing would include up to 270 million fresh shares, with ₹27,500 crore earmarked to repay or prepay Jio Infocomm borrowings. The IPO comes as Jio builds its broadband, enterprise, cloud, IoT and AI businesses alongside its 524.4 million mobile customers.
What happened
Reliance Jio’s proposed Rs 37,700-crore IPO has received Sebi clearance. The listing would help unlock valuation, while Rs 27,500 crore of proceeds are intended
Key facts
- Proposed IPO estimated at Rs 37,700 crore
- Jio Platforms plans to issue up to 270 million fresh shares
- Rs 27,500 crore of proceeds earmarked to repay or prepay Reliance Jio Infocomm borrowings
- 524.4 million customers at FY26 end
- 36.2 million customers added during FY26
- ARPU of Rs 214 per month
- Revenue from operations of Rs 1.47 lakh crore
- EBITDA of Rs 76,255 crore
- PAT of Rs 30,049 crore
- Home broadband customers of 27.1 million at March-end
Why this matters
A listed, less-levered Jio may become a more active partner or acquirer across enterprise connectivity, cloud, IoT and AI ecosystems.
What to watch
- Final IPO size, valuation range, dilution level and subscription demand from domestic and foreign institutions.
- Actual proportion of proceeds used for debt repayment versus growth capex and other corporate purposes.
- Net debt, finance-cost trajectory and management guidance on post-IPO leverage.
- Jio AirFiber and fiber-broadband subscriber additions, ARPU, churn and home-service installation pace.
- Enterprise revenue disclosures across cloud, private 5G, IoT, managed services and AI products.
- Tariff actions or promotional responses from Bharti Airtel and Vodafone Idea.
- 5G monetization indicators, including data usage, premium-plan adoption and capex intensity.
- Finalize IPO timing, price band, investor allocation and exchange-listing structure following Sebi clearance.
- Accelerate deleveraging of Jio Infocomm and communicate a clearer post-listing capital-expenditure and dividend framework.
- Package fixed wireless access, fiber broadband, cloud, managed connectivity, IoT and AI offerings for enterprise and SMB customers.
- Use the public-market valuation to support partnerships, selective acquisitions and ecosystem investments in data centers, devices, content and digital services.
- Competitors are likely to respond with sharper broadband bundles, enterprise offerings and network-investment narratives to defend share and investor relevance.