Jio Platforms files DRHP for ₹37,700cr IPO; Reliance Retail flagged as 77% revenue distributor
Jio Platforms' DRHP reveals Reliance Retail is sole distributor of Jio prepaid services, channeling ~77% of revenue. With 524.4M customers, ARPU ₹214, and FY26 revenue of ₹1.47L cr, the IPO ties India's largest retail network deeper to telecom monetization—any distribution disruption flagged as material risk.
What happened
Jio Platforms filed DRHP for India's largest IPO (~₹37,700 crore). Notably, Reliance Retail is sole distributor of Jio prepaid services, contributing ~77% of
Key facts
- ₹37,700 crore IPO size
- 27 crore fresh shares
- 2.9% post-issue equity
- 66.43% RIL stake
- 9.98% Meta stake
- 7.73% Google stake
- 524.4 million customers
- ARPU ₹214
- 27.1 million broadband subs
- FY26 revenue ₹1.47 lakh crore
- EBITDA ₹76,255 crore
- 51.9% EBITDA margin
- 77% revenue via Reliance Retail
Why this matters
The captive distribution model deepens retail-telecom lock-in ahead of listing, raising the strategic cost of any future unbundling, third-party channel partnership, or competitive retail M&A response.