Reliance’s Jio filed IPO draft papers back in August; brokers see up to 28% upside

Resurfacing an August 2025 move, Jio Platforms filed draft IPO papers with SEBI for a potential end-2026 listing. Analysts cite 524 million subscribers, broadband growth and tariff-led ARPU expansion as key value drivers; the proposed primary issue is 270 million shares, implying an estimated 2.9% dilution.

— Filed Sun, 16 Aug, 2026, 08:47 IST · First seen Sun, 16 Aug, 2026, 08:46 IST · Source Financial Express · BrandWagon

What happened

Reliance Industries · Reliance said Jio Platforms filed its draft IPO prospectus with SEBI for a possible end-2026 listing. Brokerages retained buy ratings,

Key facts

  • Jio IPO: 270 million primary shares at Rs 10 face value
  • Estimated dilution: 2.9%
  • Reported Jio valuation: Rs 11-12 trillion ($117-127 billion)
  • Jio FY26 revenue: Rs 1,468.9 billion, up 14.6%
  • FY26 EBITDA: Rs 762.6 billion, up 18.8%; margin 51.9%
  • FY26 adjusted PAT: Rs 300.5 billion, up 15.1%
  • Subscribers: over 524 million; 5G subscribers: over 268 million
  • JioAirFiber: 13 million connected homes; about 60,000 daily additions
  • Jefferies target: Rs 1,675; Nomura: Rs 1,640; Motilal Oswal: Rs 1,655

Why this matters

A late-2026 Jio listing would give Reliance additional strategic currency for ecosystem partnerships and acquisitions while the modest 2.9% primary dilution preserves control.

What to watch

  • SEBI observations and timing of final red herring prospectus filing.
  • Quarterly ARPU growth, net subscriber additions and postpaid mix.
  • AirFiber connected-home growth, installation lead times and broadband churn.
  • EBITDA margin progression versus capex intensity and free-cash-flow generation.
  • Competitor tariff actions, 5G monetization moves and aggressive fixed-wireless offers.
  • IPO valuation guidance relative to Airtel and global telecom/digital-platform multiples.
  • Reliance's use of proceeds and any change in group debt or capital-allocation plans.
  • Track draft prospectus disclosures on revenue mix, ARPU, churn, capex, debt, spectrum liabilities and related-party arrangements.
  • Monitor whether further tariff hikes hold without meaningful subscriber losses or increased port-outs.
  • Expand AirFiber distribution, installation capacity and bundled content/device offers to convert wireless subscribers into higher-value home accounts.
  • Use IPO preparation to sharpen separation of Jio Platforms, Reliance Retail and group-level funding narratives.
  • Watch for pre-IPO strategic investors, anchor demand and any secondary-share-sale component that could affect supply overhang.