Jio IPO Opens: 6 Brokerages Say SUBSCRIBE — Should You Bet on India’s Biggest-Ever IPO? Key Risks And Pros

Jio IPO Day 1: The Jio Platforms IPO has hit the Indian primary market on Wednesday, October 21, 2026. All qualified institutional, high net worth and retail investors can begin their bidding. Jio earned up to Rs 8,110 crore ahead of the IPO from at least over 200 anchor investors, attracting over 30 times its size. The latest grey market premium (GMP) also signals a double-digit percentage premium listing next week. While the hype around Jio IPO is jaw-dropping, one would wonder if it is worth holding.

Jio IPO Details To Know Before Subscription

The IPO will remain open from October 21 to October 23, 2026. The issue size of Rs 30,213 crore, making it the largest IPO ever in Indian history. The price band is fixed at the lower end at Rs 1,065 per share and upper end of Rs 1,119 per share. The minimum bid lot size is 12 shares and multiples thereof. At minimum, retail investors can bid at least Rs 13,428 to apply for Jio IPO.

The IPO is an entirely fresh issue, with 27 crore of equity shares being offered. 50% of the size is reserved for QIBs, while 35% is reserved for NIIs and 15% is reserved for retail individual investors.

The proceeds will be used to fully or partly repay outstanding borrowings of Jio's material subsidiary, Reliance Jio Infocomm Ltd (RJIL), and for general corporate purposes.

JIO IPO Day 1 GMP Today

Jio Platforms IPO last recorded Grey Market Premium (GMP) is Rs 276, updated on Oct 21, 2026 09:37:04 AM. With an upper price band of Rs 1119.00, the estimated listing price for Jio Platforms IPO is ₹1395 (cap price + today's GMP). This indicates an expected listing gain for Jio Platforms IPO of 24.66%, as per Investor Grain.

Should You Subscribe Or Avoid?

Here are six brokerages review on Jio IPO:

Reliance Broking Recommends Subscribe For Long Term

It said, based on our estimated FY28 EV/EBITDA multiple of 11.6x, Jio Platforms offers attractive long-term growth prospects, supported by sustained revenue growth and improving profitability. Rising ARPU and expanding margins indicate improved subscriber monetisation and operating efficiency. A growing subscriber base, higher data consumption and strong customer retention are expected to support revenue growth. Further, the company's extensive digital connectivity infrastructure and opportunities in 5G and digital services provide additional growth drivers. Considering its operating performance, business outlook and valuation, we assign a Subscribe - Long Term rating to the IPO.

Shriram Research Recommends Subscribe For Medium To Long Term Growth

A "Subscribe" rating is recommended for the Jio Platforms IPO for investors with a medium to long-term investment horizon, as per analysts here. They explained that Jio stands out as a core structural compounder for India's digital economy, underpinned by robust cash generation, declining leverage as IPO proceeds are utilized to repay debt, and rapid adoption of home broadband services.

Looking ahead, these analysts predict that Jio's revenue and profitability are poised for sustained expansion driven by ongoing ARPU hikes, 2G-to-4G/5G subscriber migration, deepening enterprise relationships, and the potential export of its proprietary in-house tech stack to overseas operators. While regulatory and competitive risks remain, the structural health of the industry and the strength of an integrated digital ecosystem make this an attractive, high-conviction opportunity for medium to long-term investors.

Deven Choksey Research Recommends Subscribing For Long Term

What makes Jio attractive is that the upper price band gives an estimated valuation of Rs 10.3 lakh crore of 33.3x FY26 EPS, an 18% discount to Bharti Airtel's 40.7x. The discount is also visible on book value, with Jio trading at 3.0x versus Bharti's 7.4x. This is despite Jio having a larger customer base, faster FY26 EBITDA growth (18.8% vs 16.4%) and a higher PAT margin (20.5% vs 16.0%). Jio trades at 13.5x FY26 EBITDA including net debt, or 14.9x after deferred spectrum dues.

Analysts here believe that the valuation offers a discount to the listed leader, while the key upside drivers are tariff hikes and stronger earnings growth. However, a re-rating will depend on Jio converting its scale and rising data usage into sustained revenue and profit growth.

Overall, analysts here believe that Jio enters its next growth phase with most of its network investment behind it. With 5G rollout largely complete, capex expected to remain at FY26 levels and IPO proceeds earmarked to repay most foreign currency loans, the focus shifts to converting its existing scale into higher earnings. A potential 12-15% tariff hike, growing home broadband and digital services could drive strong operating leverage, with earnings growth expected to improve from FY28 as pricing benefits build. The key monitorable is the timing and size of tariff hikes. Jio's scale, low costs and strong position across connectivity and digital services make it well placed to benefit from India's growing digital economy.

Master Capital Services Recommends For Long Term Investment

"Jio Platforms Limited operates across digital connectivity, entertainment, cloud, productivity, loT and enterprise technology services, supported by its proprietary technology stack and pan-India digital infrastructure. Its integrated consumer and enterprise offerings, extensive distribution network and growing focus on Al position to benefit from rising data consumption, broadband adoption, cloud migration, enterprise digitalisation and increasing demand for Al-enabled services. Investors may consider the IPO as a potential long-term investment opportunity," said Master capital services note.

Swastika Investermart Recommends Subscribe

According to this broker, at Rs 1,119, FY26 P/E of 33.3x is ~18% below Bharti Airtel's 40.71x, ~12x EV/EBITDA multiple as reasonable relative to Jio's higher market share, double-digit EBITDA growth rate, and dominant home broadband expansion. However, Jio commands a 15-17% multiple premium over Bharti Airtel's India business, Airtel offers superior Return on Capital Employed (ROCE) and higher current ARPU. Jio's focus on structural industry health points out that tariff discipline among Indian telcos (Jio, Airtel, Vi) has created an ideal market structure for ongoing ARPU hikes.

Hence, subscribe due to core structural compounder for India's digital economy, backed by cash generation, declining leverage, and home broadband adoption.

GEPL Capital Recommends Subscribe

The recommendation is based on FY26 earnings, the issue is priced at a P/E of 33.3x, which appears fairly valued. The company's strategy focuses on driving subscriber growth, improving ARPU, increasing digital service penetration and diversifying revenue through enterprise and international technology offerings.

Key Risks To Jio IPO:

Here are some of the key risks to note for Jio IPO before investing, as per Religare Broking:

1. Regulatory dependence on telecom licences and spectrum creates exposure to non-renewal, delayed approvals or the inability to acquire additional spectrum.

2. Dependence on its material subsidiary, Reliance Jio Infocomm Limited (RJIL), for a significant share of consolidated revenue and profits exposes Jio Platforms to any deterioration in the subsidiary's operating or financial performance.

3. Rapid technological developments and emerging competition, including satellitebased broadband, could weaken competitiveness if evolving customer requirements are not addressed.

4. Concentration among infrastructure providers for telecom towers and optic fibre networks may disrupt services.

5. Changes in net neutrality regulations could also adversely affect operations and financial performance.

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