Inside the Jio Platforms DRHP
Key numbers from the Draft Red Herring Prospectus filed with SEBI on June 19, 2026
27.0 Cr
Fresh Equity Shares Only
100% Fresh Issue (~2.9% dilution) with Zero Offer for Sale (OFS). Existing investors are selling 0 shares.
₹30,049 Cr
FY26 Net Profit
Earned on ₹1,46,885 Cr operating revenue and ₹76,255 Cr EBITDA (51.9% margin) across 52.44 Cr subscribers.
₹27,500 Cr
To Repay Telecom Debt
Out of the expected ~₹37,700 Cr issue, ₹27,500 Cr will pay down debt at Reliance Jio Infocomm.
Jio's Net Profit Has Grown 5.4× Since FY20
Restated consolidated Profit After Tax (PAT in ₹ Crore) after the 4G and 5G rollout phase
India's Largest IPOs—And Why Jio's Is Different
India's biggest past IPOs were mostly existing owners cashing out (OFS). Jio is 100% Fresh Issue.
Who Owns Jio—And Who Is Selling?
Despite raising ₹1,52,056 Cr in 2020, not a single existing investor is selling in the DRHP
| Shareholder Group (Per DRHP) | Entry Cost / 2020 Capital | Pre-IPO Stake | Shares Sold in IPO (OFS) |
|---|---|---|---|
| Reliance Industries Ltd (Promoter) | ₹89.58 / sh (WACA) | 66.43% | 0 Shares (Nil) |
| Meta Platforms (Jaadhu Holdings) | ₹43,574 Cr (2020) | 9.98% | 0 Shares (Nil) |
| Google International (Alphabet) | ₹33,737 Cr (2020) | 7.73% | 0 Shares (Nil) |
| 11 Global PE & Sovereign Funds | ₹74,745 Cr (2020) | 15.86% | 0 Shares (Nil) |
| Total Pre-IPO Equity (893.8 Cr Sh) | ₹4.91L Cr Val. (2020) | 100.00% | Zero OFS (27 Cr Fresh) |
Where Will the IPO Money Go?
Because there are no selling shareholders, 100% of net proceeds go to strengthen Jio's balance sheet
DEBT PROFILE IN DRHP (MAR 2026)
Total Gross Borrowings
₹71,529 Cr
Net Debt (0.36x EBITDA)
₹27,580 Cr
External commercial borrowings and bank debt taken by subsidiary Reliance Jio Infocomm for 5G rollout.
OBJECTS OF THE ISSUE (FRESH ISSUE)
1. Debt Repayment (RJIL)
₹27,500 Cr
2. General Corporate
~₹10,200 Cr
Paying off ₹27,500 Cr cuts gross debt by 38%, directly lowering interest costs and boosting net profit.
Jio vs. Bharti Airtel Today (FY26)
Jio leads in Indian subscriber scale; Airtel earns higher revenue per user (ARPU)
| Metric (FY26 Consolidated) | Jio Platforms (DRHP) | Bharti Airtel |
|---|---|---|
| Mobile Subscribers | 52.44 Crore | 38.7 Crore (India)* |
| Monthly Revenue Per User (ARPU) | ₹214 | ₹257 |
| Operating Revenue | ₹1,46,885 Cr | ₹2,10,973 Cr* |
| EBITDA Margin | 51.9% (₹76,255 Cr) | 57.0% (₹1,20,386 Cr) |
| Net Profit (PAT) | ₹30,049 Cr | ₹33,556 Cr |
Three Things Retail Investors Should Know
What the Jio DRHP means for existing Reliance shareholders and IPO applicants
100% Fresh Issue
No early investors are exiting
Unlike most mega-IPOs where PE funds cash out via an Offer for Sale, Meta, Google, and PE funds are selling zero shares. Every rupee raised goes to Jio to pay down debt.
RIL Quota
Reserved quota, not free shares
Because this is an IPO and not a demerger (unlike Jio Financial in 2023), RIL shareholders won't get free shares—but the DRHP reserves a special RIL Shareholder Quota to bid.
2.9% Dilution
Why SEBI's 2.5% rule mattered
SEBI's new mega-IPO rule (cutting minimum float from 5% to 2.5% for >₹5L Cr companies) lets Jio list by issuing just 27 Cr fresh shares (~2.9% stake) without flooding the market.