Jio Platforms' ₹30,213 crore IPO is priced at about 34 times its FY26 earnings at the top of the ₹1,065–1,119 band, according to Business Standard. The same report says Bharti Airtel, its closest listed rival, trades at about 39 times. The issue opens on 21 October 2026.
How is the 34x worked out?
At the upper band of ₹1,119, our IPO page shows a post-issue market value of ₹10,30,490.55 crore, taken from the offer document. Jio earned a profit after tax of ₹30,052.70 crore in FY26. Divide one by the other and you get 34.3.
On a per-share basis the offer document gives earnings per share of ₹33.72. That puts the price-to-earnings ratio at 33.19 at the upper band. Business Standard rounds the figure to 34 times. The two methods differ slightly, but both land in the low 30s.
| Measure | Figure |
|---|---|
| Price band | ₹1,065–1,119 |
| Issue size | ₹30,213 crore (fresh issue only) |
| Market value at upper band | ₹10,30,490.55 crore |
| FY26 profit after tax | ₹30,052.70 crore |
| P/E at upper band (offer document EPS) | 33.19 |
| Minimum application (12 shares) | ₹13,428 |
What the comparison with Airtel does and does not say
The 39 times for Airtel is a figure from the Business Standard report. We have not checked it against Airtel's current price. A price-to-earnings ratio also moves with the share price every day, and Jio's will do the same once it lists.
The report adds that Reliance Industries' stake will fall from 66.43% to about 64.5% after the issue. All the money is a fresh issue, and, as we covered earlier, it goes to repay borrowings and for general corporate purposes. Reliance family members said at the press conference that the pricing was meant to leave room for new shareholders, as reported by Business Standard.
What our data shows
At ₹30,213 crore, this is the largest of the 101 mainboard IPOs in 2026. The grey market is quoting a premium of ₹222, or 19.84%, on 16 October, up from ₹172 on 11 October. GMP is an unofficial dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP was off by 11 percentage points on average, and it overstated the listing gain five times.
What happens next
The anchor book opens on 19 October. The issue is open from 21 to 23 October, allotment is due on 26 October and shares are due to list on BSE and NSE on 28 October. Track the premium on the Jio Platforms GMP page and all dates on the IPO page.
