New Delhi: Jio Platforms Limited (JPL), the digital and telecom business of Reliance Industries, is scheduled to launch its initial public offering (IPO) from October 21 to October 23, 2026. The company plans to raise ₹30,213 crore through the public issue, with the price band fixed at ₹1,065 to ₹1,119 per share.
Research reports from brokerage firms GEPL Capital, Ventura Securities and SMC Global have highlighted several potential growth drivers for Jio Platforms. These include upgrading 2G users to 4G and 5G, expanding home broadband services, developing enterprise cloud solutions and monetising artificial intelligence (AI) technology.
The company is also exploring opportunities to supply its technology to telecom operators in international markets. These initiatives could help Jio expand its business beyond traditional mobile connectivity.
1. Jio Platforms Could Benefit From Upgrading 261 Million 2G Users
Jio Platforms had a total subscriber base of 533.3 million as of June 2026. However, a substantial number of mobile users in the Indian market continued to rely on 2G networks.
According to GEPL Capital, approximately 261 million users were still on 2G networks as of June 30, 2026. Encouraging these customers to switch to 4G and 5G services represents a potential growth opportunity for Jio.
Affordable devices, including the ₹799 JioBharat phone, and bundled digital services could help the company attract users to its network.
Jio has also recorded growth in average revenue per user (ARPU), which increased from ₹181.7 in FY2024 to ₹215.6 in the first quarter of FY2027. Monthly data consumption per customer has reached 43.7 GB.
GEPL Capital expects tariff revisions, premium mobile plans and bundled services to remain important to Jio’s revenue strategy. Offerings that combine OTT entertainment, cloud storage, gaming and AI-based services could also help the company increase customer spending.
2. Home Broadband Expansion Could Create New Opportunities
JioFiber and JioAirFiber together had 28.6 million subscribers as of June 2026. Brokerage reports suggest that India’s relatively low fixed-broadband penetration provides considerable room for further expansion.
GEPL Capital estimates that fixed-broadband penetration stood at around 21% in FY2026 and could rise to approximately 46% by FY2031. This potential increase could create opportunities for Jio to expand its broadband customer base.
JioAirFiber may be particularly useful in areas where installing conventional fibre infrastructure is difficult or expensive. According to SMC Global, wireless broadband technology could help the company reach customers in underserved locations and expand its market presence.
3. Technology, AI and Cloud Services Could Strengthen Jio’s Business
Brokerage firms increasingly view Jio Platforms as a technology company rather than solely a telecom operator.
Ventura Securities has assigned a ‘Subscribe’ rating to the IPO. Its research report highlights Jio’s proprietary end-to-end 5G standalone technology stack and its investments in telecommunications and digital infrastructure.
The company has filed 7,220 patent applications covering areas such as 4G, 5G, 6G, artificial intelligence and digital technologies. Of these applications, 1,043 have been granted, according to the figures provided.
Jio’s AI platform, JioBrain, is being used in network operations and forms part of its broader effort to generate revenue from its technology capabilities.
SMC Global believes that combining telecom connectivity with cloud computing, AI and enterprise digital solutions could open up additional business opportunities. Greater automation could also help improve operational efficiency and customer retention over time.
4. Jio Platforms Plans to Take Its Technology Overseas
International technology services represent another potential growth avenue for Jio Platforms.
According to GEPL Capital, the company could generate additional revenue by partnering with overseas telecom operators and offering technologies developed in India. These include its 5G core, cloud-native radio access network (RAN), operations and business support systems (OSS/BSS), and fixed wireless access technology.
Jio also plans to offer its JioBrain AI platform and autonomous network capabilities to telecom operators and businesses in other industries.
SMC Global suggests that this approach could support international expansion without requiring Jio to build an entire telecom infrastructure network in every overseas market it enters.
5. India’s Digital Growth Could Support Long-Term Revenue
India’s expanding digital economy is another factor highlighted in the brokerage reports. Increasing data consumption, wider 5G availability and growing demand for fibre broadband are supporting the development of the country’s telecom and digital services sector.
Industry estimates cited by GEPL Capital suggest that India’s mobile broadband ARPU could increase from ₹199.5 in FY2026 to ₹326.4 by FY2031.
Jio’s broader strategy focuses on acquiring new customers, increasing revenue per subscriber, expanding digital service usage and diversifying income through enterprise solutions and international technology services.
According to the brokerage analysis, these areas could support the company’s revenue and profitability over the longer term. However, actual results will depend on market conditions, execution and customer demand.
Key Figures to Know About Jio Platforms IPO 2026
| Particulars | Figures |
|---|---|
| Total subscribers as of June 2026 | 533.3 million |
| 5G subscribers | 284.9 million |
| Reported 2G network users | 261 million |
| Fixed-broadband subscribers | 28.6 million |
| JioAirFiber subscribers | 14 million |
| Fixed-broadband penetration in FY2026 | Around 21% |
| Projected fixed-broadband penetration by FY2031 | Around 46% |
| ARPU in FY2024 | ₹181.7 |
| ARPU in Q1 FY2027 | ₹215.6 |
| Patent applications filed | 7,220 |
| Patent applications granted | 1,043 |
| IPO opening date | October 21, 2026 |
| IPO closing date | October 23, 2026 |
| Price band | ₹1,065–₹1,119 per share |
| Planned issue size | ₹30,213 crore |
Disclaimer
This article is intended for general informational purposes only and is based on the information and brokerage research figures provided. IPO dates, price bands, issue details and company performance figures should be verified through official filings and announcements. Brokerage assessments and growth projections are estimates, not guarantees of future performance. This article does not constitute investment advice or a recommendation to subscribe to the IPO. Investors should review the official offer documents and consider their financial circumstances and risk tolerance before making an investment decision.