Jio IPO Buzz: Latest After the US, UK and Dubai Roadshows by Akash and Isha Ambani, the Rs 37,000 to 37,800 Crore Issue, Valuation Estimates and the Financials Investors Are Reading
- October 5, 2026
- Posted by: Ankit Jaiswal
- Category: News
Jio IPO buzz: roadshows done in US, UK, Dubai, HK, Singapore. Issue about Rs 37,700 cr, 27 cr fresh shares. EV talk $143-146 bn. FY26 revenue Rs 1.47 lakh cr, PAT Rs 30,049 cr.
Quick Answer
Jio IPO buzz centres on completed roadshows in the US, UK, Dubai, Hong Kong and Singapore led by Akash and Isha Ambani, an issue of about Rs 37,000 to Rs 37,800 crore that could be a pure fresh issue of up to 27 crore shares, and an enterprise valuation said to be $143 billion to $146 billion. FY26 financials in the draft prospectus show revenue of Rs 1,46,885 crore up 14.6%, EBITDA of Rs 76,255 crore at a 51.9% margin, profit of Rs 30,049 crore and 524.4 million subscribers, with Rs 27,500 crore of proceeds going to debt repayment. On those figures the valuation is roughly 18 times EBITDA and about 43 times earnings, my arithmetic, so the pricing will decide whether the buzz turns into a good listing. Nothing is official until the red herring prospectus, expected in the week of 12 October.
Jio IPO buzz has intensified after the US, UK and Dubai roadshows, with reports that the IPO financial figures are being passed around among investors. The Reliance-backed issue, expected to be India’s biggest, is reportedly set for late October, and as the Jio IPO buzz grows the valuation talk has moved up from about $137 billion to $143 billion to $146 billion.
If you are tracking the Jio IPO buzz, this article covers the Jio roadshow led by Akash Ambani in the US, UK, Dubai, Hong Kong and Singapore, the issue size and fresh-issue structure, the Jio IPO valuation, the Jio IPO financials with ARPU, 5G users and debt, how they compare with Bharti Airtel, what it means for Reliance Industries shareholders, and the risks. Valuation figures are from sources and my own arithmetic, and are not official.
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Jio IPO Buzz: The Roadshows
| Item | Detail |
|---|---|
| Cities covered | US, UK, Dubai, Hong Kong and Singapore |
| Led by | Akash Ambani, Managing Director of Jio Platforms and Chairman of Reliance Jio, and Isha Ambani of Reliance Retail Ventures |
| Next step | India roadshow in the week of 12 October after the red herring prospectus is filed |
| Source of valuation talk | Feedback from international institutional investors, according to reports |
A source said Jio Platforms has completed the first leg of the IPO after the Jio roadshow abroad and has started preparing the red herring prospectus. International roadshows matter because large foreign institutions are expected to take a big part of the anchor and institutional portion, which feeds the Jio IPO buzz.
Jio IPO Buzz: Issue Size and Structure
| Item | Detail |
|---|---|
| Issue size | About Rs 37,000 crore to Rs 37,800 crore, or $3.8 billion |
| Structure | Pure fresh issue of up to 27 crore shares, no offer for sale |
| Share of post-issue equity | About 2.9% |
| Implied price per share | Near Rs 1,400, my calculation from Rs 37,700 crore and 27 crore shares |
| Implied equity value | About Rs 13 lakh crore, my calculation from the 2.9% stake |
The pricing disagreement with existing investors reportedly led to the all-fresh structure, so the Jio IPO buzz is about money going into the company. A fresh issue also means that existing shareholders such as Reliance Industries, Meta and Google are not selling.
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Jio IPO Buzz: Valuation Estimates
| Estimate | Value | Source type |
|---|---|---|
| Earlier talk | About $137 billion | People familiar with the matter |
| Current talk | $143 billion to $146 billion enterprise value, at least Rs 12 trillion | Sources tracking the deal |
| Banker view reported earlier | Up to $170 billion | Bankers, as reported previously |
| Implied EV to FY26 EBITDA | About 18 times at about Rs 96 per dollar | My arithmetic |
| Implied price to FY26 earnings | About 43 times on Rs 13 lakh crore equity value | My arithmetic |
These numbers are not final, so the Jio IPO valuation and the Jio IPO buzz can swing with the price band. The price band decides the actual valuation, and a lower price band than the talk would improve the case for applicants.
Jio IPO Buzz: The Financials Investors Are Reading
| Metric | FY26 | Comparison |
|---|---|---|
| Revenue from operations | Rs 1,46,885 crore | Up 14.6% from Rs 1,28,218 crore |
| EBITDA | Rs 76,255 crore | Margin of 51.9% |
| Profit after tax | Rs 30,049 crore | Up 15.1% from Rs 26,109 crore |
| Subscribers | 524.4 million | 5G users about 268.5 million |
| ARPU | Rs 214 in Q4 FY26 | Rs 215.6 in Q1 FY27 |
| Return on equity | About 9.4% | Return on capital employed about 10.8% |
| Debt to equity | About 0.21 | Debt of about Rs 71,529 crore at Reliance Jio Infocomm |
The Jio IPO financials look strong: Jio’s EBITDA margin of 51.9% compares with about 57.5% for Bharti Airtel, and its ARPU of Rs 214 compares with about Rs 257 for Airtel, per one comparison of FY26 data. That ARPU gap is the bull case in the Jio IPO buzz for tariff-led growth, and the lower return on equity of about 9.4% is the bear case on capital intensity.
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What the Jio IPO Buzz Means for Reliance Industries Shareholders
Reliance Industries owns about 66.4% to 67% of Jio Platforms, so a successful IPO marks the value of that stake and lets the market price Jio on its own. Eligible Reliance shareholders get a reserved portion in the IPO. But because the issue is only 2.9% of the equity and all fresh, analysts note that it may not deliver a windfall for Reliance shareholders on its own, a point often missing from the Jio IPO buzz.
Risks Behind the Jio IPO Buzz
Valuation: A $143 billion to $146 billion enterprise value implies about 18 times EBITDA, which leaves less room than a smaller issue.
Unconfirmed details: The price band, dates and allocation are awaited, so the Jio IPO buzz is built on reports.
Tariffs and competition: Growth depends on tariff increases and 5G monetisation against Airtel and Vodafone Idea.
Capital intensity: Return on equity near 9.4% shows heavy investment needs.
Market conditions: A weak market, with FIIs selling and the Nifty at a six-month low in early October, could delay the issue or cool the Jio IPO buzz.
What to Watch Next in the Jio IPO Buzz
- The red herring prospectus and price band in the week of 12 October.
- Anchor investor names and size around 19 October.
- Grey market premium and subscription levels once the issue opens.
- The Jio roadshow in India and any change in valuation talk.
- Market direction after the RBI policy on 7 October.
Conclusion
The Jio IPO buzz is strong after roadshows in the US, UK, Dubai, Hong Kong and Singapore, an issue near Rs 37,700 crore and valuation talk of $143 billion to $146 billion, but nothing is official until the red herring prospectus. FY26 revenue of Rs 1,46,885 crore and profit of Rs 30,049 crore support the story, while the roughly 18 times EBITDA valuation sets a high bar for the Jio IPO buzz and the Jio IPO valuation. Consult a SEBI-registered advisor before making any decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the latest Jio IPO buzz?
Ans. Roadshows in the US, UK, Dubai, Hong Kong and Singapore are done, an issue of about Rs 37,700 crore is expected, and valuation talk is $143 billion to $146 billion.
Who led the Jio roadshow?
Ans. Akash Ambani, Managing Director of Jio Platforms, and Isha Ambani of Reliance Retail Ventures led the Jio roadshow that drove the Jio IPO buzz.
What is the Jio IPO valuation?
Ans. Reports say an enterprise value of $143 billion to $146 billion, at least Rs 12 trillion, but the final valuation depends on the price band.
What are the Jio IPO financials for FY26?
Ans. Revenue was Rs 1,46,885 crore, EBITDA Rs 76,255 crore, and profit Rs 30,049 crore, with 524.4 million subscribers.
Is the Jio IPO a fresh issue or an offer for sale?
Ans. It is reportedly a pure fresh issue of up to 27 crore shares, with no offer for sale.
How will Jio use the IPO proceeds?
Ans. About Rs 27,500 crore is for repaying Reliance Jio Infocomm’s borrowings, and the balance for general corporate purposes.
When will the price band be announced?
Ans. It is expected with the red herring prospectus in the week of 12 October.
Is the Jio IPO a good investment?
Ans. This article does not constitute investment advice. Wait for the price band and valuation, and consult a SEBI-registered financial advisor.
