Jio Platforms’ IPO opened on 21 October 2026 as India’s biggest ever. This explainer, first shared on opening day, covers what it cost to apply, how Jio’s valuation compared with Airtel and Vi, and what to weigh. Figures are as of 21 October 2026.
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The basics
| Price band | ₹1,065–1,119 per share |
| Minimum to apply | ₹13,428 (1 lot = 12 shares) |
| Issue size | ₹30,213 crore, all fresh shares |
| Valuation | About ₹10.3 lakh crore at the upper band |
| Dates | Bidding 21–23 Oct · Allotment 26 Oct · Listing 28 Oct (tentative) |
The money raised mainly goes towards repaying Jio’s debt.
Is Jio priced high? The P/E comparison
P/E (price-to-earnings) tells you how many rupees you pay for every ₹1 of a company’s yearly profit. Lower means cheaper. On FY26 earnings, Jio at ₹1,119 was valued at about 33.3×, against 40.7× for Bharti Airtel, roughly 18% cheaper. Vodafone Idea showed about 4×, but that comes from one-time gains and its net worth is negative, so it isn’t a fair comparison.
Why Airtel gets a higher price
Airtel earns more from each mobile user (ARPU of ₹264 a month vs ₹216 for Jio and ₹177 for Vi in Apr–Jun 2026) and more on shareholders’ money (return on net worth of 20.3% vs 9.4% for Jio in FY26). Investors usually pay a higher multiple for that kind of earning power.
Both sides of the story
What looks good
- India’s largest telecom operator, already profitable
- Revenue and profit both up about 15% in FY26
- Lower P/E than Airtel
- IPO money mainly cuts debt, with no promoter selling
What to watch
- Return on net worth is half of Airtel’s
- Large deferred spectrum dues (about ₹1.05 lakh crore)
- Many dealings with Reliance group companies
- ₹6,795 crore of disputed tax demands
Follow-up: read Kosh & Fin Ep 3: did you get Jio shares? and how to check your allotment.
Sources: Jio Platforms RHP via Chittorgarh, Groww and DSIJ; TelecomTalk (ARPU); Finology Ticker. This is education, not investment advice. Koshfin is not SEBI-registered.
Frequently asked questions
What was the minimum investment for the Jio IPO?
₹13,428 for one lot of 12 shares at the upper price band of ₹1,119.
How did Jio’s P/E compare with Airtel?
At the upper band, Jio was valued at about 33.3 times FY26 earnings versus about 40.7 times for Bharti Airtel.
Part of our Kosh & Fin visual stories. New ones every week on Instagram: @kosh_fin