Jio IPO · Lena chahiye ya nahi?
Hook0:0001 / 26
IPO opens 21 October 2026
₹30,213 crore

India ka sabse
bada IPO.

Grey market premium
₹245

Matlab market maan raha hai listing par ~22% profit.

Lekin kya ye sach mein itna simple hai?

Ruko. History dekho.

"Sabse bada IPO" = pehle din kya hua?

Paytm2021 · ₹18,300 cr
−27%
LIC2022 · ₹20,557 cr
−8%
Hyundai2024 · ₹27,870 cr
−7%

Teeno "sabse bade" the. Teeno mein listing gain nahi mila.

Aaj is video mein

Teen cheezein. Seedha jawab.

5 Positive

Data ke saath

Growth, margin, debt, ARPU, valuation.

5 Negative

Jo broker nahi bata raha

Chhote font wali baatein.

Hamari Reading

Lottery / Fair — data se

Listing gain, long term, Reliance shareholder.

Sabse important baat end mein: shareholder quota. Uski date nikal chuki hai.

Part 1 · Jio Platforms hai kya?

Sirf SIM nahi hai.

Mobile network
53.3 cr
customers. India ka 60% mobile data isi network se jaata hai.
JioFiber + AirFiber
2.86 cr
ghar. Broadband mein No. 1, doosre se 1.9× bada.
5G
28.5 cr
5G users. Duniya ka sabse bada standalone 5G network.
Apps + Enterprise
21.6 cr
MyJio monthly users. JioAICloud 5.8 cr. 90% banks enterprise services use karte hain.
Kiska paisa laga hai?

Meta aur Google bech nahi rahe.

Reliance 66.43%
Meta 9.98%
Google 7.73%
Others
IPO ke baad Reliance: 64.48%Meta: 2020 se holdGoogle: 2020 se hold

6 saal hold.

Duniya ke do sabse smart investors IPO mein ek bhi share nahi bech rahe.

Ye yaad rakhna.

Long-term wale take mein ye point wapas aayega.

Part 2 · 60 second mein

IPO ke numbers

Price band
₹1,065–1,119
Lot size
12 shares
Minimum ₹13,428
Retail maximum
14 lot
₹1,87,992
Dates
21–23 Oct
Allotment 26 · Listing 28 Oct
Issue
100% fresh
₹30,213 cr. Koi OFS nahi.
Paisa kahan jaayega
₹27,500 cr
Loan chukane mein
Valuation
₹10.3 lakh cr
India ki No. 2 company, listing day pe
Employee discount
₹54
per share
Shareholder quota
₹2,500 cr
Iske baare mein end mein

Asli sawaal: ye price sahi hai ya mehnga?

Latest · Anchor book (20 Oct)

Bade investors aa gaye.

Anchors se uthaya
₹8,110 cr

Top price ₹1,119 par

Total bids
~₹2.5 lakh cr

Lagbhag 30× demand

Kaun aaya

BlackRock, GIC, Norges Bank, ADIA, Fidelity, LIC, SBI MF, HDFC AMC

Lekin anchor demand listing gain ki guarantee nahi. LIC, Hyundai ke anchor bhi full the.

Part 3

5 Positive

Data ke saath. Kagaz par nahi.

+
Positive 1

Growth asli hai.

RevenueEBITDAProfit
₹1,09,558
₹54,959
₹21,423
₹1,28,218
₹64,170
₹26,109
₹1,46,885
₹76,255
₹30,049
2 saal mein
Revenue +34%
Profit +40%
Q1 FY27 (June 2026)

Revenue +10.8% · EBITDA +12.1%

Ye Paytm nahi hai. Ye ₹30,000 crore saal ka profit kama ke aa raha hai. (₹ crore)

Positive 2

Margin jo kisi telecom ke paas nahi.

Har ₹100 revenue mein se…

₹55

operating profit

FY26
51.9%
Q1 FY27
54.7%

Airtel India bhi isi range mein. Par Jio ka scale 1.4× bada.

Positive 3

Loan kam ho raha hai.

2024Net debt / EBITDA
0.88×
2026Net debt / EBITDA
0.36×
Net debt bacha
₹9,539 cr

Cash ₹51,833 cr ke baad

IPO se loan repay
₹27,500 cr

Listing ke baad lagbhag debt-free

Finance cost / saal
₹8,653 cr

Ye bachega, seedha profit mein

Ek asterisk hai. Negative 2 mein batata hoon.

Positive 4 · ARPU

Badhne ki jagah hai.

ARPU = ek customer se mahine ka average paisa

Jio
₹215.6
Airtel
₹264
Farak
₹48 · 22%
Airtel level pe aaye toh
+₹30,000 cr

53 cr × ₹48 × 12 mahine, saal ka extra revenue

12% tariff hike expected (3–4 mahine). Network ka kharcha same, profit seedha upar.

Positive 5

Airtel se sasta (P/E par).

Jio
33×
Airtel
39–41×
Bloomberg ke mutabik

Maang sakte the ₹11 lakh cr.
Maanga ₹10.3 lakh cr. Thoda table par chhoda.

GMP trend
4 Oct ₹148 20 Oct ₹245

Toh sab theek? Nahi.

Part 4 · Ruko, ye galat hai

5 Negative

Jo brokers ki report mein chhote font mein hai.

−
Negative 1 · Is video ka sabse bada number

Return on equity sirf 9.4%

JioRoNW
9.42%
AirtelRoNW
20.32%
Net worth laga hai
₹3.34 lakh cr
Return

FD se thoda hi zyada

Price to book
~3×

P/E sasta isliye dikh raha hai kyunki return bhi kam hai.

Negative 2

"Debt-free" aadhi sach hai.

BALANCE SHEET LINE
Borrowings
₹70,781 cr
> ₹1 lakh cr

Spectrum ka deferred payment

"Liability" mein hai, "borrowing" mein nahi

Dena to hai.

Sarkar ko spectrum ka paisa, kisht mein.

Capex rukega nahi.

5G, 6G, AI. Kharcha chalta rahega.

Negative 3 · Related-party risk

Ghar ka hi distributor.

77%

revenue via
Reliance Retail

Reliance Retail prepaid recharge ka sole distributor hai. Dono Ambani ki companies.
Retail ko kitna margin milega, ye Jio ke shareholders tay nahi karte. Reliance karta hai.
Promoter 64% ke saath har decision akela le sakta hai.
Galat kuch nahi hai. Par minority shareholder ko ye pata hona chahiye.
Negative 4

5G ka bill abhi aa raha hai.

FY26 finance cost
₹8,653 cr
76% ↑

FY26 growth

EBITDA
18.8%
Profit
15.1%

Beech ka gap = interest. IPO ka paisa isko theek karega.

Negative 5

"Sabse bada IPO" ka track record

IPOSizePehla din (close)Baad mein
Paytm 2021₹18,300 cr−27%Issue price se 50%+ neeche, saalon tak
LIC 2022₹20,557 cr−8%2026 mein bhi issue price se neeche
Hyundai 2024₹27,870 cr−7%April 2026 mein −13%

Itna bada issue absorb karne ke baad listing day pe khareedne wale kam padh jaate hain.

Lekin ek farak hai

Jio ≠ Paytm.

Profit kama raha tha?Promoter bech raha tha (OFS)?
PaytmNahi, loss-making—
LICHaanHaan, OFS
HyundaiHaanHaan, OFS
JioHaan, ₹30,000 crNahi, 100% fresh issue

Paytm wala crash: case nahi lagta.

LIC/Hyundai wali flat listing: ho sakti hai.

Part 5 · Valuation ek line mein

Sasta ya mehnga? Dono.

Sasta
P/E 33 vs 39–41

Earnings ke hisaab se Airtel se kam multiple

Mehnga
RoE 9.4% vs 20.3%

Har ₹100 equity pe kamai aadhi se kam

Motilal Oswal: Jio, Airtel se 17% premium pe (EV/EBITDA)
Nomura: Airtel 12–15% sasta hai. Unki pick Airtel.
Fair priceNa loot, na gift.

Reliance ne thoda chhoda hai, kyunki aage Reliance Retail ka IPO aana hai.

Apply se pehle, khud se poocho

4 sawaal. Imaandari se.

?

Mujhe listing gain chahiye ya 5 saal ka investment?Dono ka plan bilkul alag hai.

?

Ye paisa loan ya FD tod ke toh nahi aa raha?Agar haan, toh ruk jao.

?

Portfolio mein Reliance pehle se kitna hai?Jio mein daala toh Reliance pe double bet.

?

Allotment nahi mila, toh mera plan kya hai?Listing ke baad price settle hone tak wait?

Hamari Reading · 1 / 3

Listing gain ke liye?

Retail quota
35% ≈ ₹10,000 cr

5× subscribe hua toh, 5 mein se ~1 ko

LOT————
GMP ₹245 (~22%) dikh raha hai, par allotment lottery hai.
LIC, Hyundai ne dikhaya: bade IPO mein GMP listing tak nahi tikta.
Reading
LOTTERY

Allotment ~1-in-5, GMP ki guarantee nahi. Khelna ya nahi — aapka call, lottery samajh kar.

✕ Loan le kar, FD tod kar, 14 lot mat lagao.

Hamari Reading · 2 / 3

5 saal ke liye? Reading: FAIR.

60% India ka data ₹30,000 cr profit Lagbhag debt-free Tariff hike aana hai ARPU mein 22% jagah Meta + Google hold
History ka pattern
IPO price21–23 Oct
Aksar isse sastaListing ke 2–3 mahine baad (LIC, Hyundai, Zomato)

LIC, Hyundai, Zomato: listing ke 3 mahine baad IPO se sasta mila. Jaldi nahi hai.

Hamari Reading · 3 / 3

Reliance shareholder? Ye aapka IPO hai.

Alag quota
₹2,500 cr

₹2 lakh tak apply

Same PAN
2× chance

Shareholder + retail, dono mein

Record date
14 Oct

Nikal chuki. Aaj khareedne se quota nahi.

₹6.6 lakh cr

Reliance ke paas Jio ka 64% — matlab Reliance shareholders ke paas Jio ka exposure pehle se hai. Ye fact hai, recommendation nahi.

Teen line mein · screenshot le lo
1

Listing gain: Reading LOTTERY — allotment ~1-in-5, GMP ki guarantee nahi.

2

Long term: Reading FAIR — quality asli (₹30,000 cr profit), sawaal bhi asli (RoE 9.4%).

3

Shareholder quota: record date (14 Oct) nikal chuki — ab uska chakkar nahi.

4

Final call: aapka + SEBI-registered advisor ka. Hum data dikhate hain, order nahi.

Aapki baari

"Jio hai, aankh band
karke daal do"?

Jo dost ye bol raha hai, use ye video bhejo.

Comment karo

Aapki reading — Lottery ya long-term? Kyun?

Agla video

Allotment ke baad listing analysis

Data as of 20 Oct 2026 · Sources: RHP via Chittorgarh, BusinessToday, Business Standard, CNBC, Angel One, Arihant Plus, Kotak Neo, Upstox, InvestorGain (GMP). GMP unofficial hai aur roz badalta hai. Educational content hai, investment advice nahi. Hum SEBI-registered advisors nahi hain — ye data-reading hai, buy/sell recommendation nahi. Apply karne se pehle apni research karo aur SEBI-registered advisor se salah lo.