Reliance Jio Eyes 314 Million New Customers Ahead of IPO

Reliance Jio sees scope to add nearly 314 million mobility customers as it prepares for its planned initial public offering (IPO), as per news report. The estimate covers people buying their first SIM cards and existing subscribers moving from 2G to 4G and 5G networks. 

Akash Ambani, Managing Director of Jio Platforms and chairman of Reliance Jio Infocomm, said around 100 million Indians could become eligible for their first SIM cards over the next five years. Another 240 million subscribers are still using 2G services. 

JIO’s Data Usage and Financial Results 

Jio reported EBITDA of around ₹76,000 crore, up 17.8% over the past three years, according to Ambani. The company carries around 60% of India's digital traffic, with its customers using an average of 47.3 GB of data every month. 

In 2016, when Jio entered India's telecom market as the 14th operator, data cost nearly ₹228 per GB and average download speeds were 2.5 Mbps.  

The market has since consolidated, with TRAI currently listing four major private and public-sector mobile service providers: Airtel, Reliance Jio, Vodafone Idea and BSNL.  

Mobile data prices have fallen sharply, with India now among the countries with the lowest data costs globally. Jio's current download speeds stand at around 200 Mbps, according to Akash Ambani. 

5G and Artificial Intelligence 

Jio started rolling out 5G around three years ago and now has the largest 5G subscriber base outside China, Ambani said. The company is also working on AI services, including call transcription and summarisation in 12 Indian languages, with a potential reach of 53 crore Indians. 

Its partnership with Google has helped Jio add around 30 million subscribers for Gemini. The company has also identified overseas markets as a possible source of revenue from its in-house technology, but has not announced a timeline or financial targets. 

JIO Platforms IPO Dates and Price Band 

The Jio Platforms IPO consists of a fresh issue of 27 crore shares, worth up to ₹30,213 crore. The price band is ₹1,065 to ₹1,119 per share. The issue opens on October 21 and closes on October 23, 2026.   

Allotment is likely on October 26, 2026, with listing likely scheduled for October 28, 2026, on the BSE and NSE. Retail investors must apply for at least 12 shares, costing ₹13,428 at the upper price band.  

Read More: IPO Bound Jio's Ambitious Plan to Export Home-Grown 5G Stack and AI Platforms Globally! 

Conclusion  

The company is targeting new connections while expanding its 5G network and AI services. Its IPO is scheduled to open for subscription on October 21, 2026. 

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