The biggest and historic financial event in the history of the Indian stock market, which the investors of the country and the world were waiting for for a long time, has now been officially announced. The IPO of Reliance Jio Platforms, the country's largest digital and telecom service provider company, is going to open for investors very soon. The attitude of market experts and big brokerage houses regarding this mega IPO remains very positive and bullish. Looking at the early market trends and gray market signals, it is being estimated that investors can get a huge listing gain of 15 to 20 percent on the day of listing in the stock market. Let us know in detail what is the price band of this IPO of Jio, what opinion have the experts given on its valuation and what special opportunities are hidden in it for investors. Key dates and price bands of Jio Platforms IPO This IPO of Jio Platforms, owned by Reliance Industries Limited (RIL), will be open for subscription from October 21 to October 23, 2026. The company has fixed the price band of shares for this IPO at ₹ 1,065 to ₹ 1,119 per share. If investors talk about the upper price band (₹1,119), then based on this the total estimated market valuation of the company is staggering, which comes to approximately ₹10.30 lakh crore. An IPO of such a large scale can completely change the face of the Indian primary market. Emkay Global's 'Subscribe' rating and strong financial figures Veteran brokerage firm Emkay Global Financial Services has put its seal of approval on this IPO of Jio Platforms and advised investors to invest money in it i.e. 'Subscribe'. The brokerage house believes that Jio's undisputed leadership in the Indian telecom market, superior pricing power, strong operational execution and continued expansion in high-speed broadband, enterprise connectivity and advanced digital services make it a very attractive investment option. According to the Emkay report, Jio's revenue has grown at a compound annual growth rate (CAGR) of 15.8% between financial year 2024 (FY24) and financial year 2026 (FY26). During the same two-year period, the company has registered a strong CAGR of 16.2% in EBITDA and 18.4% in net profit. Additionally, the company's most important metric i.e. Average Revenue Per User (ARPU) has grown straight from ₹181.7 in FY24 to ₹214 in FY26, strengthening the company's per user earnings potential. Brokerage's opinion regarding valuation and P/E ratio: It is very important to assess the valuation of any company before investing in its IPO. According to analysis by Emkay Global, Jio Platforms' valuation based on the upper IPO price band (₹1,119) sits at 31.7 to 33.3 times P/E (Price-to-Earnings) over estimated FY26 earnings. On the other hand, another leading brokerage firm SBI Securities has pegged the company's post-issue FY26 P/E at around 34.4 times at the upper price band. Based on all these financial estimates, the brokerage believes that although the valuations are at a premium, it is completely justified considering the company's market leadership, consistent growth and immense potential for future earnings growth from digital and Artificial Intelligence (AI) business. The company's cash flow will strengthen due to reduction in 5G capital expenditure. The biggest relief for Jio's investors and financial analysts is that the huge investment (Capex) made on 5G network infrastructure in the last few years has now gradually been completed and it is expected to reduce further. Reduction in capital expenditure requirement and planned repayment of its old debt by Reliance Jio Infocomm will provide a huge boost to the company's operating cash flow and financial flexibility. If we look at the figures, Jio Platforms' operating cash flow in FY26 was recorded at an impressive ₹77,556 crore and free cash flow was ₹43,301 crore. During the same period, the company's EBITDA was ₹73,382 crore and net profit was ₹30,064 crore, which proves the strength of its financial health. Apart from the mobile business, new and big opportunities for growth, analysts believe that Jio's growth is not limited to traditional mobile telecom services only, but many of its other verticals will also contribute significantly to the company's income in the coming times. Home broadband services JioFiber and AirFiber are proving to be the next biggest growth driver for the company. Apart from this, the company is also actively exploring the possibilities of extending its in-house cutting-edge technology and software solutions to other foreign telecom operators internationally. From a long-term perspective, services related to cloud computing, data center infrastructure and cutting-edge Artificial Intelligence (AI) will also give a new dimension to Jio's revenue model in the future. The arrival of this IPO will not only reveal the true valuation of the business of Reliance Industries (RIL), but will also open new avenues of 'Value Unlocking' for the shareholders.
