Jio IPO anchor book draws record ₹2.5 lakh crore as investors weigh telecom valuation

Institutional demand for Reliance Group's digital arm Jio Platforms reached unprecedented levels ahead of its public issue, with anchor investors submitting bids exceeding ₹2.5 lakh crore. The anchor book was oversubscribed by more than 30 times, attracting participation from over 70 major institutional investors.

The initial public offering, set to open for public subscription on October 21, 2026, aims to raise ₹30,213 crore through an entirely fresh issue of 27 crore shares. At an upper price band of ₹1,119 per share, the offering will be the largest in Indian stock market history, surpassing the previous record set by Hyundai Motor India in 2024.

Key metrics compared

As the subscription date approaches, financial analysts on Dalal Street are evaluating Jio's valuation multiples against its primary listed competitor, Bharti Airtel.

How the valuations stack up

At its upper price band, Jio Platforms is valued at 33.3 times estimated FY26 earnings. This sits roughly 18 per cent below Bharti Airtel's price-to-earnings multiple of 40.71 times, offering relative comfort on headline earnings multiples.

However, enterprise valuation tells a more detailed story. Brokerages note that Jio trades at a forward enterprise value-to-EBITDA multiple of 10.9 times compared with Airtel's 9.2 times, reflecting a 15 to 17 per cent valuation premium over Airtel's domestic operations. Analysts attribute this premium to Jio's dominant subscriber base, rapid home broadband expansion, and nationwide 5G infrastructure.

Brokerage firm Swastika Investmart described Jio's enterprise value as reasonable given its market share leadership and double-digit EBITDA growth. Choice Capital director Ratiraj Tibrewal noted that while Jio's pricing limits an immediate valuation discount gain, its long-term investment case rests on scaling digital ecosystem revenue, fixed broadband, and artificial intelligence service delivery.

Bharti Airtel maintains an edge in direct user monetisation, generating an average revenue per user (ARPU) of ₹264 against Jio's ₹216. Mastertrust chief research officer Ravi Singh pointed out that Airtel's higher ARPU and return on capital employed support its valuation, while both giants stand to gain substantially from anticipated national tariff adjustments.

The record anchor response underscores global and domestic investor trust in India's stable policy environment and expanding digital economy, setting up the country's telecom sector for sustained capital investment.