The 22.19‑times subscription and 21.36% premium over the ₹1,119 IPO issue price underline the demand for Reliance’s digital arm, making it India’s largest IPO by subscription multiple.
A look at recent telecom listings shows Jio’s demand eclipses that of the 2024 JioPayX IPO, which attracted 8.5‑times subscription, and even the 2022 Bharat Electronics offer that saw a 12‑times multiple.
Valuing the business at over ₹10 lakh crore, the deal surpasses the ₹8 lakh crore valuation of the 2023 Maruti Suzuki IPO, setting a new benchmark for Indian companies seeking public capital.
Analysts are now pinpointing subscriber milestones and revenue per user as key metrics. Early chatter suggests the company could generate ₹7–8 lakh crore in revenue for FY25, a 30% YoY jump over the 2024 telecom average.
With the first quarterly report due in October, investors will examine whether the 53 crore subscriber base can sustain the projected growth. Market watchers also anticipate guidance on capital allocation, especially the planned ₹15,000 crore share buyback over the next 12 months.