Jio Platforms

ListedListed 28 Oct 2026MainboardNSE: JPLCheck allotment

Current price₹ 1,417.5+26.68% since issue

Listing day+21.36%

Issue price: ₹ 1,119
Issue size: ₹ 30,187.65 Cr.
Min. investment: ₹ 13,428
Listing price: ₹ 1,358
Subscribed: 22.19x
Lot size: 12 shares
P/E: 33.19
RoNW: 2.30%
PAT margin: 19.82%
EBITDA margin: 53.26%
EPS: ₹ 33.72
NAV: ₹ 382.34
Promoter stake: 64.48%

About

Jio Platforms Limited is a technology platform built on proprietary digital technology and pan-India digital connectivity. It sells digital connectivity and digital services to consumers and to businesses. For consumers it offers mobile and fixed broadband, digital services across entertainment, cloud gaming, cloud compute, cloud PC and storage, smart home solutions, and AI based products such as AI assistants. For businesses it offers enterprise grade broadband and leased line connectivity, cloud, productivity, unified communications, IoT, managed Wi-Fi, private 5G and security solutions, end to end managed information and communication services, and AI enterprise suite products. The material subsidiary Reliance Jio Infocomm Limited (RJIL) holds the telecom licences and served 524.4 million customers in India as of 31 March 2026. The company reports a single segment under Ind AS 108, and most of its operations are in India. The customer base grew from 481.8 million in FY2024 to 488.2 million in FY2025 and 524.4 million in FY2026, with net customer additions of 36.2 million in FY2026 against 6.4 million in FY2025. Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 206.2 in FY2025 and Rs 214.0 in FY2026. Data traffic carried on the network grew from 148.5 billion GBs in FY2024 to 184.5 billion GBs in FY2025 and 241.4 billion GBs in FY2026. Monthly data use per customer for the exit quarter rose from 28.7 GB to 33.6 GB and then 42.3 GB over the same three years. Monthly churn for the exit quarter was 1.67% in FY2026 against 1.81% in FY2025 and 1.52% in FY2024. On the financial side, revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 146,885.30 crore in FY2026, and profit after tax grew from Rs 21,434.00 crore to Rs 30,052.70 crore. The EBITDA margin was 50.16% in FY2024, 50.05% in FY2025 and 51.91% in FY2026. Net cash generated from operating activities was Rs 77,556.30 crore in FY2026. EBITDA less cash capex rose from Rs 1,449.10 crore in FY2024 to Rs 19,902.00 crore in FY2025 and Rs 42,071.10 crore in FY2026, and net leverage fell from 0.88 times to 0.36 times over the same period. Reliance Industries Limited is the promoter and holds 5,937,841,645 equity shares, which is 66.43% of the pre-issue paid up equity capital. The other large shareholders are Jaadhu Holdings, LLC, an affiliate of Meta Platforms, with 9.98%, Google International LLC with 7.73%, the Public Investment Fund of Saudi Arabia with 2.31%, a KKR affiliate with 2.31%, a Vista Equity Partners affiliate with 2.31%, a Silver Lake affiliate with 1.88%, a Mubadala subsidiary with 1.85%, General Atlantic Singapore JP with 1.34%, an Abu Dhabi Investment Authority trust with 1.16% and a TPG managed entity with 0.93%. The company has 94 other shareholders, and members of the promoter group hold no equity shares. The registered office is in Ahmedabad and the corporate office is at Reliance Corporate Park, Ghansoli, Navi Mumbai.

Timeline

Opens
21 Oct
done
Closes
23 Oct
done
Allotment
26 Oct
done
Refunds
27 Oct
done
Demat credit
27 Oct
done
Listing
28 Oct
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 273 on 20 Oct 2026
Lowest: ₹ 167 on 6 Oct 2026
First quoted: ₹ 167 on 6 Oct 2026

Subscription

How many times each investor group bid for its share, as of 23 Oct 2026, 09:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	12	₹ 13,428
Retail (Max)	14	168	₹ 1,87,992
S-HNI (Min)	15	180	₹ 2,01,420
B-HNI (Min)	75	900	₹ 10,07,100

Company overview

Financials

Financials by year

Revenue from Operations	—	1,46,885.3	1,28,218.4	1,09,558.1
Assets	6,22,905.3	6,15,594	5,81,233.8	5,39,580.4
Total Income	40,197.9	1,49,759.1	1,29,333	1,10,175.4
Profit After Tax	7,764.1	30,052.7	26,120.3	21,434
EBITDA	20,864.5	76,255.4	64,170	54,958.7
NET Worth	3,41,778.5	3,34,013.4	3,04,022.4	2,77,866.1
Reserves and Surplus	3,32,839.5	3,25,074.4	2,95,083.4	2,68,927.1
Total Borrowing	61,372.2	70,781	73,060.3	54,348.9

Strengths

Revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 128,218.40 crore in FY2025 and Rs 146,885.30 crore in FY2026.
The EBITDA margin was 51.91% in FY2026, up from 50.05% in FY2025 and 50.16% in FY2024.
Profit after tax grew from Rs 21,434.00 crore in FY2024 to Rs 30,052.70 crore in FY2026, at a PAT margin of 19.82%.
RJIL's customer base reached 524.4 million as of 31 March 2026, with 36.2 million net additions in FY2026 against 6.4 million in FY2025.
Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 214.0 in FY2026.
Data traffic grew from 148.5 billion GBs in FY2024 to 241.4 billion GBs in FY2026, and monthly data use per customer rose from 28.7 GB to 42.3 GB.
Net cash generated from operating activities was Rs 77,556.30 crore in FY2026 against a profit after tax of Rs 30,052.70 crore.
Net leverage fell from 0.88 times in FY2024 to 0.36 times in FY2026, and EBITDA less cash capex rose from Rs 1,449.10 crore to Rs 42,071.10 crore over the same two years.

Risks

Total fund based outstanding borrowings of the company and its subsidiaries were Rs 71,529.20 crore as of 31 March 2026, and the capital intensive nature of the business needs continued access to funding for technology upgrades and capital expenditure.
RJIL holds the telecommunication licences and spectrum that the business runs on. Any inability to maintain or renew them, or to win spectrum in future auctions, would hit operations.
Monthly churn for the exit quarter was 1.67% in FY2026 against 1.52% in FY2024, and a sustained rise in churn would hurt the customer base of 524.4 million.
Return on average capital employed fell from 12.83% in FY2024 to 12.50% in FY2025 and 10.76% in FY2026, even as revenue grew.
The company does not control the use of the Jio trademark by other companies in the Reliance Group, so negative publicity from outside the company can affect its brand.
The company and its subsidiaries have non-exclusive agreements with the promoter, Reliance Retail Limited and other Reliance Group entities for key parts of the business.
The company depends on a limited group of passive infrastructure providers for a substantial part of its telecommunication towers and optic fibre network.
Litigation against the subsidiaries covers 18 criminal, 200 tax and 26 statutory or regulatory proceedings involving Rs 10,811.00 crore. Of this, GST input tax credit disputes worth Rs 6,766.70 crore have not been recognised as a contingent liability in the restated financial information.
Proceedings against the promoter Reliance Industries Limited involve Rs 40,310.60 crore and US$ 4.13 billion, and include two disciplinary actions by SEBI or the stock exchanges in the last five years and four material civil litigations.
The whole fresh issue of up to 27,00,00,000 equity shares goes to prepaying borrowings of RJIL and to general corporate purposes, and the offer document does not split the amount between the two uses.

What the money is for

Objects of the issue

Prepayment, in full or in part, of certain outstanding borrowings of the material subsidiary Reliance Jio Infocomm Limited	—
General corporate purposes	—

Promoters

Reliance Industries Limited

Promoter holding66.43%→64.48%before → after the issue · down 1.95 points

Anchor investors

212 anchors put in ₹ 8,109.86 Cr., including 95 mutual funds.

Anchor investors

LIFE INSURANCE CORP.OF INDIA	44,68,128	499.98	6.17%
BNP PARIBAS FINANCIAL MARKETS-ODI	27,10,020	303.25	3.74%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS FUND	3,32,016	37.15	0.46%
BLACKROCK GLOBAL FUNDS-INDIA FUND	2,10,384	23.54	0.29%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS EX-CHINA FUND	1,68,696	18.88	0.23%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS SUSTAINABLE EQUITY FUND	1,40,580	15.73	0.19%
BLACKROCK EMERGING MARKETS FUND	1,27,068	14.22	0.18%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS EQUITY INCOME FUND	1,09,260	12.23	0.15%
NEW WORLD FUND,INC.	43,45,548	486.27	6%
EUPAC FUND	13,97,568	156.39	1.93%
CAPITAL GROUP EUPAC COMMON TRUST (US)	2,12,928	23.83	0.29%
AMERICAN FUNDS DEVELOPING WORLD GROWTH & INCOME FUND	1,95,048	21.83	0.27%
CAPITAL GROUP NEW WORLD TRUST (US)	1,22,832	13.74	0.17%
AMERICAN FUNDS INSURANCE SERIES-NEW WORLD FUND	1,15,632	12.94	0.16%
CAPITAL GROUP NEW GEOGRAPHY EQUITY ETF	89,424	10.01	0.12%
FIDELITY CONTRAFUND: FIDELITY CONTRAFUND	10,99,392	123.02	1.52%
FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND	6,31,404	70.65	0.87%
FIDELITY GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIDELITY CONTRAFUND COMMINGLED POOL	4,03,404	45.14	0.56%
FIDELITY PURITAN TRUST: FIDELITY BALANCED FUND	2,61,300	29.24	0.36%
FIDELITY SELECT PORTFOLIOS: TECHNOLOGY PORTFOLIO	2,34,900	26.29	0.32%
FIDELITY CONTRAFUND: FIDELITY CONTRAFUND K6	2,30,004	25.74	0.32%
FIDELITY INVESTMENT TRUST: FIDELITY SERIES EMERGING MARKETS OPPORTUNITIES FUND	1,91,100	21.38	0.26%
FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH K6 FUND	1,34,100	15.01	0.19%
FIDELITY GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIDELITY BLUE CHIP GROWTH COMMINGLED POOL	1,11,504	12.48	0.15%
FIDELITY ADVISOR SERIES I: FIDELITY ADVISOR SERIES EQUITY GROWTH FUND	1,02,900	11.51	0.14%
FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIAM TARGET DATE BLUE CHIP GROWTH COMMINGLED POOL	66,000	7.39	0.09%
FIDELITY INVESTMENT TRUST: FIDELITY EMERGING MARKETS FUND	64,296	7.19	0.09%
FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIAM EMERGING MARKETS OPPORTUNITIES COMMINGLED POOL	57,900	6.48	0.08%
FIDELITY RUTLAND SQUARE TRUST II: STRATEGIC ADVISERS FIDELITY EMERGING MARKETS FUND AS MANAGED BY FIAM LLC	55,728	6.24	0.08%
FIDELITY INVESTMENT TRUST: FIDELITY DIVERSIFIED INTERNATIONAL FUND	55,200	6.18	0.08%
FIDELITY GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIDELITY DIVERSIFIED INTERNATIONAL COMMINGLED POOL	51,396	5.75	0.07%
FIDELITY INVESTMENT TRUST: FIDELITY SERIES EMERGING MARKETS FUND	47,496	5.31	0.07%
GOVERNMENT OF SINGAPORE	30,46,728	340.93	4.2%
MONETARY AUTHORITY OF SINGAPORE	7,51,296	84.07	1.04%
HDFC FLEXI CAP FUND	11,83,476	132.43	1.63%
HDFC LARGE CAP FUND	11,28,972	126.33	1.56%
HDFC BALANCED ADVANTAGE FUND	4,74,948	53.15	0.66%
HDFC CHILDREN'S FUND	2,33,580	26.14	0.32%
HDFC RETIREMENT SAVINGS FUND-EQUITY PLAN	2,33,580	26.14	0.32%
HDFC INNOVATION FUND	2,10,228	23.52	0.29%
HDFC BUSINESS CYCLE FUND	1,79,076	20.04	0.25%
HDFC RETIREMENT SAVINGS FUND-HYBRID EQUITY PLAN	1,16,796	13.07	0.16%
HDFC CONSUMPTION FUND	31,140	3.48	0.04%
HDFC HYBRID DEBT FUND	6,228	0.7	0.01%
ICICI PRUDENTIAL EQUITY & DEBT FUND	7,86,420	88	1.09%
ICICI PRUDENTIAL BALANCED ADVANTAGE FUND	7,32,792	82	1.01%
ICICI PRUDENTIAL MULTI-ASSET FUND	7,32,792	82	1.01%
ICICI PRUDENTIAL VALUE FUND	7,32,792	82	1.01%
ICICI PRUDENTIAL LARGE CAP FUND	3,66,396	41	0.51%
ICICI PRUDENTIAL BUSINESS CYCLE FUND	2,23,416	25	0.31%
ICICI PRUDENTIAL ELSS TAX SAVER FUND	2,23,416	25	0.31%
SBI FOCUSED FUND	28,15,020	315	3.88%
SBI INFRASTRUCTURE FUND	2,68,092	30	0.37%
SBI TECHNOLOGY OPPORTUNITIES FUND	2,68,092	30	0.37%
SBI CONSUMPTION OPPORTUNITIES FUND	2,68,092	30	0.37%
MAGNUM HYBRID LONG SHORT FUND	1,78,728	20	0.25%
ADITYA BIRLA SUN LIFE FLEXI CAP FUND	8,48,964	95	1.17%
ADITYA BIRLA SUN LIFE LARGE CAP FUND	8,04,288	90	1.11%
ADITYA BIRLA SUN LIFE DIGITAL INDIA FUND	3,57,456	40	0.49%
ADITYA BIRLA SUN LIFE ELSS TAX SAVER FUND	2,59,164	29	0.36%
ADITYA BIRLA SUN LIFE EQUITY HYBRID '95 FUND	1,69,800	19	0.23%
ADITYA BIRLA SUN LIFE MULTI-CAP FUND	1,51,920	17	0.21%
ADITYA BIRLA SUN LIFE CONSUMPTION FUND	89,364	10	0.12%
SCHRODER INTERNATIONAL SELECTION FUND-EMERGING MARKETS	6,33,828	70.93	0.87%
HARTFORD SCHRODERS EMERGING MARKETS EQUITY FUND	6,24,084	69.83	0.86%
SCHRODER INTERNATIONAL SELECTION FUND-EMERGING ASIA	4,40,796	49.33	0.61%
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM-SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA,INC.	2,19,708	24.59	0.3%
PUBLIC SECTOR PENSION INVESTMENT BOARD- SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC.	1,38,636	15.51	0.19%
FIDELITY RUTLAND SQUARE TRUST II: STRATEGIC ADVISERS EMERGING MARKETS FUND AS MANAGED BY SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC.	1,34,256	15.02	0.19%
SCHRODER GLOBAL EMERGING MARKETS FUND	95,508	10.69	0.13%
SCHRODER EMERGING MARKETS FUND, A SEPARATE INVESTMENT FUND WITHIN THE SCHRODER CAPITAL MANAGEMENT COLLECTIVE TRUST	87,600	9.8	0.12%
SCHRODER INTERNATIONAL SELECTION FUND-BIC (BRAZIL, INDIA, CHINA)	73,752	8.25	0.1%
SCHRODER INTERNATIONAL SELECTION FUND-SUSTAINABLE ASIAN EQUITY	63,360	7.09	0.09%
SCHRODER INTERNATIONAL SELECTION FUND-INDIAN EQUITY	55,104	6.17	0.08%
SCHRODER INTERNATIONAL OPPORTUNITIES PORTFOLIO-SCHRODER ASIA MORE(PLUS)	50,964	5.7	0.07%
KOTAK MULTICAP FUND	4,02,132	45	0.55%
KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND	3,57,456	40	0.49%
KOTAK ELSS TAX SAVER FUND	3,30,648	37	0.46%
KOTAK BALANCED ADVANTAGE FUND	2,68,092	30	0.37%
KOTAK CONTRA FUND	1,78,728	20	0.25%
KOTAK RURAL OPPORTUNITIES FUND	1,60,848	18	0.22%
INFINITY HYBRID LONG-SHORT FUND	89,400	10	0.12%
NINETY ONE EMERGING MARKETS EQUITY FUND	9,18,912	102.83	1.27%
NINETY ONE GLOBAL SELECT LLC-NINETY ONE EMERGING MARKETS EQUITY FUND	5,03,784	56.37	0.7%
HOSTPLUS POOLED SUPERANNUATION TRUST INVESTEC 4FACTOR	1,66,140	18.59	0.23%
FLORIDA RETIREMENT SYSTEM-NINETY ONE NORTH AMERICA,INC.	1,02,324	11.45	0.14%
INTERNATIONALE KAPITALANLAGEGESELLSCHAFT MBH ACTING FOR ACCOUNT OF ENTSORGUNGSFONDS	96,144	10.76	0.13%
NIPPON INDIA MULTI CAP FUND	8,93,652	100	1.23%
NIPPON INDIA LARGE CAP FUND	8,93,652	100	1.23%
JP MORGAN FUNDS	9,81,972	109.88	1.35%
JP MORGAN SAR ASIAN FUND	4,74,780	53.13	0.66%
MGTS AFH DA ASIA EX JAPAN EQUITY FUND MANAGED BY JP MORGAN ASSET MANAGEMENT LTD.	67,884	7.6	0.09%
JP MORGAN FUND ICVC-JPM ASIA PACIFIC EQUITY FUND	60,384	6.76	0.08%
JP MORGAN INVESTMENT FUNDS	44,688	5	0.06%
ABU DHABI INVESTMENT AUTHORITY-MONSOON	13,40,472	150	1.85%
ALLIANZ GLOBAL INVESTORS GLOBAL EMERGING MARKETS FUND	4,25,544	47.62	0.59%
ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ TOTAL RETURN ASIAN EQUITY	3,23,412	36.19	0.45%
ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY	2,55,324	28.57	0.35%
ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ EMERGING MARKETS EQUITY OPPORTUNITIES	1,44,684	16.19	0.2%
ALLIANZ EMERGING MARKETS EQUITY FUND	1,02,132	11.43	0.14%
ALLIANZ TOTAL RETURN ASIAN EQUITY FUND	89,376	10	0.12%
DF INTERNATIONAL PARTNERS II,LLC	13,40,472	150	1.85%
INQ HOLDING LLC	13,40,472	150	1.85%
ABU DHABI INVESTMENT AUTHORITY-STABLE	8,04,276	90	1.11%
360 ONE PRIVATE EQUITY FUND-SERIES II	89,376	10	0.12%
FRANKLIN INDIA ELSS TAX SAVER FUND	3,35,124	37.5	0.46%
FRANKLIN INDIA MULTI CAP FUND	2,79,264	31.25	0.39%
FRANKLIN INDIA SMALL CAP FUND	2,79,264	31.25	0.39%
HDFC LIFE INSURANCE CO.LTD.	8,93,652	100	1.23%
HDFC NPS TRUST-HDFC PENSION MANAGEMENT CO.LTD.-SCHEME E-TIER I	7,14,936	80	0.99%
HDFC NPS TRUST-HDFC PENSION MANAGEMENT CO.LTD.-SCHEME E-TIER II	80,424	9	0.11%
HDFC NPS TRUST-HDFC PF NPS EQUITY ADVANTAGE FUND-TIER I	71,484	8	0.1%
HDFC NPS TRUST-HDFC PENSION MANAGEMENT CO.LTD.-NPS VATSALYA SCHEME	26,808	3	0.04%
MIRAE ASSET LARGE CAP FUND	7,14,924	80	0.99%
MIRAE ASSET AGGRESSIVE HYBRID FUND	1,78,728	20	0.25%
REDWHEEL EMERGING MARKETS EQUITY MASTER FUND LTD.	4,89,276	54.75	0.68%
REDWHEEL FUNDS-REDWHEEL GLOBAL EMERGING MARKETS FUND	3,15,000	35.25	0.43%
REDWHEEL GLOBAL EMERGING EQUITY FUND	89,376	10	0.12%
SBI LIFE INSURANCE CO.LTD.	8,93,652	100	1.23%
SBI NPS TRUST-SBI PENSION FUND SCHEME-E TIER I	6,70,236	75	0.92%
SBI NPS TRUST-SBI PENSION FUND SCHEME-CENTRAL GOVT.	2,23,416	25	0.31%
WHITEOAK CAPITAL FLEXI CAP FUND	4,20,012	47	0.58%
WHITEOAK CAPITAL MULTI CAP FUND	1,07,244	12	0.15%
WHITEOAK CAPITAL LARGE & MID CAP FUND	98,304	11	0.14%
WHITEOAK CAPITAL DIGITAL BHARAT FUND	89,364	10	0.12%
WHITEOAK CAPITAL LARGE CAP FUND	80,424	9	0.11%
WHITEOAK CAPITAL BALANCED ADVANTAGE FUND	40,212	4.5	0.06%
WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND	22,344	2.5	0.03%
WHITEOAK CAPITAL ELSS TAX SAVER FUND	20,112	2.25	0.03%
WHITEOAK CAPITAL BALANCED HYBRID FUND	13,404	1.5	0.02%
WHITEOAK CAPITAL EQUITY SAVINGS FUND	2,232	0.25	0%
AXIS MAX LIFE INSURANCE LTD.-ULIF 00125/06/04 LIFEGROWTH104-GROWTH FUND	2,68,116	30	0.37%
AXIS MAX LIFE INSURANCE LTD.-SUSTAINABLE EQUITY FUND-ULIF02505/10/21 SUSTAINEQU104	62,544	7	0.09%
AXIS MAX LIFE INSURANCE LTD.-ULIF 00225/06/04 LIFEBALANC 104-BALANCED FUND	62,544	7	0.09%
AXIS MAX LIFE INSURANCE LTD.	53,616	6	0.07%
AXIS LARGE CAP FUND	2,12,760	23.81	0.29%
AXIS ELSS TAX SAVER FUND	2,12,760	23.81	0.29%
AXIS MULTI ASSET ALLOCATION FUND	21,300	2.38	0.03%
BAJAJ LIFE INSURANCE LTD.	4,46,820	50	0.62%
BANDHAN LARGE & MID CAP FUND	1,39,644	15.63	0.19%
BANDHAN MULTI CAP FUND	1,04,736	11.72	0.14%
BANDHAN SMALL CAP FUND	83,772	9.37	0.12%
BANDHAN AGGRESSIVE HYBRID FUND	48,024	5.37	0.07%
BANDHAN LARGE CAP FUND	35,736	4	0.05%
BANDHAN VALUE FUND	34,908	3.91	0.05%
CITIGROUP GLOBAL MARKETS SINGAPORE PTE.LTD.-ODI	4,46,820	50	0.62%
CANARA ROBECO LARGE CAP FUND	2,23,404	25	0.31%
CANARA ROBECO EQUITY HYBRID FUND	2,23,392	25	0.31%
CITADEL SECURITIES SINGAPORE PTE.LTD.	4,46,820	50	0.62%
EASTSPRING INVESTMENTS-INDIA CONSUMER EQUITY OPEN LTD.	1,78,716	20	0.25%
PRUDENTIAL HONG KONG LTD.-PHKL ASIA PACIFIC ACTIVE GROWTH EQUITY PORTFOLIO-AHAPAG-EASTSPRING GROWTH EQUITIES TEAM	1,34,052	15	0.18%
EASTSPRING INVESTMENTS INDIA EQUITY OPEN LTD.	1,34,052	15	0.18%
SHAMYAK INVESTMENT PVT.LTD.	4,44,228	49.71	0.61%
FIDELITY FUNDS-INDIA FOCUS FUND	4,46,820	50	0.62%
HCL CAPITAL PVT.LTD.	4,46,820	50	0.62%
INVESCO INDIA CONTRA FUND	4,46,820	50	0.62%
JANUS HENDERSON FUND-EMERGING MARKETS ASIA FUND	2,53,212	28.33	0.35%
JANUS HENDERSON EMERGING MARKETS FUND	96,840	10.84	0.13%
JANUS HENDERSON EMERGING MARKETS OPPORTUNITIES FUND	96,768	10.83	0.13%
SOCIETE GENERALE-ODI	4,46,820	50	0.62%
INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD.	4,46,820	50	0.62%
MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND	4,46,820	50	0.62%
MOTILAL OSWAL LARGE CAP FUND	4,46,820	50	0.62%
GOVERNMENT PENSION FUND GLOBAL	4,46,820	50	0.62%
PRAZIM TRADING & INVESTMENT CO.PVT.LTD.	4,46,820	50	0.62%
SUNDARAM AGGRESSIVE HYBRID FUND	2,85,972	32	0.39%
SUNDARAM MULTI ASSET ALLOCATION FUND	97,404	10.9	0.13%
SUNDARAM DYNAMIC ASSET ALLOCATION FUND	48,252	5.4	0.07%
SUNDARAM EQUITY SAVINGS FUND	15,192	1.7	0.02%
T.ROWE PRICE NEW ASIA FUND	4,46,820	50	0.62%
TATA FLEXI CAP FUND	1,69,788	19	0.23%
TATA INDIA INNOVATION FUND	98,304	11	0.14%
TATA RETIREMENT SAVINGS FUND-PROGRESSIVE PLAN	98,304	11	0.14%
TATA RETIREMENT SAVINGS FUND-MODERATE PLAN	76,404	8.55	0.11%
TATA RETIREMENT SAVINGS FUND-CONSERVATIVE PLAN	4,020	0.45	0.01%
UTI VALUE FUND	2,68,092	30	0.37%
UTI LARGE CAP FUND	1,67,556	18.75	0.23%
UTI CONSERVATIVE HYBRID FUND	11,172	1.25	0.02%
BARODA BNP PARIBAS INDIA CONSUMPTION FUND	1,33,896	14.98	0.18%
BARODA BNP PARIBAS SERVICES FUND	89,376	10	0.12%
EDELWEISS LARGE CAP FUND	44,688	5	0.06%
ALTIVA EQUITY LONG-SHORT FUND	44,688	5	0.06%
EDELWEISS FLEXI CAP FUND	40,140	4.49	0.06%
EDELWEISS LARGE & MID CAP FUND	40,140	4.49	0.06%
EDELWEISS CONSUMPTION FUND	31,272	3.5	0.04%
EDELWEISS RECENTLY LISTED IPO FUND	22,344	2.5	0.03%
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.	2,23,272	24.98	0.31%
ICICI NPS TRUST-ICICI PRUDENTIAL PENSION FUND SCHEME E-TIER I	2,23,272	24.98	0.31%
PRUDENTIAL ASSURANCE CO.LTD.,THE	2,23,272	24.98	0.31%
RAINMATTER CAPITAL FUND	2,23,272	24.98	0.31%
BAJAJ FINSERV LARGE & MID CAP FUND	89,376	10	0.12%
BOFA SECURITIES EUROPE SA-ODI	89,376	10	0.12%
BANK OF INDIA FLEXI CAP FUND	89,376	10	0.12%
CANARA HSBC LIFE INSURANCE CO.LTD.	89,376	10	0.12%
GO DIGIT GENERAL INSURANCE LTD.	89,376	10	0.12%
HELIOS LARGE & MID CAP FUND	89,376	10	0.12%
ICICI LOMBARD GENERAL INSURANCE CO.LTD.	89,376	10	0.12%
JM LARGE & MIDCAP FUND	49,152	5.5	0.07%
JM LARGE CAP FUND	40,224	4.5	0.06%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.	89,376	10	0.12%
MAHINDRA MANULIFE CONSUMPTION FUND	44,688	5	0.06%
MAHINDRA MANULIFE MULTI ASSET ALLOCATION FUND	44,688	5	0.06%
FOUNDERS COLLECTIVE FUND	89,376	10	0.12%
INDUSIND NIPPON LIFE INSURANCE CO.LTD.	89,376	10	0.12%
SBI GENERAL INSURANCE CO.LTD.	89,376	10	0.12%
UNION LARGECAP FUND	44,688	5	0.06%
UNION VALUE FUND	44,688	5	0.06%
UTI NPS TRUST-UTI PENSION FUND SCHEME ATAL PENSION YOJANA (APY)	78,900	8.83	0.11%
NPS TRUST-AC UTI PENSION FUND LIMITED SCHEME APY FUND	9,300	1.04	0.01%
UTI NPS TRUST-UTI PENSION FUND-NPS VATSALYA SCHEMЕ	1,176	0.13	0%
VALUE PARTNERS FUND SERIES-VALUE PARTNERS ASIAN INCOME FUND	44,685	5	0.06%
VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND	44,685	5	0.06%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: KFin Technologies Limited
Lead managers: JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., SBI Capital Markets Ltd., Axis Capital, ICICI Securities, Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, IIFL Capital Services Limited, Bofa Securities India Limited, Dam Capital Advisors Ltd, Hdfc Bank Limited, Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited, Ubs Securities India Private Limited
Red herring prospectus (RHP): Open
Draft prospectus (DRHP): Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.