Jio IPO Opens as ARPU Trails Airtel’s India Mobile Figure by About ₹48

Jio Platforms opened its Indian initial public offering (IPO) Wednesday, putting its June-quarter average revenue per user (ARPU) of ₹215.6 alongside Bharti Airtel’s ₹264 India mobile figure.

The company is offering up to 270 million new shares at ₹1,065 to ₹1,119 each in a sale that could raise $3.2 billion. A minimum bid of 12 shares costs ₹12,780 at the low end of the range and ₹13,428 at the high end. Ahead of the Oct. 21 public subscription, Jio allocated about 72.5 million shares to anchor investors at ₹1,119 each.

The ARPU measures cover different customer groups. Jio’s customer base includes mobile and fixed broadband, while Airtel’s figure covers India mobile customers. The reported difference is ₹48.4 per month.

Reliance Jio Infocomm Limited (RJIL), Jio Platforms’ telecom subsidiary, served 533.3 million customers as of June 30 and generated 87.34% of Jio Platforms’ consolidated operating revenue that quarter. Jio plans to use most of the IPO proceeds to repay debt at RJIL.

Bitget listed a Jio-linked perpetual futures contract tied to pre-IPO pricing on Wednesday, Oct. 14. The IPO subscription is scheduled to close Oct. 23.