Jio IPO vs Airtel Shares: Which Telecom Giant Delivers Superior Valuation for Investors?

The upcoming IPO for Jio Platforms, led by Mukesh Ambani’s Reliance Group, is poised to open on October 21, 2026, with a massive ₹30,213-crore public offering. This issuance will consist of 27 crore fresh equity shares, positioning it to overtake Hyundai Motor India’s previous record as India’s largest IPO. As the telecom and digital arm of Reliance Industries transitions to public markets, it marks a crucial shift in leadership with the Ambani siblings stepping into more significant roles under Mukesh Ambani’s oversight. Investors are now faced with a key decision: to subscribe to Jio’s IPO or consider shares of its established competitor, Bharti Airtel.

In terms of valuation, Jio Platforms is expected to be priced at ₹1,119 per share, correlating to a P/E multiple of 33.3 based on FY26 earnings—approximately 18% lower than Bharti Airtel’s P/E of 40.71 times. Furthermore, Jio’s enterprise value-to-EBITDA multiple at around 12 times is deemed reasonable given its strong market share and growth prospects, particularly in the realms of broadband and digital services. However, analysts highlight that while Jio presents a compelling growth narrative bolstered by its subscriber base and anticipated monetization from 5G, its valuation remains a point of contention compared to Airtel’s more robust operational metrics, including return on capital and average revenue per user.

For Indian investors, this decision hinges upon the balance of growth potential against established performance metrics. Jio’s strengths lie in its vast digital ecosystem and future growth, while Airtel offers superior ARPU figures and proven return ratios. The analysis suggests that while Jio may capture attention with its IPO size and growth story, the caution around its valuation might make Airtel a more attractive option for long-term investors. Investors are encouraged to weigh their risk appetite and consider the broader market implications before making investment decisions.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)