Powering India’s largest IPO (Jio Platforms) with independent market insights

"An IPO of this scale demands an industry narrative that is rigorous, independent and able to withstand regulatory and investor scrutiny. Over the past year, our team worked alongside Jio and its advisers from the draft prospectus through to listing, building a fact-based view of India’s telecoms and digital market and responding quickly as the offer evolved. We’re proud to have played a part in a landmark moment for India’s capital markets."

– Rohan Dhamija, Managing Partner, Analysys Mason

The challenge

Jio Platforms needed an independent, regulator-ready, fact-based market assessment to underpin India’s largest ever IPO

Jio Platforms was preparing to go public on the National Stock Exchange (NSE) of India in what was set to be the country’s largest initial public offering (IPO). Its IPO offer documents required an independent industry report that assessed India’s telecoms and digital services market, evaluated the international addressable market for deep-tech solutions, and provided an objective view of Jio Platforms’s competitive position within those markets. The stakes were high: every market statistic had to withstand scrutiny from the Securities and Exchange Board of India (SEBI), bankers and investors, as well as stay consistent as the business, market and filing evolved over months. Any inconsistency or delay in the industry report could hold up regulatory approval or weaken investor confidence. Done well, it would give investors a credible basis for valuing Jio’s converged telecoms and digital business.

Our approach 

We provided a rigorous, fully backed-up market analysis that kept pace with every stage of Jio Platforms’s IPO journey

We built an independent industry report covering India’s telecoms and digital market, from mobile and broadband to digital services, positioning Jio within each segment. We also provided a view into the addressable market for deep-tech solutions for international digital connectivity providers. Every figure was traceable to a documented source and backed by a supporting model, giving bankers, lawyers and regulators full confidence in the data. Working alongside Jio and its advisers from the draft prospectus to listing, we refreshed the analysis as new data emerged, kept every version consistent and responded rapidly to SEBI’s observations on the industry report. Combining Analysys Mason’s research depth with transaction experience, we turned complex market dynamics into a clear, investor-ready narrative.

The impact

We provided a credible market foundation to Jio Platforms’s public listing

Our independent industry report gave the offer documents an authoritative view of India’s telecoms and digital market, so regulators, bankers and investors could judge Jio Platforms’s position against a credible, consistent fact base. By addressing SEBI’s observations quickly and thoroughly, we helped the industry report progress smoothly through the regulatory review process. The report also helped investors understand Jio Platforms as more than just a mobile operator. It set out the growth opportunity across mobile connectivity, fixed broadband, consumer and enterprise digital services, and deep-tech solutions, supporting the converged telecoms and digital story at the heart of the offer.