New Delhi, Oct. 20 -- Jio Platforms' market-leading scale and faster revenue growth than its listed telecom rivals underpin its Rs.30,213 crore initial public offering (IPO). But as investors weigh the country's biggest-ever share sale, the key question is whether the company can convert its vast subscriber base into higher customer spending and better returns on capital.

Jio had 533.3 million customers as of June 2026, with a 50% share of wireless broadband and 42.6% of fixed broadband, and it has the largest 5G customer base outside China, according to Emkay Global Financial Services. The company carries about 60% of India's wireless data traffic. Consolidated revenue grew at a compound annual rate of 15.8% between FY24 and FY26, again...