Jio to rely on services, not tariff hikes, ahead of record IPO, says Akash Ambani

Jio Platforms will grow revenue per customer mainly through new services rather than tariff increases, Managing Director Akash Ambani said ahead of India's largest IPO. The Rs 30,213 crore offering opens for bidding on October 21–23, with trading expected from October 28.

• IPO price band set at Rs 1,065–1,119 per share for up to 27 crore new shares
• Top of the band implies a market value of about Rs 10.3 lakh crore
• ARPU rose to Rs 215.6 a month, with data use at 43.7 GB per user
• Jio serves 533.3 million subscribers, including 284.9 million on 5G