Jio Platforms shares debuted on the NSE, closing up 26.68 percent at 1,417.50 rupees and lifting its market capitalisation to over 13 lakh crore rupee…
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1/5Jio Platforms shares ended their stock market debut on Wednesday, October 28, at ₹1,417.50 on the NSE, up 26.68% from the issue price of ₹1,119. The rally took the company’s market capitalisation to more than ₹13 lakh crore, making it India’s second most valuable listed company, behind its parent, Reliance Industries. The ₹30,213 crore initial public offering (IPO) received an overall subscription of 22.19 times. It attracted bids worth ₹7.4 lakh crore, including ₹2.5 lakh crore from anchor investors and nearly ₹4.9 lakh crore from public investors. The IPO also set records for investor participation. Jio Platforms received more than 1 crore applications during the three-day bidding period, making it the first IPO globally to cross that mark, according to the listing updates. The company had 79.8 lakh shareholders following the IPO.
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2/5Jio Platforms IPO sets records for investor demand: Jio Platforms’ IPO was entirely a fresh issue, with no offer for sale (OFS). The issue was fully subscribed within about 100 minutes of opening, reflecting strong demand from institutional and retail investors. Qualified institutional buyers (QIBs) subscribed to their reserved portion 70.55 times, while the non-institutional investor (NII) category was subscribed 14 times. The retail investor portion was subscribed 2.72 times. The employee and shareholder categories were subscribed 2.93 times and 7.60 times, respectively. Retail investors placed bids worth more than ₹25,000 crore, excluding bids from eligible employees and existing small shareholders of Reliance Industries, according to the listing updates. Anchor investors placed bids worth ₹2.5 lakh crore for the portion worth ₹8,110 crore reserved for them.
3/5Jio Platforms shares list at 21.36% premium: Jio Platforms shares listed at ₹1,358 on the NSE and BSE, a premium of 21.36% over the issue price of ₹1,119. The stock extended its gains during the session to close at ₹1,419, delivering a return of 26.81% to investors who received shares in the IPO. At the closing price, Jio Platforms had a market capitalisation of ₹13.05 lakh crore, placing it second among India’s listed companies, behind Reliance Industries. It also became India’s most valuable listed telecom company by market capitalisation.
4/5Brokerages see potential in tariff hikes and digital services: Motilal Oswal Financial Services initiated coverage on Jio Platforms with a ‘Buy’ rating and a target price of ₹1,350. The brokerage cited the company’s market leadership, potential influence over industry tariffs and free float of less than 3% among the factors supporting its valuation. The ₹1,350 target price represented potential upside of around 21% from the IPO issue price of ₹1,119. However, the target was below Jio Platforms’ reported closing price of ₹1,419 on debut day. Nomura also initiated coverage with a ‘Buy’ rating and a target price of ₹1,340, implying potential upside of around 20% from the IPO issue price. Its target was also below the stock’s debut-day closing price. The brokerage estimated an earnings before interest, tax, depreciation and amortisation (EBITDA) compound annual growth rate (CAGR) of 13.5% for FY26-FY29. Motilal Oswal expects Jio Platforms to report a revenue CAGR of 14%, reported EBITDA CAGR of 15% and profit after tax (PAT) CAGR of 20% over FY26-FY29. It identified subscriber additions, tariff increases, growth in home broadband subscribers and the expansion of digital services as key drivers. The brokerage expects smartphone tariffs to rise by around 15% from March 2027, citing recent pricing actions by Jio and Bharti Airtel. A possible discontinuation of unlimited 5G plans could also support average revenue per user (ARPU).
5/5Digital ecosystem remains key to Jio Platforms’ growth: Beyond telecom connectivity, Jio Platforms has a digital ecosystem spanning broadband, home broadband, gaming, music and other digital services. Its ambitions in areas such as cloud and satellite connectivity could create further opportunities for growth and monetisation. Market experts have highlighted ARPU growth and the monetisation of digital services as key factors to watch following the listing. Jio’s technology stack and wider digital portfolio could provide additional avenues for value creation over the coming years. Nomura noted Jio’s position in the telecom market, citing its 42% share of wireless subscribers, 60% share of data traffic and 43% share of home broadband. The brokerage said the company could influence industry pricing, with competitors potentially following tariff increases.