Jio Platforms made a strong market debut on Wednesday, October 28, listing at ₹1,358 on NSE and BSE, representing a 21.35% premium over its IPO price of ₹1,119. The stock's BSE market capitalisation stood at ₹12.50 lakh crore, making Jio Platforms India's second-most valuable company by market capitalisation and the largest telecom firm in the country. The listing gave investors an opening gain of ₹5,497 per lot of 23 shares for shareholders, following India's largest IPO that attracted record demand from institutional and retail investors. The stock touched an intraday high of ₹1,375 in early trade before settling around ₹1,357.20 by 10.15 AM, with buy orders accounting for 94.5% of total order flow. Over 96.6 crore shares changed hands in the first hour of trade, generating a turnover of ₹13,132 crore. The public issue alone drew bids worth ₹4.9 lakh crore from Qualified Institutional Bidders (QIBs), while retail investors placed bids worth ₹25,867 crore with nearly 1.39 crore applications - an unprecedented response for a digital services company. According to Prime Database, Jio Platforms' listing-day performance surpassed that of several other large IPOs, many of which delivered modest or negative returns on debut.
Jio Platforms became the 12th company from the Reliance Industries Group to list on the National Stock Exchange (NSE) on Wednesday, October 28, as confirmed by NSE Managing Director and CEO Ashishkumar Chauhan at the company's listing ceremony. Welcoming Jio Platforms to the exchange, Chauhan said it was the 3,138th company to list on NSE, further strengthening India's growing ecosystem of listed enterprises. He highlighted NSE's longstanding relationship with Reliance Industries, which has been part of the benchmark Nifty 50 index since its inception. Chauhan said the IPO attracted overwhelming investor interest, receiving close to one crore applications on NSE alone with an overall subscription of 12.45 times on the exchange. The Jio Platforms IPO, which closed on October 23, was subscribed 22.19 times across exchanges, with combined demand from the public issue and anchor placement exceeding ₹7.4 lakh crore.
The Jio Platforms IPO achieved several milestones during its subscription window, becoming the world's first IPO to receive over 1 crore applications during its three-day subscription period. The issue received bids for 4,38,26,15,568 shares against 19,75,25,934 shares on offer, taking the overall subscription to 22.19 times. The subscription breakdown showed Qualified Institutional Buyers (QIBs) leading at 70.55 times subscription, followed by Non-Institutional Investors (NIIs) at 14 times, Retail Individual Investors (RIIs) at 2.27 times, Employees at 2.93 times, and Shareholders at 7.6 times. The company finalised its IPO issue price at ₹1,119 per share, the upper end of the price band, implying an equity valuation of approximately ₹10.3 lakh crore and positioning Jio Platforms among India's three largest listed companies by market capitalisation. Prior to the IPO, the company raised ₹8,109.85 crore from anchor investors, including Life Insurance Corporation of India (LIC), New World Fund Inc, the Government of Singapore, BNP Paribas Financial Markets - ODI, Capital Group, Fidelity, BlackRock, the Monetary Authority of Singapore and the Abu Dhabi Investment Authority.
Elara Securities initiated coverage on Jio Platforms with a 'Buy' rating and a target price of ₹1,367, citing the company's potential to increase average revenue per user (ARPU), expand its home broadband business and grow revenue from digital products and services. The brokerage expected Jio Platforms to report a compound annual growth rate (CAGR) of 13% in revenue, 16% in EBITDA and 23% in profit after tax (PAT) between FY26 and FY29. Elara valued the company at 11.5 times its estimated FY29 EBITDA to arrive at the target price. Elara expects a top-line CAGR of 13%, an EBITDA CAGR of 16%, and a PAT CAGR of 23% during FY26-FY29. The brokerage projects ARPU to increase at a CAGR of around 6% between FY26 and FY29, with higher ARPU contributing about two-thirds of incremental revenue over the period. Digital products and services revenue is projected to rise at a CAGR of around 23%, while home broadband subscriber base could increase from 27 million in FY26 to 66 million by FY29. Elara expects Jio's consolidated EBITDA margin to rise from around 50% in FY26 to 53.8% in FY29, an expansion of about 387 basis points.
Multiple brokerage firms have initiated coverage with bullish ratings on Jio Platforms shares, with all three major brokerages setting 'Buy' ratings and target prices above the listing price. Nomura initiated coverage with a 'Buy' rating and target price of ₹1,340, based on 12x Dec-2028F EBITDA multiple, noting that Jio, once the disruptor, is now the leader with ~42% of the country's wireless subscribers, ~60% of data traffic and 43% of home broadband. Motilal Oswal Financial Services maintained its 'Buy' rating with a target price of ₹1,350, citing subscriber growth, expected tariff hikes and digital expansion. Elara Securities also initiated coverage with a 'Buy' rating, highlighting the company's market leadership and growth prospects. Nomura estimates that India's mobile market could expand from ₹2.9 trillion in FY26 to ₹5.2 trillion by FY31, while expecting Jio Platforms to deliver an EBITDA CAGR of around 13.5% over FY26–FY29. At 12:00 PM, Jio Platforms shares were trading at ₹1,362.70 on BSE, higher by 21.78% from the issue price and 0.35% from the listing price, demonstrating continued strong market demand. As per The Economic Times, analysts remain upbeat on Jio Platforms, with brokerages pointing to tariff increases, subscriber monetisation and the expansion of digital services as potential drivers of future value creation.
