Jio Platforms shares have rallied 23% from their IPO price of ₹1,119 to ₹1,375, putting the telecom and digital services company in the spotlight after its strong listing. The ₹30,213-crore public issue was subscribed 22.19 times, making it India's largest IPO to date and valuing the Reliance Industries-backed digital services business at over ₹10 lakh crore. As reported by Live Mint, Jio Platforms now commands a market capitalisation of around ₹12.50 lakh crore, becoming India's largest telecom company by market value and displacing Bharti Airtel to become India's second-most valuable listed company. The stock opened at ₹1,358 on both BSE and NSE, delivering listing gains of around 21% over its IPO issue price.
Reliance Industries chairman Mukesh Ambani got emotional at Jio Platforms Limited's listing ceremony as he watched his children speak about the family's legacy and Jio's journey. Sitting beside his wife, Nita Ambani, the 69-year-old chairman listened as Isha, Akash and Anant Ambani addressed the gathering ahead of the NSE bell-ringing ceremony. According to reports from The Times of India, the occasion was particularly significant for Reliance, marking its first listing in two decades with the stock market debut of Jio Platforms Limited.
Nomura, Elara Securities and Motilal Oswal Securities have initiated coverage with Buy ratings and target prices ranging from ₹1,340 to ₹1,367. As reported by Live Mint, Nomura expects EBITDA to grow at a compound annual growth rate (CAGR) of around 13.5% between FY26 and FY29, citing Jio's market leadership with 42% of the country's wireless subscribers, 60% of data traffic and 43% of home broadband. Elara Securities expects a 12-15% tariff hike in the second half of FY27 and projects average revenue per user to rise from ₹214 in FY26 to ₹257 in FY29. MOSL projects cumulative free cash flow of ₹1.46 trillion over FY26-FY29, potentially enabling Jio to achieve a net cash position by FY29. The brokerages highlighted Jio's monetisation potential through its subscriber base, home broadband expansion and digital services beyond connectivity.
The ceremony highlighted the scale of investor interest in the company, with Akash Ambani describing the response as deeply humbling. As reported by The Times of India, the IPO received demand worth ₹7.5 lakh crore through 1.3 crore applications, with the issue fully subscribed within 95 minutes of its launch. According to Live Mint, Ravi Singh from Master Capital Services emphasized that investors should track quarterly revenue, EBITDA margins, average revenue per user (ARPU) and cash flow, along with how its digital services, telecom business and applications perform. The listing-day jump matters less than sustained execution of expansion plans while maintaining healthy cash flows.
Experts believe Jio Platforms' strong debut will have a significant impact on Reliance Industries shares in the medium to long term. As reported by Live Mint, Reliance Industries holds around 65% stake in Jio Platforms, making it the largest shareholder. Avinash Gorakshkar from Avinash Mentor Research noted that a patron company typically trades at around 15-20% discount against its shareholding in the listed entity, suggesting the actual Jio Platforms market cap impacting RIL would be around ₹6.50 lakh crore. The brokerages expect revenue, reported EBITDA and profit after tax to grow at CAGRs of approximately 13%, 15% and 20% respectively between FY26 and FY29, driven by subscriber additions, tariff hikes, broadband growth and digital services.
