Jio IPO Listing Live Updates: Jio Platforms Becomes Second Largest Listed Firm As M-Cap Crosses Rs 12.5 Lakh Crore
Jio Platforms IPO Listing Live Updates: Mukesh Ambani-led Reliance Industries' digital arm, Jio Platforms Ltd, made a strong stock market debut on October 28.
Jio Platforms IPO Listing Live Updates: Shares of Mukesh Ambani-led Reliance Industries' digital and telecom subsidiary, Jio Platforms Ltd, made a strong debut on the NSE and BSE on Wednesday, October 28, 2026, following its Rs 30,213-crore initial public offering (IPO).
Jio Platforms shares were listed at Rs 1,358 apiece on BSE and NSE, a premium of 21.36% to the issue price of Rs 1,119 per share.
The market capitalisation of Jio Platforms crossed Rs 12.5 lakh crore after the listing, making it the second largest listed company in India.
The public issue, which was India's biggest IPO, attracted strong investor demand, with the issue subscribing 22.19 times overall. Qualified institutional buyers led the bidding, subscribing 70.55 times their allotted portion.
Stay tuned to this segment for the latest updates on the Jio Platforms shares.
Jio IPO Listing LIVE: Jio Platforms Shares To Be Available Under MTF
Jio Platforms shares will be available under the Margin Trading Facility (MTF) from October 28, the day of listing. According to a circular, NSE classified Jio Platforms under Group 1 securities. It refers to a specific category of highly liquid, low-volatility stocks that are legally eligible for the MTF.
Jio IPO Listing LIVE: Dolat Capital Assumes Coverage With ‘Accumulate’ Call
Dolat Capital estimates Jio Platforms to register revenue/EBITDA/APAT CAGR of 13%/15%/21% over FY26-29E driven by tariff hike, premiumization, 5G monetisation, pay as you use etc. Home BB, Enterprise, digital services (Jio Cloud, PC etc), and international partnership are additional growth drivers. With peak capex intensity behind, it expects the FCF to be even robust.
The brokerage firm initiates coverage with Accumulate rating and a target price of Rs 1,435 at 12x FY29E EV/E. Delay in tariff hike or stock supply from the pre-IPO investors are key risks to its call.
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Jio IPO Listing LIVE: Valuation Reasonable For Tech Leader, Says Dolat Capital
Jio Platforms is currently trading at ~13.4/11.3x FY28/29E EV/E, a tad higher than Bharti’s India business (ex-Tower) at 11.5/10.5x. This is against global telcos ~5x EV/E, growth earns the premium, said Dolat Capital.
It expects 13%/15% revenue/EBITDA CAGR over FY26-29E, vs. 4%/5% revenue/EBITDA growth for global peers.
Jio IPO Listing LIVE: Digital Services Revenue To Double, EBITDA To Triple By FY30: Elara
Jio Platforms is now extending that playbook beyond connectivity: using affordable data as the foundation to build a scaled digital products and services business for consumers and enterprises. While digital services contributes only ~12% of revenue and ~5% of EBITDA in FY27E, we see this as the company’s most important future growth driver, Elara Securities said.
It expects digital services revenue to double and EBITDA to triple by FY30E, growing at twice the pace of the core telecom business.
Jio IPO Listing LIVE: Can Tariff Hikes, Broadband And Digital Services Power Its Next Growth Phase?
Jio Platforms' next growth phase could hinge on how effectively it converts its massive subscriber base into higher revenue, stronger cash flows and a larger digital services business, according to brokerages Nomura, Motilal Oswal and Elara Capital, which have initiated coverage on the company with ‘Buy' ratings.
While tariff hikes could provide an immediate boost to average revenue per user (ARPU), the brokerages see home broadband expansion, digital platforms and lower capital expenditure as key drivers of growth over the coming years. Their forecasts point to a shift from Jio's subscriber-led expansion towards monetisation, with the potential to strengthen profitability and cash generation.
Jio IPO Listing LIVE: Jio Listing: Telco’s Stellar Debut Knocks TCS Out Of India's Top Five, SBI Piles On
Jio Platforms became India's second-most valuable listed company within hours of its stock market debut on Wednesday. The move pushed Tata Consultancy Services (TCS) out of the country's top five by market capitalisation.
Shares of the Reliance Industries-backed digital and telecom company opened at Rs 1,358 on the BSE. That is 21.36% above the IPO issue price of Rs 1,119. The stock rose as high as Rs 1,375 in early deals and was trading at Rs 1,363.45 at 11:29 am, up 21.85% from the issue price.
Jio IPO Listing LIVE: Jio Platforms Shares Trade Flat After Strong Listing
Jio Platforms shares traded flat after strong listing.
Jio IPO Listing LIVE: Jio’s EBITDA Margins, ARPU, Cash Flow To Be Eyed: Ravi Singh
Jio Platforms shares made a positive debut in the Indian stock market today. The listing-day jump matters less. Over the long run, 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, said Dr. Ravi Singh, Chief Research Officer at Master Capital Services.
Jio IPO Listing LIVE: Motilal Oswal Expects Jio To Deliver 13% EBITDA CAGR In Wireless Over FY26-29
With recent postpaid tariff hikes by Bharti Airtel, Jio Platform’s listing, and Vodafone Idea being close to securing a debt raise, Motilal Oswal believes smartphone tariff hikes are imminent.
It models ~15% smartphone tariff hike in March 2027, which, along with ~50 million consumer wireless net adds, should drive ~10% CAGR in industry revenue to Rs 4 lakh crore by FY29.
It expects RJio to deliver a CAGR of ~11%/13% in wireless revenue/EBITDA over FY26-29, extending its market leadership in consumer wireless subs and wireless revenue by ~120bp/~100b over FY26-29E.
Jio IPO Listing LIVE: What Reliance Has Done Shareholders, Jio Will Continue To Do So: Akash Ambani
What Reliance has done for shareholders for nearly fifty years, Jio will continue to do so for the next fifty. From this very moment, said Akash Ambani, Managing Director, Jio Platforms Limited.
Jio IPO Listing LIVE: Top Companies By Market Cap; Jio Ranks Second
Here are India’s largest five companies by market capitalization:
- Reliance Industries: Rs 15.89 lakh crore
- Jio Platforms: Rs 12.50 lakh crore
- Bharti Airtel: Rs 12.06 lakh crore
- HDFC Bank: Rs 10.42 lakh crore
- ICICI Bank: Rs 9.80 lakh crore
Jio IPO Listing LIVE: Listing Likely To Push Jio Platforms Towards Steady Tariff Hikes: Nomura
Jio, once the disruptor, is now the leader, said Nomura. The company has ~42% of the country’s wireless subscribers, ~60% of data traffic and 43% of home broadband. According to Nomura, the listing will likely push Jio Platforms, the price setter, towards steady tariff hikes that peers can follow. It estimates a ~13.5% EBITDA CAGR over FY26-29.
Jio IPO Listing LIVE: Jio Platforms Becomes India’s Second Largest Listed Firm
Jio Platforms becomes India’s second largest listed company with a market capitalisation of Rs 12.5 lakh crore.
Jio IPO Listing LIVE: Jio Shares Rise Nearly 23% From Issue Price
Jio Platforms share price traded higher after string listing. The stock rose to a high of Rs 1,375.00 apiece on the BSE, rising as much as 22.87% from its issue price.
Jio IPO Listing LIVE: Jio Platforms Market Cap Surpasses Rs 12.5 Lakh Crore
Jio Platforms market capitalisation surges past Rs 12.5 lakh crore after listing. The total market-cap of the company was Rs 12,50,586 crore.
Jio IPO Listing LIVE: Strong Debut! Stock Lists With 21.36% Premium
Jio Platforms shares list at Rs 1,358 apiece on BSE and NSE, a premium of 21.36% to the issue price of Rs 1,119 per share.
Jio IPO Listing LIVE: Jio Platforms Lists With 21.36% Premium At Rs 1,358 On BSE, NSE
Jio Platforms share price settles at Rs 1,358 apiece on BSE and NSE, a premium of 21.36% to the issue price of Rs 1,119 per share.
Jio IPO Listing LIVE: Jio IPO Gets 3 Brokerage Initiations, All Buys
Jio IPO Gets 3 Brokerage Initiations, All Buys
Target prices vs IPO price of Rs 1,119
* Nomura: Rs 1,340 (~20% upside)
* Motilal Oswal: Rs 1,350 (21% upside)
* Elara: Rs 1,367 (22% upside)
Brokerage takes: Volume to Value
* Nomura: "scale leader entering the monetisation cycle"
* Elara, Motilal Oswal: 12–15% tariff hike ahead
* Elara: revenue per user to rise from ₹214 to ₹257 by FY29
Home broadband: the second engine
* Nomura: Jio's second growth engine
* Elara: 27 million to 66 million broadband users by FY29
* Motilal Oswal: Jio to win about 73% of new connections
Watch out for...
* Delayed tariff hikes (Elara, Motilal Oswal)
* Spectrum charges on wireless broadband tech (Elara)
* Tough competition, heavy spending, Reliance group dealings (Motilal Oswal)
* Motilal Oswal: bear case Rs 1,035, bull case Rs 1,690
Jio IPO Listing LIVE: Elara Securities Assigns ‘Buy’, Sees 22% Upside
Jio Platforms IPO has evolved from a telecom operator into a monetization-led digital platform. Backed by an integrated technology stack, Jio is building a scalable, differentiated digital infra ecosystem, with long-term earnings visibility, said Elara Securities.
The brokerage firm expects a top-line CAGR of 13%, an EBITDA CAGR of 16%, and a PAT CAGR of 23% during FY26-29E. It initiated with a ‘Buy’ rating and a target price of Rs 1,367 on 11.5x FY29E EV/EBITDA, signalling an upside potential of 22% from IPO price.
Jio IPO Listing LIVE: Jio Platforms: Nomura Initiates With 'Buy', Sees 20% Upside; Why Cash Flow Could Be The Next Big Trigger
Japanese brokerage Nomura has initiated coverage on Jio Platforms with a ‘Buy' rating and a target price of Rs 1,340 per share, implying nearly 20% upside to its IPO price of Rs 1,119.
“We initiate coverage of Jio with a ‘Buy' rating and TP of Rs 1,340. Our TP is based on 12x Dec 2028F rolling EBITDA, the same multiple we ascribe to Bharti Airtel's India wireless business,” said Nomura, in a note dated October 28, 2026.
Jio IPO Listing LIVE: A Look At India’s Biggest IPOs So Far
Here are the five biggest IPO in India so far.
- Jio Platforms: Rs 30,213 Crore
- Hyundai Motor India: Rs 27,859 Crore
- NSE: Rs 22,562 Crore
- LIC: Rs 20,557 Crore
- Paytm: Rs 18,300 Crore
Jio IPO Listing LIVE: Jio IPO GMP Today Signals Listing At 22% Premium
Jio Platforms IPO GMP today is Rs 247 per share. This indicates an estimated listing price of Rs 1,366 apiece, which is at a premium of 22.07% to its issue price of Rs 1,119 per share.
Jio IPO Listing LIVE: Motilal Oswal Assigns ‘Buy’ Call, Sees 21% Upside
Motilal Oswal Financial Services initiated coverage on Jio Platforms with a ‘Buy’ rating and a target price of Rs 1,350 (implying 21% upside to the IPO price), based on a DCF-backed 11.5x FY29E reported EBITDA.
At the IPO price, JPL trades at par with our estimated valuation of Bharti’s India business (excluding Indus and BHL’s minority interests). Motilal Oswal believes JPL could trade at a premium to Bharti’s India business over the near term, driven by its market leadership, greater influence over industry tariffs, and low liquidity (free float of less than 3%)
Jio IPO Listing LIVE: Jio Platforms Vs Paras Healthcare: What Does GMP Indicate Ahead Of Listing?
Jio Platforms and Paras Healthcare are set to make their stock market debut on Wednesday, Oct. 28. The grey market premiums of the two initial public offerings point to a sharp difference in listing expectations, with Jio Platforms commanding a significantly higher premium than Paras Healthcare ahead of the market debut.
Jio Platforms' latest GMP stood at Rs 248, while Paras Healthcare's premium was Rs 13 as of Oct. 27. The unofficial market indicator suggests stronger listing expectations for Jio Platforms, although actual listing prices may differ.
Jio IPO Listing LIVE: Nomura Expects Jio Platforms To Be Net Debt-Free By FY29
Nomura believes the heavy 5G investment cycle is largely behind for Jio, with capex falling to ~23% of revenue in FY26 from ~35% in FY25, freeing up significant cash flow. The balance sheet is improving rapidly with net debt/equity (including deferred payment obligations) falling from 0.56x in FY24 to 0.37x in FY26, and Nomura expect the company to be net debt-free by FY29F.
Jio IPO Listing LIVE: Nomura Initiated Coverage On Jio Platforms With ‘Buy’, Sees 20% Upside
Nomura initiated its coverage on Jio Platforms shares with a ‘Buy’ rating and a target price of Rs 1,340 apiece, implying an upside potential of nearly 20% from its issue price.
Jio’s target price is based on 12x Dec 2028F rolling EBITDA, the same multiple Nomura ascribes to Bharti Airtel’s India wireless business. It estimates Jio Platforms to report a healthy ~13.5% EBITDA CAGR over FY26-29F. Delays in tariff hike or lower-than-anticipated hikes and costlier handsets and equipment are downside risks.
Jio IPO Listing LIVE: Jio Platforms’ FY26 P/E Of 33.3x Is ~18% Below Bharti Airtel’s 40.71x: Swastika Investmart
At Rs 1,119, Jio Platforms’ FY26 P/E of 33.3x is ~18% below Bharti Airtel’s 40.71x, ~12x EV/EBITDA multiple as reasonable relative to Jio’s higher market share, double-digit EBITDA growth rate, and dominant home broadband expansion, said Swastika Investmart.
However, Jio commands a 15–17% multiple premium over Bharti Airtel’s India business, Airtel offers superior Return on Capital Employed (ROCE) and higher current ARPU. Focus on structural industry health, pointing out that tariff discipline among Indian telcos (Jio, Airtel, Vi) has created an ideal market structure for ongoing ARPU hike, it added.
Jio IPO Listing LIVE: Reliance Jio Adds 27.13 Lakh Mobile Users In September
India’s largest telecom operator Reliance Jio added 27.13 lakh mobile subscribers in September 2026, while Bharti Airtel added 26.92 lakh wireless additions, data released by telecom regulator TRAI showed. The mobile subscriber additions for Vodafone Idea stood at 5.50 lakh in September.
With the latest additions, Jio’s wireless mobile subscriber tally increased to 51.11 crore at September-end.
Jio IPO Listing LIVE: Can Rs 10.3 Lakh Crore Valuation Of Jio Platforms Hold? What Investors Must Know About Strengths & Risks
Jio Platforms is set to list on Wednesday at an issue price of Rs 1,119 per share, with the initial public offering (IPO) valuing the digital services holding company at around Rs 10.3 lakh crore. The Rs 30,213 crore issue, comprising 27 crore shares, received total subscription of 22 times, reflecting strong investor demand ahead of its stock market debut.
Brokerages including Motilal Oswal, Emkay, Systematix, Arihant Capital and Canara Bank Securities have recommended subscribing to the issue. Motilal Oswal has recommended the stock for both listing gains and the long term.
Jio IPO Listing LIVE: Jio Platforms A Long-Term Bet: Uday Patil Of PL Capital
Uday Patil, Executive Director, PL Capital says that the Jio Platforms IPO listing is definitely a milestone in the Indian capital market. It is a major Indian digital infrastructure business with substantial growth opportunities.
Jio has more than 500 million subscribers and a large telecom network, alongside broadband, enterprise technology, cloud and AI opportunities. Large growth potential with attractive higher revenue per user, home broadband, enterprise services and monetisation of digital platforms could support future growth, he noted.
Execution will determine how much value these opportunities create. It is definitely a long-term bet and every investor would like to have a share in its portfolio, Patil said.
Jio IPO Listing LIVE: Jio Platforms’ Valuation
Over FY2024-FY2026, Jio Platforms’ revenue grew at a 15.8% CAGR to Rs 1,46,885 crore, EBITDA rose 17%, PAT rose 18.43%, and 13% of revenue converted into free cash flow. At 33x FY2026 earnings, valuation is at the lower end versus peers.
Jio IPO Listing LIVE: Jio Platforms IPO Subscribed 22.19 Times
Jio Platforms IPO was subscribed 22.19 times in total as the issue received bids for 438.26 crore equity shares as against 19.75 crore shares on the offer, NSE data showed.
The Retail Individual Investors (RIIs) segment was booked 2.72 times, while the Non-Institutional Investors (NII) portion was subscribed 14 times. The Qualified Institutional Buyers (QIBs) category received 70.55 times subscription.
Jio IPO Listing LIVE: Jio IPO Final Issue Price Fixed At Rs 1,119 Per Share
Jio Platforms IPO price band was set at Rs 1,065 to Rs 1,119 per share, and the IPO lot size was 12 shares. The final issue price is fixed at Rs 1,119 per share
Jio IPO Listing LIVE: A Look At Jio Platforms IPO Timeline
The bidding for Jio Platforms IPO commenced on October 21, Wednesday, and concluded on October 23, Friday. Jio Platforms IPO allotment was finalized on October 26, and the IPO listing date is today, October 28. Jio Platforms shares will be listed on NSE and BSE.
Jio IPO Listing LIVE: Jio Platforms Shares To List Today
Shares of Mukesh Ambani-led Reliance Industries’ digital and telecom subsidiary, Jio Platforms Ltd, are scheduled to debut on the NSE and BSE on Wednesday, October 28, 2026, following its Rs 30,213-crore initial public offering (IPO).
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