Jio Platforms shares made a strong debut in the Indian stock market on Wednesday, after its initial public offering (IPO) received robust demand. Jio Platforms IPO listing date was October 28, and the shares have been listed on both the stock exchanges, BSE and NSE.
The equity shares of Mukesh Ambani-led Reliance Industries' digital and telecom subsidiary, Jio Platforms Ltd, 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.
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After the debut, the market capitalisation of Jio Platforms crossed Rs 12.50 lakh crore, making it the second largest listed company in India.
Jio Platforms offers a broad portfolio of consumer and enterprise services, including mobile and fixed broadband, digital entertainment, cloud and productivity solutions, IoT, cybersecurity, managed services and AI applications.
Its distribution ecosystem combines digital channels, such as the MyJio App, with physical access points, supported by Reliance Retail Limited for prepaid connectivity distribution, marketing and customer acquisition.
Should you buy, sell or hold Jio Platforms shares after listing?
Jio Platforms made a positive debut in the Indian stock market today. Investors will watch out whether the company can sustain revenue growth, improve profitability and execute its expansion plans while maintaining healthy cash flows.
“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 Ltd.
Brokerage firms Nomura, Motilal Oswal Financial Services and Elara Securities have initiated their coverage on Jio Platforms shares with ‘Buy' ratings.
Nomura said Jio, once the disruptor, is now the leader. It has ~42% of the country's wireless subscribers, ~60% of data traffic and 43% of home broadband.
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“In our view, the listing will likely push Jio Platforms, the price setter, towards steady tariff hikes that peers can follow. We estimate a ~13.5% EBITDA CAGR over FY26-29,” Nomura said.
It initiated coverage on Jip Platforms shares with a ‘Buy' rating and a target price of Rs 1,340 (based on 12x Dec-2028F EBITDA).
Motilal Oswal expects rising profitability and range-bound capex should generate a cumulative FCF of Rs 1.46 lakh crore over FY26-29 and enable Jio Platform to achieve a net cash position by FY29. It initiated coverage with a ‘Buy' rating and a target price of Rs 1,350.
The brokerage firm believes Jio Platforms 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 Platforms IPO Key Details
Jio Platforms IPO, worth Rs 30,187.65 crore, was India's largest public issue so far. The IPO was open from October 21 to 23, and the IPO allotment was fixed on October 26.
Jio IPO price band was set at Rs 1,065 to Rs 1,119 per share. The issue was entirely a fresh issue of 27 crore equity shares.
The public issue 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.
At 12:00 PM, Jio Platforms share price was trading at Rs 1,362.70 apiece on the BSE, higher by 21.78% from its issue price and higher by 0.35% from its listing price.
ALSO READ: Catch Jio Platforms IPO Listing Live Updates Here
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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