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Jio Platforms shares traded nearly flat on Wednesday after making a strong debut on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The listing followed the company’s ₹30,213-crore initial public offering (IPO).
The shares listed at ₹1,358 apiece, marking a 21.36 per cent premium over the issue price of ₹1,119.
The company’s market capitalisation crossed ₹12.5 lakh crore, making it India’s second-largest listed company.
The country’s biggest IPO attracted strong investor interest and was subscribed 22.19 times overall.
Qualified institutional buyers led the demand, subscribing 70.55 times their allotted portion.
Investors will monitor the company’s ability to sustain revenue growth, improve profitability and execute expansion plans while maintaining healthy cash flows.
Brokerage firms Nomura and Motilal Oswal Financial Services initiated coverage with ‘Buy’ ratings, while Elara Securities assigned a ‘Buy’ rating.
Nomura highlighted Jio’s market leadership, noting that it commands 42 per cent of India’s wireless subscribers, 60 per cent of data traffic and 43 per cent of the home broadband market.
The brokerage expects the listing to support gradual tariff hikes across the industry. It projects a 13.5 per cent compound annual growth rate (CAGR) in earnings before interest, taxes, depreciation and amortisation (EBITDA) between FY26 and FY29. Nomura set a target price of ₹1,340.
Motilal Oswal expects improved profitability and controlled capital expenditure to generate cumulative free cash flow of ₹1.46 lakh crore by FY29. It set a target price of ₹1,350 and expects Jio Platforms to achieve a net cash position by FY29.
The brokerage expects Jio to command a premium over Bharti Airtel’s Indian business, citing its market leadership, pricing influence and limited public shareholding.
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