Jio Platforms storms Dalal Street, lists 21% above issue price

Jio Platforms made its stock market debut on Wednesday, listing at ₹1,358 per share on both BSE and NSE, a premium of 21.36 per cent over its IPO price of ₹1,119. | Photo Credit: FRANCIS MASCARENHAS

Jio Platforms made its stock market debut on Wednesday, listing at ₹1,358 per share on both BSE and NSE, a premium of 21.36 per cent over its IPO price of ₹1,119. The stock touched an intraday high of ₹1,374.50 in early trade before settling around ₹1,357.20 by 10.15 AM, with buy orders accounting for 94.5 per cent of total order flow.

The listing valued the company at a total market capitalisation of approximately ₹12.5 lakh crore. Over 96.6 crore shares changed hands in the first hour of trade, generating a turnover of ₹13,132 crore. Retail investors who applied for one lot of 12 shares at the IPO price booked a listing gain of ₹2,868, while big HNI applicants with 180 shares netted ₹43,020.

Brokerage firm Nomura initiated coverage with a buy rating and a target price of ₹1,340, noting that Jio commands 42 per cent of the country’s wireless subscribers, 60 per cent of data traffic, and 43 per cent of the home broadband market. The firm projects a 13.5 per cent EBITDA CAGR for the company over FY26-29. Motilal Oswal Securities also initiated with a buy and a target price of ₹1,350, estimating a 14 per cent/15 per cent/20 per cent CAGR in JPL’s consolidated revenue, reported EBITDA, and PAT respectively over the same period, with the company serving 533 million subscribers as of June 2026.

Uday Patil, Executive Director at PL Capital, called the listing “...a milestone in the Indian capital market,” adding that it represents “...a long-term bet and every investor would like to have the share in its portfolio.”

Analysts broadly expect the listing to accelerate tariff hikes across the telecom sector. MOSL projected a 15 per cent smartphone tariff increase by March 2027, with Jio’s home broadband business, holding 30 million subscribers, seen as the second major growth driver. The company’s free float stands at less than 3 per cent.

Published on October 28, 2026