Jio Platforms made its stock market debut on Wednesday, October 28, with shares listing at ₹1,358 apiece on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), a premium of 21.36% over the issue price of ₹1,119.
The listing follows strong investor demand for the Reliance Industries subsidiary's ₹30,213-crore initial public offering (IPO), which closed on October 23 with an overall subscription of 22.19 times. The issue attracted bids worth more than ₹7 lakh crore, while combined demand across the public offering and anchor investor allocation exceeded ₹7.4 lakh crore, or approximately $78 billion.
The IPO received nearly 1.39 crore applications, reflecting strong investor interest in the digital services business. The qualified institutional buyers (QIB) category was subscribed 70.55 times, while the non-institutional investor segment was subscribed 14 times. The retail portion received bids for 2.72 times its reserved allocation.
At the listing price, Jio Platforms' market capitalisation stood at approximately ₹12.51 lakh crore, placing it among India's most valuable listed companies.
Jio Platforms IPO draws strong investor demand
The IPO opened on October 21 and was fully subscribed within 100 minutes, making it the fastest fully subscribed public issue in India, according to reported subscription figures. The QIB portion, valued at ₹5,500 crore, was fully subscribed within the first 10 minutes of opening.
The issue comprised a fresh offering of 27 crore equity shares, with the company fixing the final issue price at the upper end of its ₹1,065–₹1,119 price band.
Jio Platforms serves more than 530 million customers and has built a presence across telecommunications, home broadband and digital services. Meta and Google are among its investors.
Nomura initiates coverage with 'Buy' rating
Japanese brokerage Nomura has initiated coverage of Jio Platforms with a 'Buy' rating and a price target of ₹1,340 per share. The target represents a 19.7% upside over the IPO price of ₹1,119, although it is below the stock's listing price of ₹1,358.
Nomura highlighted Jio's position in India's digital ecosystem, noting that the company accounts for 42% of the country's wireless subscribers, 60% of data traffic and 43% of the home broadband market.
The brokerage expects tariff increases, home broadband expansion and improving free cash flow to support the company's growth. It also anticipates stronger cash generation as capital expenditure intensity declines, with most of Jio's investments related to its 5G rollout largely completed.
The stock's debut marks a significant milestone for the Reliance Industries subsidiary, with its listing premium reflecting the strong demand recorded during the IPO.
