Jio Platforms IPO Listing

Jio Platforms shares listed at Rs 1,358 on BSE and NSE, 21.36% premium over IPO price of Rs 1,119.

“Jio Platforms listing at BSE: 'Will create value for decades to come', says Akash Ambani”

IPO Subscription Details

IPO fully subscribed within 100 minutes, QIB portion booked in first 10 minutes, 22.2x subscription at close of third day.

IPO Demand Figures

Aggregate demand of 655.68 crore shares against 27 crore shares offered, 1.4 crore applications including retail investors.

Brokerage Recommendations

Three buy ratings from brokerages: Nomura target Rs 1,340 (20% upside), Motilal Oswal target Rs 1,350, Elara Capital target Rs 1,367.

Nomura's Analysis

Jio has ~42% wireless subscribers, ~60% data traffic, 43% home broadband, with potential for tariff hikes and debt reduction.

“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.”

Home Broadband Growth

28.6 million home broadband subscribers in June 2026, 300 million potential households with 21% penetration in India.

Capital Expenditure Trend

Capex expected to fall from 35% of revenue in FY25 to 23% in FY26, freeing cash flow for free cash flow improvement.

Debt Reduction Outlook

Net debt-to-equity declining from 0.56 times in FY24 to 0.37 times in FY26, expected debt-free by FY29.

Jio's Growth Potential

500 million subscribers, telecom network, broadband, enterprise tech, cloud and ai businesses for future expansion.

“The listing of Jio Platforms is a significant milestone for the Indian capital market. It is a major Indian digital infrastructure business with substantial growth opportunities, backed by more than 500 million subscribers and an extensive telecom network.”

Long-Term Investment View

Uday Patil of PL Capital calls Jio a long-term bet with potential for decades of value creation.

“Jio is definitely a long-term bet, and every investor would like to have a share in their portfolio”