Jio Platforms shares list at 21% premium, debut at Rs 1,357 against IPO price

Jio Platforms made a strong debut on the stock market on Wednesday with its shares listing at a premium of around 21 per cent over the initial public offering (IPO) price. The telecom and digital services business of Reliance Industries entered the public markets after its Rs 30,188-crore IPO attracted record investor demand.

At around 10 am, data from the exchanges showed Jio Platforms shares trading at approximately Rs 1,357-1,358 apiece, against the IPO’s upper price band of Rs 1,119. The stock was up Rs 238.40, or 21.30 per cent, compared with the issue price, according to the available BSE data.

The opening price and the change from the issue price indicate that the stock’s market debut broadly matched expectations from the grey market, where the premium had pointed to a potential listing gain of around 22 per cent.

The listing marks a major milestone for Reliance Industries’ telecom and digital business, which has built a customer base of more than 540 million and is looking to expand beyond connectivity into artificial intelligence (AI), cloud computing, enterprise technology and other digital services.

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Jio Platforms IPO drew record demand

Jio Platforms’ Rs 30,188-crore IPO was subscribed 22.19 times overall during its three-day bidding period from October 21 to October 23.

The issue attracted around 1.3 crore applications, while total demand, including the anchor investor portion, approached Rs 7.5 lakh crore, according to reports.

Qualified institutional buyers led the demand, subscribing to their reserved portion 70.55 times. The non-institutional investor category was subscribed 14 times, while the retail investor portion received bids for 2.72 times the shares reserved for it.

The IPO was fully subscribed within 95 minutes of opening, according to Jio Platforms managing director Akash Ambani, who described the response as unprecedented during the listing ceremony.

The company priced its shares between Rs 1,065 and Rs 1,119 apiece, valuing it at around Rs 10.3 lakh crore at the upper end of the price band.

The offering is India’s largest IPO by fundraising, surpassing Hyundai Motor India’s Rs 27,859-crore issue in 2024.

Akash Ambani outlines Jio’s next growth phase

Addressing the listing ceremony, Akash Ambani said Jio’s next phase would focus on expanding access to technologies beyond mobile data.

“In our first 10 years, we democratised data, bringing hundreds of millions into the digital world. In our next step, we want to democratise every technology that can transform lives: AI, cloud, connected devices, connectivity even from space, and digital services not yet imagined,” he said.

Ambani said the company had built its own technology capabilities because existing products were not designed for India’s scale. He added that Jio’s homegrown platforms now served more than 540 million customers.

He also outlined the company’s ambition to build a digital ecosystem in which connectivity, computing and intelligence work together across India and in Indian languages.

“I believe technology should never be an end in itself. Its true value lies in the opportunities it creates and the barriers to progress it removes,” Ambani said.

The comments highlight the company’s attempt to position itself as more than a telecom operator, with growth increasingly tied to broadband, cloud infrastructure, enterprise solutions and AI-enabled services.

What brokerages expect from Jio Platforms

Brokerages have initiated coverage on Jio Platforms with positive recommendations ahead of its listing, citing its market position, subscriber base and opportunities to increase revenue from digital services.

Nomura has assigned a ‘Buy’ rating with a target price of Rs 1,340 per share. Elara Capital has also recommended a ‘Buy’, with a target price of Rs 1,367. Motilal Oswal has set a target price of Rs 1,350.

The targets were based on expectations of continued subscriber additions, potential telecom tariff increases, broadband expansion and growth in digital offerings.

Motilal Oswal expects Jio Platforms’ consolidated revenue to grow at a compound annual growth rate (CAGR) of 14 per cent between FY26 and FY29. It projects reported earnings before interest, taxes, depreciation and amortisation (EBITDA) to rise 15 per cent and profit after tax to increase 20 per cent over the same period.

Nomura expects EBITDA to grow at a CAGR of 13.5 per cent over FY26-29, while highlighting the potential for stronger free cash flow as spending on 5G infrastructure moderates.

These are brokerage estimates, not guaranteed outcomes. The company’s ability to raise average revenue per user, sustain profitability and monetise its technology investments will be important in determining its longer-term performance.

Why the listing matters for Reliance Industries

The listing is an important step in Reliance Industries’ effort to expand its consumer and technology businesses alongside its traditional energy and petrochemicals operations.

Reliance Industries held a 66.43 per cent stake in Jio Platforms before the IPO, while Meta and Google held stakes of 9.98 per cent and 7.73 per cent, respectively.

The IPO consisted entirely of fresh shares, with no offer for sale by existing shareholders. The proceeds will therefore go to Jio Platforms rather than to shareholders selling their holdings.

The company has earmarked up to Rs 27,500 crore from the issue proceeds to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm. The balance will be used for general corporate purposes.

Jio Platforms reported revenue from operations of Rs 1.47 lakh crore in FY26, up 14.6 per cent from the previous year. EBITDA rose 18.8 per cent to Rs 76,255 crore, while net profit increased 15.1 per cent to Rs 30,049 crore.

Its EBITDA margin stood at 51.9 per cent, reflecting the profitability of its telecom and digital services operations.

(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)