Jio Platforms Listing Today: Rs 30,213 crore IPO eyes strong debut on Dalal Street

Listen to this article in summarized format

Agencies

Jio shares are commanding a grey market premium of around Rs 246-247 over the IPO price of Rs 1,119, indicating a possible listing price of Rs 1,365-1,366.

Jio shares are commanding a grey market premium of around Rs 246-247 over the IPO price of Rs 1,119, indicating a possible listing price of Rs 1,365-1,366. This translates into potential listing gains of around Rs 2,950 for investors allotted one lot of 12 shares.

The unofficial premium suggests strong buying interest ahead of the debut, although actual listing gains will depend on demand during the opening session. Grey market premiums are unofficial and can fluctuate sharply before trading begins.

Jio's public issue, which opened on October 21 and closed on October 23, was subscribed 22.19 times, with qualified institutional buyers (QIBs) leading the demand. The QIB portion was subscribed 70.55 times, while non-institutional investors bid for 14 times their allotted shares. The retail category was subscribed 2.72 times.

The record subscription and the company's Rs 10.3 lakh crore IPO valuation have made Jio's listing one of the most closely watched market events of the year.

What analysts expect from Jio's listing

Analysts expect Jio's market leadership, subscriber base and expanding digital businesses to support investor interest beyond its debut.

Uday Patil, Executive Director at PL Capital, described the listing as a milestone for India's capital markets, citing the company's established telecom operations and opportunities in broadband, cloud computing and artificial intelligence.

"Jio has more than 500 million subscribers and a large telecom network, alongside broadband, enterprise technology, cloud and AI opportunities," Patil said. He believes higher average revenue per user (ARPU), home broadband adoption, enterprise services and monetisation of digital platforms could support the company's future growth.

"Execution will determine how much value these opportunities create," Patil said, adding that Jio offers a long-term investment opportunity.

Motilal Oswal sees room for long-term growth, citing its leadership in India's telecom market, earnings growth and opportunities in emerging digital services. "Jio offers a combination of market leadership, healthy earnings growth and future opportunities in broadband, enterprise technology and AI," the broker said.

It identified ARPU growth, future tariff increases and digital services monetisation as important factors to monitor.

Record IPO demand puts Jio in the spotlight

Jio Platforms' Rs 30,213 crore IPO surpassed Hyundai Motor India's Rs 27,870 crore offering to become the largest public issue in India's capital market history. The issue was fully subscribed within 100 minutes of opening, reflecting strong early participation from institutional and retail investors.

The public book attracted bids worth more than Rs 4.9 lakh crore, while the anchor allocation drew substantial interest from leading domestic and international investors. The IPO attracted more than 1.38 crore applications, according to Investoyard data, setting a new reported record for investor applications.

Jio raised Rs 8,110 crore through its anchor allocation ahead of the public issue, with institutional investors including BlackRock, Fidelity and Life Insurance Corporation of India participating. At the upper end of its price band of Rs 1,065-1,119, Jio Platforms is valued at Rs 10.3 lakh crore, placing it among India's most valuable companies.

The offering comprised 27 crore fresh equity shares, with no offer-for-sale component. Existing shareholders, including Reliance Industries and strategic investors, did not sell shares through the IPO.

The company intends to use up to Rs 27,500 crore of the net proceeds to repay or prepay borrowings at Reliance Jio Infocomm, while the remaining funds will be used for general corporate purposes.

What investors will watch after listing

Jio enters the market with a subscriber base of more than 53 crore and a nationwide 5G network. Its future earnings growth will depend on tariff revisions, rising data consumption, home broadband expansion and revenue from enterprise technology services.

For FY26, the company reported revenue from operations of Rs 1.47 lakh crore and profit after tax of Rs 30,049 crore. Its EBITDA margin stood at 51.91%.

At a listing premium of 22%, Jio's implied market cap could reach nearly Rs 12.6 lakh crore, giving it a place among India's most valuable listed companies from its first trading session.

The debut will also be closely tracked for its potential impact on Reliance Industries, which will remain Jio Platforms' majority shareholder after the offering.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.