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Jio Platforms makes stock market debut with 21.36% premium

Jio Platforms Limited (JPL) made a strong stock market debut on Wednesday (October 28), opening at ₹1,358 per share on both the BSE and the National Stock Exchange (NSE).

The opening price marked a gain of ₹239, or 21.36 per cent, over its Initial Public Offering (IPO) price of ₹1,119 per share. The debut followed JPL’s IPO, which was largest public issue to date.

Ahead of the public offer, JPL allotted shares worth ₹8,110 crore to 212 anchor investors. The main issue saw overwhelming demand across investor classes, getting fully subscribed within 100 minutes on its first day of bidding.

The listing ceremony in Mumbai was attended by key leadership, including JPL Managing Director Akash Ambani. The stock debut represents the first public listing from the RIL group in two decades. Shares of RIL traded slightly lower following the successful debut of its digital arm.

MOFSL: Buy

Motilal Oswal Financial Services Ltd (MOFSL) has initiated coverage on JPL with a “Buy” recommendation, setting a target price of ₹1,350 based on expectations of market share expansion, imminent tariff increases, and robust growth across its wireless and home broadband segments.

Reliance Jio (RJio), the material subsidiary of JPL, has established itself as the market leader in the Indian telecom industry, serving about 533 million subscribers as of June 2026, it said.

MOFSL expects RJio to extend its market leadership in wireless, with its Revenue Market Share rising by roughly 100 basis points over FY26 to FY29 to reach 43.3 per cent. Additionally, RJio is projected to account for about 73 per cent of incremental industry net additions in the Home Broadband (HBB) market over the same period.

The entry of RJio into the market in September 2016 was a seminal event in the Indian telecommunications landscape. Whilst the sector had previously experienced disruptions — such as “lifetime validity” plans in the early 2000s, low-cost phones with locked Subscriber Identity Module (SIM) cards from Reliance Communications, and “pay per second” offerings by Tata Docomo — RJio changed the rules of the game by initially offering free services during its promotional period.

Today, JPL stands as India’s largest digital connectivity platform. RJio holds the position of undisputed market leader in the Indian wireless sector, accounting for about 41.4 per cent of the consumer wireless subscriber base and 42.3 per cent of wireless revenue.

At the IPO price or CMP, JPL trades at par with MOFS’s estimated valuation of Bharti’s India business, excluding Indus Towers and Bharti Hexacom minority interests. MOFSL noted that JPL could trade at a premium to Bharti’s India business over the near term, driven by its market leadership, greater influence over industry tariffs, and a low free float of less than 3 per cent.

Elara Capital: Buy

Elara Capital has initiated coverage on JPL with a buy recommendation. Reliance Jio Infocomm (RJIL), India’s largest telecom operator with a subscriber base of 533 million as on the first quarter of FY27), transformed the telecom landscape through the world’s most affordable tariffs.

Its parent, JPL, is now extending that playbook beyond connectivity: using affordable data as the foundation to build a scaled digital products and services business for consumers and enterprises. While digital services contribute only about 12 per cent of revenue and 5 per cent of EBITDA in FY27, this would be the most important future growth driver.

“We expect digital services revenue to double and EBITDA to triple by FY30, growing at twice the pace of the core telecom business. Digital services penetration in India remains low at 18-40 per cent, depending on the service category versus 70 per cent in both China and in the US,” it added.

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