Jio IPO Listing: Jio Platforms Share Price Lists At 21.36% Premium On BSE; 3 Brokers Buy Call, 22% Upside Seen

Jio IPO Listing: Jio Platforms' share price has finally debuted on the Indian stock market at a strong premium of 21.36% on BSE. Jio Platforms' market valuation crossed to Rs 12.50 lakh crore, becoming the second-highest company in India and also outrunning its rival Bharti Airtel. Jio's listing makes Reliance Industries the largest conglomerate in the country. Brokerages are optimistic on Jio's growth going forward, and hence they have recommended BUY. The highest target price is Rs 1,367, indicating a potential of 22% upside from IPO issue price.

Jio IPO Share Price

On BSE, the stock lists at Rs 1,358 apiece on BSE, which is a premium of 21.36% compared to IPO issue price of Rs 1,119 per share. The company's market cap stood at Rs 1,250,586.39 crore.

The stock is listed in the A category of BSE.

On NSE, the stock also listed at 21.36% premium to Rs 1,358 apiece. However, Jio rallied to hit a new 52-week high of Rs 1,374 before correcting. At the time of writing, Jio stock traded at Rs 1,357.20 apiece, mildly down from listing price but 21.2% up from IPO issue price.

Jio IPO opened for subscription from October 21 to October 23, at a price band of Rs 1,065 to Rs 1,119 per share. The IPO size was largest ever at Rs 30,213 crore in India. Jio IPO was broadly record-breaking. Jio received nearly 1.4 crore applications, making it the first IPO globally to cross this mark. Also, Jio became the fastest-subscribing IPO, reaching full subscription within just 100 minutes of opening on October 21.

Should You Buy Jio Platforms Share Price?

Motilal Oswal recommends BUY for Rs 1,350 Target

Analysts here believe that Jio will strengthen its leadership in wireless market of India, with revenue market share poised to gain 100 basis points to 43.3% over the FY26-29 years. Also, Jio has the potential to account about 73% of incremental net additions to the home broadband industry, while its compound annual growth rate (CAGR) could surge to 14% in terms of consolidated revenue, 15% in reported revenue and 20% in net profit over the same period.

PL Capital Sees Jio As Long-Term Bet

"Listing of JIO platform is definitely a milestone in the Indian capital market . It is a major Indian digital infrastructure business with substantial growth opportunities. Jio has more than 500 million subscribers and a large telecom network, alongside broadband, enterprise technology, cloud and AI opportunities. Large Growth Potential with Attractive higher revenue per user, home broadband, enterprise services and monetisation of digital platforms could support future growth," said Uday Patil, Executive Director, PL Capital.

He added that the execution will determine how much value these opportunities create. It is definitely a long term bet & every investor would like to have the share in its portfolio.

Nomura Recommends BUY For Rs 1,340 Target

In its note, Nomura called Jio, once the disruptor, now the leader. It highlighted that Jio holds about 42% of India's wireless subscribers, 60% of data traffic and 43% of home broadband. Overall, Nomura believes that Jio's strong net work along with largest subscriber market share is equal to long-term value creation. Hence, Nomura expects Jio to grow at 13.5% CAGR over the FY26-29 fiscal year.

Elara Capital Recommends Buy For Rs 1,367 Target

Elara expects Jio to record a 3% subscriber addition CAGR during FY26-29E, driven by affordable plans, extensive network, and low churn. It also expects a 12-15% tariff hike from H2FY27E. Together with other levers (2G-to-4G & 5G migration, prepaid-to-postpaid upgrade, premiumisation, rising data consumption, and bundled digital services), this should drive ARPU from Rs 214 in FY26 to Rs 257 in FY29E.

In the home broadband, Elara's analysts predict fixed broadband base to grow from 27 million in FY26 to 66mn by FY29E at a ~35% CAGR, with AirFiber driving ~80% of incremental addition. Higher household monetization via premium plans, bundled OTT content, and connected services could make it a meaningful growth engine, with a target of 100mn connections.

Overall, analysts here said, "JPL has evolved from a telecom operator into a monetization-led digital platform. Backed by an integrated technology stack, Jio is building a scalable, differentiated digital infra ecosystem, with long-term earnings visibility. We expect a top-line CAGR of 13%, an EBITDA CAGR of 16%, and a PAT CAGR of 23% during FY26-29E. We initiate with a Buy rating and TP of INR 1,367 on 11.5x FY29E EV/EBITDA."

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