Nomura Bullish on Jio Platforms IPO; Initiates Buy Call Ahead of Market Debut; GMP Points to 22% Listing Gains

Jio Platforms IPO is going to make its stock market debut today, October 28. Ahead of the listing, global brokerage Nomura has maintained a 'Buy' recommendation on the company, with a target price of Rs. 1,340 per share. Meanwhile, the latest IPO GMP shows that investors are anticipating a strong listing.

Jio Platforms IPO GMP Today

The latest GMP for the Jio Platforms IPO stood at Rs. 248 as of 9:02 AM on October 28. With the upper end of the IPO price band at Rs. 1,119 per share, the estimated listing price works out to Rs. 1,367, indicating a potential listing gain of 22.16%.
However, the stock's opening price will depend on demand and supply once trading begins on the exchanges.

Jio Platforms IPO Details

Jio Platforms raised Rs. 30,213 crore through its IPO, comprising a fresh issue of 27 crore equity shares. The price band was fixed at Rs. 1,065-Rs. 1,119 per share, with the final issue price set at Rs. 1,119. The IPO opened for subscription on October 21 and closed on October 23, 2026. The shares are scheduled to list on the National Stock Exchange (NSE) and the BSE on October 28.

Investors applying at the upper end of the price band needed a minimum investment of Rs. 13,428 for a lot of 12 shares. The allotment process was scheduled for October 26, ahead of the listing.

Jio Platforms IPO Subscription Status

The public issue received a strong response from investors, with overall subscription reported at 22.19 times. The qualified institutional buyer (QIB) category, excluding anchor investors, was subscribed 70.55 times, while the non-institutional investor (NII) portion was subscribed 14 times. The retail investor category received 2.72 times subscription.

Nomura on Jio Platforms: Buy Rating, Rs. 1,340 Target

Nomura has assigned a 'Buy' recommendation to Jio Platforms with a target price of Rs. 1,340 per share. The brokerage said, "the company is moving from a volume-led growth strategy towards greater monetisation and value creation."

Nomura expects JIO's EBITDA to grow at a compound annual growth rate of 13.5% between FY26 and FY29.

The brokerage in its report mentioned, "home broadband is a second growth engine. As capital expenditure gradually declines following substantial investments in 5G infrastructure, Jio could see a significant improvement in free cash flow in the coming years."

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