Jio, the service millions of Indians use every day to make calls, stream videos and scroll through their phones, became a listed company today. The Jio Platforms shares made their debut on the stock exchanges this morning and opened at Rs 1,358, a 21% premium over the issue price of Rs 1,119.
By the end of Day 1, the stock had settled at Rs 1,419 on both the NSE and BSE.
The journey to the trading floor began on October 21, when Jio’s initial public offer opened for investors. Bidding continued for three days and closed on October 23, also the birthday of Jio Platforms MD, Akash Ambani and his twin sister, Isha Ambani’. Allotment, the step where applicants find out whether they received shares, was finalised on October 26.
Today, October 28, the shares started trading, and company officials rang the opening bell to mark the first session. Jio Platforms shares closed at Rs 1,419 on both the NSE and BSE, up 4.49%, from their listing price of Rs 1,358. Compared with the IPO issue price of Rs 1,119, the stock ended its first trading day marking a gain of 26.81%.
The company had sold shares at Rs 1,119 each in an issue worth Rs 30,200 crore. When trading opened on the NSE, the price jumped to Rs 1,358. The BSE showed the same opening price, which works out to a premium of 21.36%.
Put simply, anyone who got shares at the issue price was sitting on a paper gain of Rs 239 per share the moment trading began.
The listing ceremony drew the Ambani family. Mukesh Ambani was there with his wife Nita Ambani, along with their children Akash, Isha and Anant. Akash is Jio’s managing director.
At its listing price, Jio Platforms has a market value of about Rs 12.5 lakh crore. That makes it one of the biggest companies in India.
Two rankings changed as a result. Jio has moved ahead of Bharti Airtel to become the most valuable telecom company in the country, and its parent, Reliance Industries, is now the most valuable business group in India.
Investors considering the stock will also need to look at its earnings outlook, the scope for tariff increases and the company’s ability to generate higher revenue from its existing customer base.
Motilal Oswal has initiated coverage on Jio Platforms with a ‘Buy’ rating and a target price of Rs 1,350. The brokerage’s target is based on its assessment of the company’s longer-term earnings potential. It expects Jio to benefit from a possible 15% smartphone tariff hike in March 2027, alongside additional subscriber growth. Higher tariffs could help the company increase revenue per user, although the timing and extent of any increase remain uncertain.
Nomura has initiated coverage with a ‘Buy’ rating and a target price of Rs 1,340, implying around 20% upside from the IPO price of Rs 1,119. The brokerage estimates EBITDA to grow at a CAGR of about 13.5% between FY26 and FY29.
Nomura noted that Jio has around 42% of India’s wireless subscribers, accounts for nearly 60% of data traffic and has a 43% share of the home broadband market. It expects Jio’s position in the sector to support gradual tariff increases that competitors could also follow.
Elara Securities has also initiated coverage with a ‘Buy’ rating and a target price of Rs 1,367. Its outlook rests on potential improvements in average revenue per user (ARPU), expansion of the home broadband business and growth in digital services.
The brokerage expects Jio Platforms’ revenue to grow at a compound annual growth rate (CAGR) of 13% between FY26 and FY29. It forecasts EBITDA growth of 16% and profit after tax growth of 23% over the same period. EBITDA measures earnings before interest, tax, depreciation and amortisation, while CAGR shows the average annual growth rate over a period.