Jio Platforms opened on BSE and NSE at ₹1,119, the upper end of its ₹1,100‑₹1,119 price band, and the first trade saw a 3.5% uptick, reflecting the high demand from the IPO.
The 30,213‑crore fresh equity issue received a total demand of ₹7.4 lakh crore, 19% higher than the anchor investor bid of ₹2.5 lakh crore and 29% above the public investor demand of ₹4.9 lakh crore.
Nomura, which initiated coverage on listing day, gave a "buy" rating and set a ₹1,340 price target, implying a 20% upside from the current trading ceiling. The note highlighted Jio’s 42% wireless subscriber penetration and 60% of data traffic.
The analyst forecast EBITA to grow at a 13.5% CAGR through FY26‑29, outpacing the telecom sector average of 9.8% and reflecting the company’s strong network footprint.
With 5G capex largely completed, Nomura expects a sharp improvement in free‑cash‑flow, as capex intensity falls and the company can redirect capital into high‑margin home‑broadband and global licensing initiatives.