Shares of Jio Platforms, the country’s largest public offer to date, listed at Rs 1,359 on BSE and NSE on Wednesday, an impressive 21.36% premium over the IPO price of Rs 1,119 per share. Jio Platforms’ IPO, with an issue size around Rs 30,200 crore, generated cumulative demand of more than Rs 7 lakh crore across the anchor and public book-building process.

The IPO was fully subscribed within 100 minutes of opening. Its Rs 5,500 crore qualified institutional buyer portion was booked within the first 10 minutes. At the close of the third day, the IPO had been subscribed 22.2 times, while the QIB portion was subscribed 70.55 times. Against the 27 crore shares offered, aggregate demand stood at 655.68 crore shares.

Catch all the Jio IPO listing day action live here

The issue attracted almost 1.4 crore applications, including from retail and first-time investors. Jio Platforms IPO received more than 1.38 crore applications, more participants than any other IPO in the world.

What should investors do now?

The stock received 3 Buy recommendations on Wednesday. International brokerage Nomura initiated coverage with a Buy rating and a target price of Rs 1,340, implying an upside of 20% from the issue price of Rs 1,119.

The global brokerage says Jio Platforms is a scale leader entering the monetisation cycle. “Jio, once the disruptor, is now the leader. It has ~42% of the country’s wireless subscribers, ~60% of data traffic and 43% of home broadband. In our view, the listing will likely push Jio Platforms (JPL IN), the price setter, towards steady tariff hikes that peers can follow,” Nomura said in a report on Wednesday.

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Home broadband is emerging as Jio's second growth driver, with its subscriber base reaching 28.6 million in June 2026, compared with Airtel's 14.7 million, supported by an aggressive rollout of FWA and UBR services. With broadband penetration in India at just 21%, against a global average of over 70%, the market offers a potential base of more than 300 million households and a decade-long growth opportunity.

With most of its 5G investment cycle behind it, Jio's capital expenditure (capex) is expected to decline, falling to around 23% of revenue in FY26 from 35% in FY25, freeing up significant cash flow and driving a sharp improvement in free cash flow (FCF). Nomura says Jio Platforms’ balance sheet is also strengthening, with net debt-to-equity, including deferred payment obligations, declining from 0.56 times in FY24 to 0.37 times in FY26. Nomura expects Jio to become debt-free on a net basis by FY29.

“The listing of Jio Platforms is a significant milestone for the Indian capital market. It is a major Indian digital infrastructure business with substantial growth opportunities, backed by more than 500 million subscribers and an extensive telecom network. Its broadband, enterprise technology, cloud and artificial intelligence (AI) businesses offer further avenues for expansion.

Higher average revenue per user (ARPU), home broadband, enterprise services and the monetisation of digital platforms could support future growth. “However, execution will determine how much value these opportunities ultimately create. Jio is definitely a long-term bet, and every investor would like to have a share in their portfolio,” says Uday Patil, Executive Director, PL Capital.

“Jio’s entry into the Indian telecom industry was a seminal event, which changed the rules of the game from minutes to megabytes, forcing the sector to consolidate from 12+ telcos before RJio’s launch to a 3+1 market structure,” the brokerage said.

Elara Capital has started with a Buy rating and pegged the target price of Rs 1,367 per share. The brokerage said the company 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.

Also read: Didn’t get Jio IPO shares? Experts decode the listing-day playbook for investors

Affordable data is the anchor of JPL’s ecosystem for consumers and enterprises. The company leverages its customer base and distribution platforms to integrate third-party services, lower customer acquisition cost, and deepen engagement. India’s underpenetrated digital services market offers a structural growth opportunity, with enterprise Cloud, communications, and consumer productivity solutions.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.