Jio Platforms shares will remain in focus on Thursday, October 29, after making a strong debut on the stock exchanges. The shares surged nearly 27% above their IPO price, while the combined trading turnover on the NSE and BSE crossed ₹26,500 crore.
Jio Platforms share price listed at ₹1,358, marking a premium of 21.36% over the issue price of ₹1,119. The stock extended its gains during the session to close at ₹1,419, up 26.81% from the IPO price. This translated into a gain of ₹300 per share for investors who were allotted shares at the upper end of the price band.
At the opening price, Jio Platforms commanded a market valuation of approximately ₹12.5 lakh crore, making it India's second-most valuable listed company and the country's largest listed telecom operator. Its market capitalisation climbed further to around ₹13.1 lakh crore by the end of the trading session.
Brokerage firm Elara Securities has initiated coverage on the newly listed Jio Platforms share price with a ‘buy’ rating. The brokerage firm has given the target price of ₹1,367 per share, seeing an upside potential up to 22%.
“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,” the firm said in a note.