Kicking off its trading on a strong note, shares of Jio Platforms listed at 1,358 on both BSE and NSE Ltd on Wednesday, October 28, a premium of 21.36 per cent over the issue price of ₹1,119. The listing of Jio Platforms has largely been in line with market expectations.
At the listing price, Jio Platforms becomes India's second-most-valued company, and largest telecom firm, with a market capitalisation of ₹12.50 lakh crore, ahead of companies such as Bharti Airtel Ltd and HDFC Bank Ltd. The listing of Jio Platforms has been on expected lines, with investors making a profit of nearly ₹2,900 per lot of 12 shares.
Even before the formal listing, overseas brokerage firm Nomura has initiated coverage on Jio Platforms with an 'buy' rating and a target price of ₹1,340, implying a 20 per cent potential upside over IPO issue price of ₹1,119 apiece. The foreign brokerage said, as reported by Business Today, the stock may become a long-term value creator.
Among other brokerages, Motilal Oswal has also initiated coverage with a 'buy' rating and a target price of ₹1,350 per share in the base case, as reported by BT. However, its bull case scenario pegs Jio Platforms value at ₹1,690, suggesting a 51 per cent upside from its IPO price. Elara Capital also kicked-off the coverage on Jio Platforms with a 'buy' call and a target price of ₹1,367.
Director Akash Ambani on Wednesday said investors' response to the company's initial public offering (IPO) exceeded expectations, and vowed to take the company to greater heights along with siblings Isha and Anant.