Jio Platforms shares made a strong debut on the stock exchanges, opening at ₹1,358 apiece on both the BSE and NSE, a premium of 21.36% over the issue price of ₹1,119. The stock opened above the target price of ₹1,350 set by Motilal Oswal Financial Services, which had initiated coverage with a ‘Buy’ rating ahead of the listing.
Jio Platforms shares touched an intraday high of ₹1,375 on the BSE and NSE.
Jio Platforms IPO comprised an entirely fresh issue of 27 crore shares, with the price band set at ₹1,065– ₹1,119 per share.
Motilal Oswal initiated coverage on Jio Platforms with a ‘Buy’ rating and a target price of ₹1,350, implying an upside of around 21% from the IPO price. The brokerage’s valuation is based on a discounted cash flow (DCF) model, using an estimated 11.5 times FY29 reported EBITDA multiple.
The brokerage expects Jio Platforms to deliver compound annual growth rates (CAGRs) of 14% in consolidated revenue, 15% in reported EBITDA and 20% in profit after tax (PAT) between FY26 and FY29.