Catch all the Jio IPO listing day action live here
Jio shares listed at Rs 1,358 apiece on the NSE, a premium of 21.35% over the IPO price of Rs 1,119. The IPO attracted cumulative investor demand of Rs 7.4 lakh crore and more than 1.38 crore applications, setting benchmarks for issue size, institutional bidding, investor demand and participation in the primary market.
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According to Prime Database, Jio Platforms’ listing-day performance surpassed that of several other large IPOs, many of which delivered modest or negative returns on debut.
Hyundai Motor India, which raised Rs 27,858.75 crore, listed at Rs 1,931 against its issue price of Rs 1,960, a discount of 1.48%. The NSE’s Rs 21,494.23-crore IPO opened at Rs 1,785 against its offer price of Rs 1,700, a gain of 5%.
Life Insurance Corporation of India (LIC), which raised Rs 20,557.23 crore, opened at Rs 867.20 against its issue price of Rs 949, a decline of 8.62%. Paytm’s Rs 18,300-crore IPO also made a weak debut, with shares opening at Rs 1,955 against the issue price of Rs 2,150, a discount of 9.07%.
Analysts remain upbeat on Jio Platforms
Brokerages have initiated coverage on Jio Platforms with Buy ratings following its market debut, with Nomura, Motilal Oswal Financial Services and Elara Capital setting target prices of Rs 1,340, Rs 1,350 and Rs 1,367, respectively.Nomura initiated coverage with a Buy rating and a target price of Rs 1,340, describing Jio Platforms as a scale leader entering a monetisation cycle. The brokerage highlighted the company’s market share across wireless services, data traffic and home broadband.
“Jio, once the disruptor, is now the leader,” Nomura said in a report on Wednesday.
The brokerage noted that Jio accounts for around 42% of India’s wireless subscribers, approximately 60% of data traffic and 43% of home broadband. It said the listing could strengthen Jio Platforms’ position as a price setter in the telecom market and create room for steady tariff increases that competitors could follow.
Motilal Oswal Financial Services initiated coverage with a Buy rating and a target price of Rs 1,350. The brokerage highlighted Jio’s impact on India’s telecom industry, where competition shifted from voice minutes to data consumption, triggering consolidation in the sector.
“Jio’s entry into the Indian telecom industry was a seminal event, which changed the rules of the game from minutes to megabytes,” Motilal Oswal said.
The brokerage added that the industry had moved from more than 12 telecom operators before Reliance Jio’s launch to a three-player-plus-one structure.
ALSO READ: Jio Platforms shares list at 21% premium over IPO price. Should investors buy, sell or hold the stock?
Elara Capital initiated coverage with a Buy rating and a target price of Rs 1,367 per share. The brokerage said Jio Platforms had evolved from a telecom operator into a monetisation-led digital platform, backed by an integrated technology stack and scalable digital infrastructure.
Elara said the company’s digital platform strategy offered long-term earnings visibility as it seeks to derive greater value from its subscriber base and expanding portfolio of digital services.
The brokerage calls follow Jio Platforms’ record-sized IPO and 21.35% listing premium, with analysts pointing to tariff increases, subscriber monetisation and the expansion of digital services as potential drivers of future value creation.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘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
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