Jio Platforms listing: Jio Platforms, on Wednesday, made a blockbuster debut at the stock exchanges with a premium of over 21%. Backed by Mukesh Ambani's Reliance Industries Limited (RIL), Jio Platforms has now become the country's second most valuable firm by market capitalisation, trailing only its parent, RIL.
Jio Platforms share price closed at ₹1,417.35, up 26.66 % from the issue price on the BSE. On the NSE, the stock climbed 26.67 % to end at ₹1,417.50 apiece.
JPL share price: How much profit investors made on debut?
For retail investors who received a single lot (consisting of 12 shares) of the Jio Platforms issue, they made an immediate opening gain of ₹2,868. As Jio share price rallied further and closed higher by the end of Wednesday’s trading session, investors’ gains increased approximately to ₹3,580 per lot on BSE
For investors who received shares under the small non-institutional investor quota (SNII), i.e. 180 shares, they are estimated to make an opening gain of nearly ₹43,000.
High net-worth individuals, who were allotted with Jio Platforms shares under NII category, may have seen an immediate value creation of around ₹2.15 lakh at the market opening on Wednesday.
Jio Platforms share price trend
Jo share price opened higher at ₹1,358 per share on Wednesday, October 28, against its upper price band issue of ₹1,119 per share. The stock ended higher at ₹1417.35 per share on BSE with a market capitalisation of ₹13,05,241.98 crore on Wednesday, October 28.
Jio Platforms share price outlook
Initiating coverage for Jio Platforms, Motilal Oswal Financial Services Limited (MOFSL) gave a ‘Buy’ rating for the stock with a target price of ₹1690 per share in the bull case scenario. The brokerage had fixed ₹1,350 per share target in the base case scenario.
“We believe the risk-reward remains compelling, with a bull-case TP of INR1,690 and a bear-case TP of INR1,035,” highlighted the brokerage adding that its estimates for JPL’s earnings and valuation are highly sensitive to wireless ARPU growth.