Shares in Jio Platforms Limited rose above reported broker targets in their first trading session Wednesday, as the Indian telecom and digital-services company began trading at a 21.36% premium to its IPO price.
PTI reported that the shares opened at ₹1,358 on both BSE and the National Stock Exchange of India (NSE), against an offer price of ₹1,119. The reported intraday highs were ₹1,375 on BSE and ₹1,374.50 on NSE, about 23% above the offer price. Reuters reported that Jio became India’s second-most valuable listed company by market capitalization after its debut.
NDTV Profit reported a ₹1,340 target from Nomura, based on 12 times its forecast EBITDA for December 2028. The Economic Times reported Motilal Oswal’s target at ₹1,350, while Financial Express reported a ₹1,367 target from Elara Securities. The reported targets imply roughly 20% to 22% above the IPO price, but each was below the reported session highs.
LiveMint and The Economic Times reported that brokerages’ growth case includes the potential to earn more from Jio’s customer base through tariff increases, home broadband and digital services. Jio Platforms’ prospectus says its subsidiary Reliance Jio Infocomm Limited served 533.3 million customers as of June 30, 2026. The filing puts its share of India’s wireless broadband customers at 49.78% and of fixed broadband customers at 43.32%. Citing Analysys Mason, the prospectus said about 60% of India’s wireless data traffic used Jio’s network in fiscal 2026.
The filing also describes the risk that higher bills could prompt customers to move to another provider or choose a cheaper plan. Competitors’ prices and regulatory action may constrain future increases. It says an industry-wide tariff increase in the second quarter of fiscal 2025 raised average revenue per user but also contributed to higher customer churn.
Jio Platforms’ final prospectus says up to ₹275 billion of net proceeds is intended to prepay borrowings at Reliance Jio Infocomm Limited; the company said repayment could reduce debt-servicing costs and improve net leverage.
Reliance Industries said its board is scheduled to consider results for the quarter and half-year ended Sept. 30 on Friday, Oct. 30.
