Jio Platforms made a strong debut on the stock market on Wednesday, October 28, with shares listing at Rs 1,359 apiece on the BSE and NSE, a premium of 21.36% over the IPO price of Rs 1,119.Following its listing, Jio Platforms became India’s second-largest listed company by market capitalisation, marking a significant milestone for the country’s stock market.The Rs 30,213 crore public issue was subscribed 21.36 times by the close of bidding on October 23, reflecting strong demand from institutional and other investors. The qualified institutional buyers' (QIB) portion, excluding anchor investors, was subscribed 67.15 times, while the non-institutional investor (NII) category was subscribed 13.99 times.

The retail portion received bids for 2.76 times the shares on offer.The listing was broadly in line with expectations in the unofficial grey market. The last reported grey market premium (GMP) for Jio Platforms was Rs 247, implying an indicative listing price of Rs 1,366 against the issue price of Rs 1,119.

The actual debut at Rs 1,359 was close to that estimate. GMP is an unofficial indicator and does not guarantee listing performance.

NOMURA SEES GROWTH FROM TARIFF HIKES, BROADBAND AND DIGITAL SERVICESNomura is positive on Jio Platforms' growth prospects, citing its leadership in wireless connectivity, the potential for higher tariffs and opportunities in home broadband and digital services.The brokerage believes the heavy 5G investment cycle is largely behind the company. Jio's capital expenditure fell to 23% of revenue in FY26 from 35% in FY25, creating room for stronger cash flows.

Its net debt-to-equity ratio, including deferred payment obligations, declined from 0.56 times in FY24 to 0.37 times in FY26. Nomura expects the company to become net debt-free by FY29.

Nomura has also highlighted Jio's subscriber base and network usage. The company held a 41.7% share of wireless subscribers, excluding machine-to-machine connections, in August 2026, according to TRAI data cited by the brokerage.

Data usage per subscriber was 27% higher than Airtel's, while monthly churn stood at 1.6%.The brokerage sees a potential industry-wide tariff hike of around 15% in November-December 2026 as a near-term growth driver. Over the longer term, tiered pricing, premium 5G services and network slicing could support average revenue per user (ARPU).Home broadband is another opportunity.

Jio had 2.86 crore fixed broadband subscribers in June 2026, compared with Airtel's 1.47 crore. With India's home broadband penetration at around 21%, Nomura sees significant room for growth.MOTILAL OSWAL INITIATES COVERAGE WITH BUY RATINGMotilal Oswal has initiated coverage on Jio Platforms with a Buy rating and a price target of Rs 1,350, implying an upside of 21% from the IPO price of Rs 1,119.The brokerage expects Jio to extend its position in wireless and home broadband markets, while expanding its digital platforms in areas such as cloud, enterprise communications, Internet of Things and managed services.

It expects Jio's revenue, reported EBITDA and profit after tax to grow at compound annual growth rates of 14%, 15% and 20%, respectively, between FY26 and FY29.Motilal Oswal's projections factor in subscriber additions, an expected tariff hike of around 15% from March 2027, continued growth in home broadband and the expansion of digital services.The brokerage expects rising profitability and controlled capital expenditure to generate cumulative free cash flow of Rs 1.46 lakh crore between FY26 and FY29, enabling Jio Platforms to achieve a net cash position by FY29.Its price target is based on a discounted cash flow valuation using 11.5 times estimated FY29 reported EBITDA. Motilal Oswal also sees the possibility of Jio Platforms trading at a premium to Bharti Airtel's India business, citing Jio's market leadership, its influence over industry tariffs and a free float of less than 3%.With a strong listing, Jio Platforms now faces the task of delivering on growth expectations as investors assess its valuation, cash(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group.

It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends