Jio Platforms Debuts 21% Above IPO Price

Reliance-backed Jio Platforms made a strong stock-market debut at Rs 1,358, about 21% above its Rs 1,119 issue price, reaching a market capitalization of roughly Rs 12.5 lakh crore. Its Rs 30,213-crore IPO was subscribed 22.19 times, with reported demand exceeding Rs 7 lakh crore; managing director Akash Ambani thanked investors and pledged to build long-term shareholder value. Motilal Oswal and Nomura initiated Buy coverage, citing potential growth from tariff increases, subscriber gains, home broadband and digital services; Motilal Oswal forecasts 14% annual revenue growth and 20% profit growth through FY29, with cumulative free cash flow of Rs 1.46 lakh crore. Jio’s challenge remains converting its large subscriber base and network investment into lasting returns: Airtel currently earns more per customer and per gigabyte, while Jio’s expenses, particularly finance costs, have risen quickly. Investors will also assess Jio’s ability to monetize its 5G network and expand in broadband, enterprise connectivity and digital services, while regulators balance investor returns with consumer protection. The debut came as Indian benchmarks opened lower amid caution over global cues, crude prices and the US Federal Reserve decision.