Jio Platforms, which launched India’s largest-ever IPO at Rs 30,188 crore, set another record with its Dalal Street debut on Wednesday, delivering the highest listing-day gain among the country’s five largest IPOs by issue size and outpacing the National Stock Exchange of India (NSE).

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.

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

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.

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.

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.

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