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Jio Platforms shares to debut today after IPO fetches ₹7.4 lakh crore demand - Published OnOct 28, 2026 | 07:09 IST - Last Updated OnOct 28, 2026 | 07:11 IST Jio Platforms IPO was subscribed 22.19 times, attracting bids for more than 438 crore shares against approximately 19.75 crore shares on offer. Total demand, including the anchor investor allocation, crossed ₹7 lakh crore, according to the figures cited ahead of the listing. Shares of Jio Platforms Ltd., India's largest-ever IPO by issue size, are set to make their stock market debut on Wednesday, October 28, following an overwhelming response to its ₹30,213 crore public issue. The IPO was subscribed 22.19 times, attracting bids for more than 438 crore shares against approximately 19.75 crore shares on offer. Total demand, including the anchor investor allocation, crossed ₹7 lakh crore, according to the figures cited ahead of the listing. Qualified institutional buyers (QIBs) led the demand, subscribing to their reserved portion 70.55 times. The non-institutional investor category was subscribed 14 times, while the retail portion received bids for 2.72 times the shares reserved for it. The overall demand also surpassed the ₹4.4 lakh crore in bids reportedly received by LG Electronics India, putting Jio Platforms among the most sought-after Indian IPOs in recent years. Jio Platforms has fixed the final issue price at ₹1,119 per share, the upper end of its price band of ₹1,065–1,119. The IPO comprised a fresh issue of 27 crore equity shares, with the company set to list on the National Stock Exchange and BSE on Wednesday. At the final issue price, Jio Platforms commands an implied market capitalisation of approximately ₹10.3 lakh crore. Its debut will make it one of India’s most valuable listed companies, although its actual ranking will depend on the market price at which the shares begin trading. Jio Platforms shares: What the grey market indicates In the unofficial grey market, Jio Platforms shares were commanding a premium of around ₹248 over the issue price, indicating an implied premium of more than 22%, according to the figures available ahead of listing. Grey market premiums are speculative indicators of investor demand in the unlisted market. They can change rapidly and do not guarantee the listing price or post-listing performance of a stock. What analysts say about Jio Platforms Analysts have pointed to Jio Platforms’ leadership in India’s digital ecosystem, profitability and growth opportunities as factors supporting its valuation. A strong debut at the expected valuation would also make the company one of the country’s most valuable listed businesses. Narendra Solanki, Head of Fundamental Research, Investment Services, at Anand Rathi Shares and Stock Brokers, said Jio Platforms’ leadership position in India’s digital ecosystem, strong profitability, scalable technology platform and growth prospects supported its valuation. He added that opportunities in artificial intelligence (AI), enterprise digital services and fixed broadband could provide additional avenues for long-term growth. At the final issue price, Jio Platforms is valued at 34.3 times its FY26 price-to-earnings ratio and 14.8 times its FY26 enterprise value-to-EBITDA ratio, Solanki said. Nomura initiates coverage Global investment bank Nomura has initiated coverage on Jio Platforms with a ‘Buy’ recommendation and a price target of ₹1,340. The target implies an upside of approximately 19.7% from the final issue price of ₹1,119. In its note, Nomura said Jio Platforms had evolved from a disruptor in the telecom industry into a market leader. The brokerage highlighted the company’s reach, which accounts for 42% of India’s wireless subscribers, 60% of data traffic and 43% of the home broadband market. Nomura believes Jio Platforms’ extensive network and leading subscriber market share position it to create long-term shareholder value. Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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