Jio Platforms finalised its IPO allotment on Tuesday, with shares set to list on Wednesday, October 28. The ₹30,213 crore issue got subscribed 22.19 times by October 23. Analysts said the company’s leadership in India’s digital ecosystem supports its valuation, advising allottees to hold their shares for the long term.
Jio Platforms Limited’s IPO allotment has been finalised on Tuesday, with investors able to check their status on the NSE, BSE, and registrar KFin Technologies’ websites. Shares are scheduled to list on both exchanges on Wednesday, October 28.
The ₹30,213 crore issue, priced at ₹1,119 at the upper band, was subscribed 22.19 times overall by the close of bidding on October 23. The qualified institutional buyer portion led demand at 70.55 times, followed by shareholders at 7.6 times, non-institutional investors at 14 times, employees at 2.93 times, and retail investors at 2.72 times. Total demand across the public issue and anchor placement exceeded ₹7.4 lakh crore.
Analysts are advising allottees to hold their shares for the long term. Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers, cited the company’s leadership in India’s digital ecosystem, scalable technology platform and growth opportunities in AI, enterprise digital services and fixed broadband as reasons supporting its valuation. At the issue price, Jio Platforms trades at 34.3 times FY26 earnings and 14.8 times FY26 EV/EBITDA, implying a market capitalisation of approximately ₹10.3 lakh crore.
Ananlysts noted that the company’s proprietary technology stack, backed by 7,220 patent applications, supports an EBITDA margin of 51.91 per cent and reduces dependence on third-party vendors. He added that net leverage had declined to 0.36 times in FY26, signalling a shift toward stronger free cash flow generation.
Analysts also flagged regulatory risk, spectrum renewal requirements and cybersecurity threats as key concerns for investors to monitor.
The issue is entirely a fresh issue, with proceeds primarily directed toward repaying up to ₹27,500 crore of borrowings at subsidiary Reliance Jio Infocomm Limited. The listing is also expected to make Reliance Group India’s largest listed business group by aggregate market capitalisation.