'Buy' With ₹1,340 Target as Record ₹30,213-Cr IPO Debuts Today
On the threshold of one of the most consequential Dalal Street debuts in modern corporate history, telecommunications and digital infrastructure bellwether Jio Platforms is set to list on Indian stock exchanges today, Wednesday, October 28, 2026, backed by an overwhelming vote of confidence from international institutional analysts. Hours before the official opening bell, Japanese brokerage giant Nomura initiated research coverage on the digital conglomerate with an assertive 'Buy' recommendation and a 12-month target price of ₹1,340 per share. Categorizing Jio Platforms as the foundational disruptor and undisputed leader of India’s connectivity landscape, Nomura emphasized that the company’s unmatched wireless scale, accelerating home broadband adoption, post-5G capital expenditure relief, and impending free cash flow expansion create an exceptional multi-year platform for compounding shareholder value.
Nomura Pins ₹1,340 Target on 60% Data Dominance, 5G Capex Taper, and Tariff Upsides
Outlining the core financial mechanics behind its bullish target, Nomura highlighted that Jio Platforms controls approximately 42 percent of India’s overall wireless subscriber market while routing an unprecedented 60 percent of the nation's total data traffic across its proprietary network architecture. Furthermore, the company has secured a dominant 43 percent share of the lucrative fixed home broadband market, establishing wired home connectivity as a powerful second engine of operational expansion. With the vast majority of capital-intensive pan-India 5G rollouts successfully completed, Nomura projects capital expenditure requirements to taper significantly over coming fiscal cycles, paving the way for a sharp expansion in Free Cash Flow (FCF). Operating leverage is projected to drive consolidated EBITDA growth at a compounded annual growth rate (CAGR) of 13.5 percent between fiscal years 2026 and 2029, underpinned by structural pricing power that positions Jio to lead phased tariff revisions across mobility and broadband ecosystems, which in turn offers substantial monetization room for the broader telecom sector.
Grey Market Hints at 22% Premium as Record ₹7-Lakh-Crore IPO Bids Eclipse Previous Milestones
The optimistic brokerage initiation mirrors euphoric demand across the unlisted market, where the Grey Market Premium (GMP) tracked on platforms like InvestorGain climbed to ₹247 ahead of the market opening, indicating potential listing-day gains of around 22 percent above the issue price. The primary offering itself has rewritten capital market history: the ₹30,213-crore public issue was subscribed 22.19 times, generating staggering cumulative bids in excess of ₹7 lakh crore. Anchored by institutional commitments worth ₹2.5 lakh crore and public bidding books exceeding ₹4.9 lakh crore, the demand comprehensively eclipsed the previous record of approximately ₹4.4 lakh crore established during LG Electronics India’s IPO. Standing as the single largest capital mobilization witnessed in the Indian IPO arena in nearly two decades, the offering was propelled by Qualified Institutional Buyers (QIBs) oversubscribing their reserved portion by 70 times, while retail investors mobilized bids surpassing ₹25,000 crore throughout the three-day subscription window.
