The fresh issue is being sold in the Rs 1,065-1,119 range, with Jio's grey market premium (GMP) climbing to Rs 276 apiece today, compared with Rs 273 the previous day and Rs 221 at the end of last week. At least 20 brokerages have recommended 'Subscribe' to the issue.
"At 33 times FY2026 earnings, valuation is at the lower end versus peers. We recommend Subscribe for the long term, given volume-led growth from mobility, homes, and MSMEs, plus ARPU upside from bundled media, productivity, and AI service," Canara Bank Securities said.
The strong investor response is seen as Jio's issue is priced at 33.3 times earnings per share at the upper limit of the price band, which is 18 per cent below Bharti Airtel’s 40.71 times. Jio's 12 times EV/Ebitda multiple is seen reasonable, given its higher market share, double-digit Ebitda growth rate, and dominant home broadband expansion.
With the IPO sailing through, Jio is set to emerge as India’s fourth-most-valued listed company. At the upper end of the price band, the Mukesh Ambani-led company has an implied market capitalisation of Rs 10,30,490.55 crore, behind Bharti Airtel at Rs 11,68,689 crore and HDFC Bank Ltd at Rs 10,97,187.39 crore. Reliance Industries Ltd (RIL) would retain the No. 1 spot, with a market capitalisation of Rs 16,27,693 crore.
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