Jio IPO: Listing day gains ahead? What Sneha Poddar of MOFSL says 

Sneha Poddar, VP of Research, Wealth Management at Motilal Oswal Financial Services, said Jio Platforms Ltd could deliver a 10-15 per cent listing pop next week. However, she cautioned that weak market breadth and broader market sentiment could trigger immediate profit booking, even if the stock lists at a premium.

"Given the choppy market, it's very difficult to say what kind of gains one can expect. Probably we can look at 10 per cent to 15 per cent kind of gains, but it really depends, what is the kind of opening that happens on that day," she told Business Today TV (BTTV) in an exclusive interview.

Poddar said Jio is a good long-term investment story and recommended that investors hold the stock in their portfolios rather than focus on short-term gains. She said Jio's investments across a range of technology platforms could unlock value over the years to come.

Jio's grey market premium (GMP) fell to Rs 253 from Rs 276 earlier today, as market sentiment remained fragile, with the BSE Sensex and NSE Nifty falling over 1 per cent from their intraday highs.

The Jio IPO was fully subscribed within 100 minutes of the bidding process. Its GMP hinted at 22.61 per cent listing pop.  The tentative listing date for the IPO is October 28.

Valuation comfort drives bullish stance

Poddar said the brokerage remains constructive on the offering, arguing that the issue has been priced with enough headroom for long-term investors. “We are positive on Jio Platform IPO” because “the valuations have been kept at very reasonable levels,” she said, pegging the offer at about 11 times FY28 EV/Ebitda.

Scale, network strength and technology stack

Poddar highlighted Jio’s 53.3 crore customer base and said the platform handles nearly 60 per cent of India’s wireless data traffic, underlining its dominance in a market where scale can directly influence pricing power and profitability.

She also pointed to Jio’s “full stack proprietary technology” as a differentiator from conventional telecom models.

Fresh issue seen as balance-sheet catalyst

A key structural positive for the IPO is that it is entirely a fresh issue. Poddar said the proceeds would be used to repay debt raised for the company’s initial capital expenditure, a move that could clean up the balance sheet and leave it better positioned for future investment.

More than a listing story

While expectations for listing gains remain tempered by volatile market conditions, the larger pitch is clearly long term. Poddar said investors should approach Jio with a “four to five years” perspective, adding that “there’s a lot which can be gained from here onwards.”

In a market still rewarding category leaders with execution visibility, Jio’s IPO may ultimately be judged less by day-one pop and more by whether it can translate telecom dominance into a wider technology and consumer platform play.