Jio Platforms’ IPO priced and opened strongly, with shares surging as much as 23% and valuing the company at over Rs 12.5 lakh crore (around USD 131 billion), marking it as India’s largest IPO.

Anant Ambani thanked customers, employees, and investors, framing the listing as a continuation of the Ambani family’s commitment to expanding opportunities through technology.

Analysts note the 5G subscriber base surpassed 30 crore in the latest quarter, with 6.6 crore new users in the past year; 5G now accounts for about 56% of total wireless traffic, and the fixed broadband base reached 3 crore.

Analysts caution geopolitical developments in the Middle East, rising energy prices, and weakness in global technology stocks could cap gains and influence near-term market direction.

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Risks highlighted include dependence on telecom licenses and spectrum, with potential delays in approvals or spectrum acquisition posing challenges.

Sheth notes the breakout follows a prolonged downtrend, suggesting selling pressure may be easing and new buying interest could emerge.

Home Broadband is identified as a secondary growth engine, with potential long-term upside from global technology licensing.

Experts advise a long-term approach rather than chasing listing-day gains, focusing on fundamentals like subscriber growth, ARPU, margins, and cash generation.

High delivery percentages indicate meaningful delivery-based participation, though they don’t guarantee long-term holdings as positions can be sold later.

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Nomura expects tariff hikes, expanded home broadband, and improving free cash flow as 5G investments mature, with capex intensity declining and leveraging stronger free cash flow.