Jio Platforms, which is set to make its much-anticipated stock market debut today, has received its first Buy recommendation. International brokerage Nomura initiated coverage with a Buy rating and a target price of Rs 1,340, implying an upside of 20% from the issue price of Rs 1,119.

The global brokerage says Jio Platforms is a scale leader entering the monetisation cycle. “Jio, once the disruptor, is now the leader.

It has ~42% of the country’s wireless subscribers, ~60% of data traffic and 43% of home broadb and. 7% share of wireless subscribers, excluding M2M, in August 2026, according to TRAI.

6%, Jio is well positioned to narrow its ARPU gap with Airtel, analysts say. 7 million, supported by an aggressive rollout of FWA and UBR services.

With broadb and penetration in India at just 21%, against a global average of over 70%, the market offers a potential base of more than 300 million households and a decade-long growth opportunity. Nomura believes Jio's FWA model is more capital-efficient because it leases customer premises equipment from third parties, unlike fibre to the home (FTTH), where around 25% of homes passed do not convert into subscribers, leaving the fibre investment unrecovered.

Debt-free by FY29: With most of its 5G investment cycle behind it, Jio's capital expenditure (capex) is expected to decline, falling to around 23% of revenue in FY26 from 35% in FY25, freeing up significant cash flow and driving a sharp improvement in free cash flow (FCF). 37 times in FY26.

Nomura expects Jio to become debt-free on a net basis by FY29. 2 crown after Reliance IndustriesTech licensing offers long term growth - Jio's proprietary end-to-end 5G technology stack, spanning the core network, devices and Operations Support Systems/Business Support Systems (OSS/BSS), has made India the fifth country globally with indigenous 5G capabilities, Nomura said.

Its proprietary Unlicensed Band Radio (UBR) technology also creates opportunities to license the technology to telecom operators worldwide. 5 billion potential users across the US, Germany, South America, East Asia and Africa.

Jio Platforms IPOJio Platforms' Rs 30,213 crore IPO surpassed Hyundai Motor India's Rs 27,870 crore offering to become the largest public issue in India's capital market history. The issue was fully subscribed within 100 minutes of opening, reflecting strong early participation from institutional and retail investors.