Jio Platforms IPO: Chola Securities sees 15-20% listing gains, backs long-term growth prospects

"We have a 'Subscribe' rating on Jio's IPO, and we expect listing gains of around 15-20%," Kant said on CNBC-Awaaz. He said Jio's 12-15% valuation discount to Bharti Airtel was justified, given the difference in their growth rates. Bharti Airtel is growing at around 20-22%, while Jio's guidance, as outlined at its analyst conference, was for growth of around 15-17%. Kant added that after the listing gains, Jio's pricing improvements would support its growth of 15-17%.

He said investors looking to invest in the telecom space should consider both Jio and Bharti Airtel. Jio IPO News Live: Jio Platforms IPO fully subscribed in 35 minutes, QIBs lead Day 1 demand The IPO will remain open for subscription until October 23, with a price band of Rs 1,065-1,119 per share. The offer comprises up to 27 crore fresh shares. Jio Platforms IPO received strong demand on the first day of bidding, with the issue being fully subscribed within 35 minutes of opening.

The issue was subscribed 1.01 times, with bids received for 20.03 crore shares against 19.75 crore shares on offer, as per NSE data, till 10:36 a.m. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 3.25 times. Ahead of the IPO, Jio Platforms raised Rs 8,109.84 crore from 212 anchor investors on October 19, including BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, JPMorgan Asset Management and Franklin Templeton.

Bids from anchor investors reached nearly Rs 2.5 lakh crore. The anchor book also saw participation from several sovereign wealth and pension funds, including Singapore's GIC, Norges Bank Investment Management, Abu Dhabi Investment Authority, Qatar Investment Authority, PSP Investments and the California State Teachers' Retirement System. In the grey market, Jio Platforms shares were commanding a premium of around 22-23%, according to platforms tracking unofficial trades.

InvestorGain quoted a grey market premium (GMP) of Rs 247, indicating a 22.1% premium over the upper end of the IPO price band, while IPO Watch quoted a premium of 23.2%.