印度有史以来发行规模最大的首次公开募股（IPO）项目——Jio Platforms Ltd.的股份，定于周三（10月28日）在股市挂牌上市，此前其30213亿卢比的公开发行获得了踊跃响应。该IPO的认购倍数达22.19倍，吸引了超过43.8亿股的申购，而发行股数约为1.975亿股。据挂牌前引用的数据显示，包括锚定投资者配售在内的总需求金额超过70万亿卢比。
Shares of Jio Platforms Ltd., India's largest-ever IPO by issue size, are set to make their stock market debut on Wednesday, October 28, following an overwhelming response to its ₹30,213 crore public issue. The IPO was subscribed 22.19 times, attracting bids for more than 438 crore shares against approximately 19.75 crore shares on offer. Total demand, including the anchor investor allocation, crossed ₹7 lakh crore, according to the figures cited ahead of the listing.
合格机构投资者引领需求，其保留份额获认购70.55倍。非机构投资者类别获认购14倍，而散户投资者类别获得的申购为其保留份额的2.72倍。
Qualified institutional buyers led the demand, subscribing to their reserved portion 70.55 times. The non-institutional investor category was subscribed 14 times, while the retail portion received bids for 2.72 times the shares reserved for it.
总需求也超过了LG Electronics India据报获得的4.4万亿卢比申购金额，使Jio Platforms跻身近年来最受追捧的印度IPO项目之列。
The overall demand also surpassed the ₹4.4 lakh crore in bids reportedly received by LG Electronics India, putting Jio Platforms among the most sought-after Indian IPOs in recent years.
Jio Platforms将最终发行价定为每股1119卢比，即发行价区间1065至1119卢比的上限。此次IPO包含2.7亿股的新股发行，公司将于周三在国家证券交易所和孟买证券交易所上市。
Jio Platforms has fixed the final issue price at ₹1,119 per share, the upper end of its price band of ₹1,065–1,119. The IPO comprised a fresh issue of 27 crore equity shares, with the company set to list on the National Stock Exchange and BSE on Wednesday.
按最终发行价计算，Jio Platforms的隐含市值约为10.3万亿卢比。其上市将使其成为印度市值最高的上市公司之一，尽管其实际排名将取决于股份开始交易时的市场价格。
At the final issue price, Jio Platforms commands an implied market capitalisation of approximately ₹10.3 lakh crore. Its debut will make it one of India’s most valuable listed companies, although its actual ranking will depend on the market price at which the shares begin trading.
Jio Platforms股份：灰色市场显示何种信号在非官方的灰色市场中，Jio Platforms股份溢价约248卢比，按挂牌前可得数据显示，隐含溢价超过22%。灰色市场溢价是非上市市场投资者需求的投机性指标。它们可能会迅速变化，且不保证股票的发行价或上市后的表现。分析师对 Jio Platforms 的看法分析师指出，Jio Platforms 在印度数字生态系统中的领导地位、盈利能力及增长机遇是支撑其估值的因素。若按预期估值强势首秀，也将使该公司成为印度最有价值的上市企业之一。
Jio Platforms shares: What the grey market indicatesIn the unofficial grey market, Jio Platforms shares were commanding a premium of around ₹248 over the issue price, indicating an implied premium of more than 22%, according to the figures available ahead of listing. Grey market premiums are speculative indicators of investor demand in the unlisted market. They can change rapidly and do not guarantee the listing price or post-listing performance of a stock. What analysts say about Jio PlatformsAnalysts have pointed to Jio Platforms’ leadership in India’s digital ecosystem, profitability and growth opportunities as factors supporting its valuation. A strong debut at the expected valuation would also make the company one of the country’s most valuable listed businesses.
Anand Rathi Shares and Stock Brokers 基础研究主管、投资服务部负责人 Narendra Solanki 表示，Jio Platforms 在印度数字生态系统中的领导地位、强劲的盈利能力、可扩展的技术平台及增长前景支撑了其估值。
Narendra Solanki, Head of Fundamental Research, Investment Services, at Anand Rathi Shares and Stock Brokers, said Jio Platforms’ leadership position in India’s digital ecosystem, strong profitability, scalable technology platform and growth prospects supported its valuation.
他补充称，人工智能、企业数字服务和固定宽带领域的机遇可能为长期增长提供额外路径。
He added that opportunities in artificial intelligence , enterprise digital services and fixed broadband could provide additional avenues for long-term growth.
Solanki 称，按最终发行价计算，Jio Platforms 的估值为 2026 财年市盈率的 34.3 倍和 2026 财年企业价值与息税折旧摊销前利润比率的 14.8 倍。野村证券启动覆盖全球投资银行野村证券已对 Jio Platforms 启动覆盖，给予“买入”评级，目标价为 1340 印度卢比。该目标价意味着较最终发行价 1119 印度卢比约有 19.7% 的上涨空间。
At the final issue price, Jio Platforms is valued at 34.3 times its FY26 price-to-earnings ratio and 14.8 times its FY26 enterprise value-to-EBITDA ratio, Solanki said. Nomura initiates coverageGlobal investment bank Nomura has initiated coverage on Jio Platforms with a ‘Buy’ recommendation and a price target of ₹1,340. The target implies an upside of approximately 19.7% from the final issue price of ₹1,119.
在其研报中，野村证券表示，Jio Platforms 已从电信行业的颠覆者演变为市场领导者。该券商强调了公司的覆盖范围，占印度无线用户的 42%、数据流量的 60% 以及家庭宽带市场的 43%。
In its note, Nomura said Jio Platforms had evolved from a disruptor in the telecom industry into a market leader. The brokerage highlighted the company’s reach, which accounts for 42% of India’s wireless subscribers, 60% of data traffic and 43% of the home broadband market.
野村证券认为，Jio Platforms 庞大的网络和领先的用户市场份额使其有利地位创造长期股东价值。
Nomura believes Jio Platforms’ extensive network and leading subscriber market share position it to create long-term shareholder value.