Jio IPO Fırsatı Piyasayı Etkiliyor: Airtel ve Vodafone Idea’da %4’e Yakın Artışlar İzleniyor

Kısaca

Jio Platforms IPO fiyat bandı Rs 1.065-1.119 aralığında açıklandı; üst banda göre beklenen hasılat 30.000 crore’in üzerinde. Nomura, Jio’nun özsermeyi yaklaşık Rs 9,8–10,3 lakh crore; kurumsal değer ise Rs 10,9–11,4 lakh crore aralığında öngörüyor. Hindistan’da iki büyük özel operatörün değerlemeleri karşılaştırılıyor; piyasa nabzı telekom sektörü için yeniden belirlenebilir.

Ana mesele

Jio Platforms IPO'sunun piyasada net bir değerleme kırılımı ortaya koyması

Ne değişti?

Nomura, Jio'nun özsermeyi yaklaşık 9,8 lakh crore ile 10,3 lakh crore arasında değerleyebilir; beraberinde borç ve diğer yükümlülükler eklendiğinde kurumsal değer 10,9 lakh crore ila 11,4 lakh crore…

Beni nasıl etkiler?

Okuyucular için yeni bir telekom değeri referansı ve yatırım kararları üzerinde baskı yaratan bir gelişme

Ne oldu?

Jio IPO’sunun fiyat bandı duyuruldu; hisseler yükseldi.

Neden şimdi?

IPO’nun beklenen etkisi ve sektörel değerleme tartışmaları sürüyor.

Neden önemli?

Sektörde referans değerlemeler değişebilir; yatırım kararlarını etkiler.

Kimler etkileniyor?

• Yatırımcılar
• Telekom şirketleri
• Piyasa analiz firmaları

Sektör ve piyasa etkisi

Telekom değerlemeleri üzerinde baskı ve karşılaştırmalı analizlerin artması bekleniyor.

Riskler

• Piyasa volatilitesi
• Fiyat bandının beklentileri karşılamaması

Takip edilmesi gerekenler

• IPO’nun kesinliş bandı sonrası talep
• Jio’nun finansal borç yükümlülükleri ve net debt

Haberin tamamı

Telecom stocks saw a sharp spike on Thursday as investors turned their attention to the much-awaited IPO of Reliance Industries' telecom arm Jio Platforms and what its listing could mean for the sector.Bharti Airtel shares gained 3.88% to Rs 1,869 while Indus Towers advanced 1.29% to Rs 384.30. Vodafone Idea shares gained nearly a per cent to Rs 12.81.Shares of Reliance Industries rose 2.59% to Rs 1,206.35.Jio Platforms has fixed the price band for its IPO at Rs 1,065-1,119 per share.

At the upper end of the band, the issue is expected to raise more than Rs 30,000 crore, offering investors an opportunity to invest directly in Reliance Industries’ telecom and digital business.Also Read |Redington could gain as memory shortage reshapes ICT distribution; brokerage sees 20% upsideJio IPO puts telecom valuations in focusThe listing will establish a standalone market valuation for Jio Platforms, which is currently part of Reliance Industries.

This could also provide investors with a new benchmark to assess valuations across the telecom sector, including Bharti Airtel.Nomura estimates the IPO will value Jio's equity at Rs 9.8 lakh crore to Rs 10.3 lakh crore. Including net debt, spectrum liabilities and lease liabilities, its estimated enterprise value comes to Rs 10.9 lakh crore to Rs 11.4 lakh crore.For Reliance, the listing will also put a market value on its 66.4% stake in Jio.

Nomura estimates the stake would be worth Rs 481-506 per Reliance share before a holding company discount.

With a 20% discount, that comes down to Rs 385-405 per share.Also Read |IDBI Bank shares fall 7% as investors book profit after Fairfax deal gets cabinet nodAirtel gets a fresh valuation comparisonThe Jio listing will bring the valuations of India’s two largest private telecom operators into sharper focus.Nomura estimates Bharti Airtel's India telecom business is valued at 9.2 times FY28 EV/EBITDA, against 10.5-10.9 times for Jio at the proposed IPO valuation.

The brokerage said Bharti's discount to Jio is unjustified.Nomura expects Bharti to be better placed for the next tariff increase because of its higher share of premium subscribers. The difference was visible during the July 2024 tariff hike. Bharti's ARPU rose by Rs 34 over the following three quarters, compared with Rs 25 for Jio.

Bharti also added 2% subscribers during the period, while Jio lost 0.3%.Nomura expects tariff hikes to become an important earnings driver for Jio after its listing, as the period of easy subscriber gains starts to fade. For the wider telecom sector, the IPO comes at a time when investors are also watching subscriber growth, tariffs and earnings more closely.Disclaimer: This article has been written by Sakshi Kumari, who is not a SEBI-registered Research Analyst or an Investment Adviser.

Sakshi Kumari and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution.

They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

Kaynaklar

• Economic Times - Markets