Leader's Premium: The math behind Jio Platforms' price

Jio Platforms plans to issue 270 million fresh equity shares at an anticipated market capitalisation of around 12 to 14 lakh crore, aiming to raise up to 42,000 crore or more than 4 billion dollars. The implied P/E multiple is between 40 and 46, with EV/Ebitda at 16 to 19 times, compared with Bharti Airtel's P/E of 43.6 and EV/Ebitda of 10.8. The company commands a significant premium over global telecom peers like T-Mobile, Verizon, and AT&T, supported by a pureplay 4G and 5G network, 524.4 million customers, and an 18.4 percent annual rise in net profit to 30,049 crore between FY24 and FY26.