Brokerages flag up to 28% upside on Reliance after Jio IPO filing
Post-AGM, Reliance filed Jio's IPO with SEBI (270M shares, 2.9% dilution) at an Rs 11-12 trillion valuation. Jefferies (Rs 1,675), Motilal Oswal (Rs 1,655) and Nomura (Rs 1,640) reiterate Buy, citing Retail's manufacturing/exports push and RCPL scaling. IPO targeted by end-2026.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, consumer brands, energy and AI, plus Jio's SEBI IPO filing. Brokerages
Key facts
- Jefferies target Rs 1,675 (28% upside)
- Nomura Rs 1,640 (23.5%)
- Motilal Oswal Rs 1,655 (~26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- 524M+ subscribers
Why this matters
The SEBI filing crystallizes a value-unlock playbook for the conglomerate, with the 2.9% dilution and end-2026 timeline offering a template for monetizing Retail and digital assets separately.
What to watch
- SEBI approval timeline and DRHP observations
- Jio ARPU and subscriber adds in upcoming quarterly results
- RCPL revenue run-rate and Retail margin trajectory
- Final IPO pricing band vs the Rs 11-12T valuation anchor
- FII flows and broad EM/India risk sentiment
- More brokerages refresh SOTP models and raise Jio's embedded valuation toward $120B+
- Retail segment commentary pivots to manufacturing/exports and RCPL FMCG scaling metrics
- Institutional repositioning into RIL ahead of the IPO window as a pre-listing proxy
- Anchor investor and pre-IPO interest chatter around Jio's 2.9% float