Brokerages peg Jio at $107-128B ahead of H1 2026 IPO, setting stage for Reliance Retail listing

Jefferies ($127B), Morgan Stanley ($124B), Bernstein ($111B) and CLSA ($107B) value Jio's 480M-subscriber business between $107-128B ahead of its H1 2026 IPO. Analysts expect the listing to pave the way for a separate Reliance Retail IPO, unlocking further value for RIL shareholders.

— FiledTue, 23 Jun, 2026, 01:21 IST·First seen Tue, 23 Jun, 2026, 01:18 IST·Source Moneycontrol · News Web

What happened

Reliance Industries · Brokerages value Jio at $107-128 billion ahead of its H1 2026 IPO, with analysts expecting the listing to pave the way for a separate

Key facts

  • $107 billion
  • $128 billion
  • $127 billion (Jefferies)
  • $124 billion (Morgan Stanley)
  • $111 billion (Bernstein)
  • $107 billion (CLSA)
  • 480 million subscribers

Why this matters

Jio's H1 2026 listing telegraphs Reliance's conglomerate unbundling playbook, creating a window for retail M&A positioning before a standalone Reliance Retail equity story hits the market.