Brokerages see up to 28% upside in Reliance after Jio files IPO DRHP with SEBI
At Reliance's 49th AGM, Jefferies, Nomura and Motilal Oswal reiterated 'Buy' ratings, setting targets up to Rs 1,675 (28% upside) after Jio Platforms filed its IPO draft with SEBI. The listing—eyed for late 2026—involves 270 million shares and ~2.9% dilution, with Jio valued at Rs 11-12 trillion on 524 million subscribers.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal kept 'Buy' ratings seeing up to 28% upside after Jio filed its IPO DRHP
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270 million shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- 524 million subscribers
- revenue Rs 1,468.9 billion
- EBITDA margin 51.9%
Why this matters
The 270-million-share Jio IPO unlocks a value-crystallization playbook—monitor for sum-of-the-parts re-rating and potential follow-on carve-outs across Reliance verticals.
What to watch
- SEBI observations/approval on Jio DRHP
- Jio Q-o-Q ARPU trajectory and 5G monetization data
- Reliance Retail IPO timeline hints
- IPO price band vs Rs 11-12tn implied valuation
- Anchor/pre-IPO investor commitments
- Track additional brokerage TP revisions converging on SOTP-based Rs 1,600+ targets
- Watch RIL de-leveraging narrative and potential Retail IPO signaling to follow Jio
- Monitor institutional accumulation ahead of listing as pre-IPO exposure play
- Expect Jio ARPU and subscriber-add commentary to become the primary stock driver