Brokerages see up to 28% upside in Reliance after Jio IPO filing
At its 49th AGM, Reliance filed Jio's IPO with SEBI and showcased growth across retail manufacturing, RCPL consumer brands, energy and AI. Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy, valuing Jio at Rs 11-12 trillion on 524M subscribers.
What happened
Reliance Industries · At its 49th AGM, Reliance unveiled Jio's IPO filing with SEBI and growth across retail manufacturing/exports, RCPL consumer brands, energy
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9 billion (+14.6%)
- 524 million subscribers
- 2.9% dilution
Why this matters
The SEBI Jio IPO filing unlocks a clear value-crystallization path across Reliance's retail, energy and AI segments, signaling potential spin-off and partnership opportunities.
What to watch
- SEBI approval and DRHP-to-RHP progression timeline
- Confirmed Jio IPO price band and implied subscriber-based valuation
- Quarterly Jio ARPU and 524M subscriber trajectory updates
- RCPL consumer brand revenue ramp and retail same-store growth
- Holding-company discount commentary in subsequent analyst notes
- More brokerages refresh SOTP models with explicit Jio IPO valuation anchors
- Institutional positioning rotates into RIL ahead of expected listing window
- Peers (Bharti Airtel, Vodafone Idea) re-rated on read-through telecom multiples
- Pre-IPO anchor investor and valuation chatter intensifies in financial media