Brokerages see up to 28% upside in Reliance after Jio IPO filing targets end-2026 listing
Reliance's AGM detailed Jio Platforms' SEBI IPO filing aiming for an end-2026 listing at a ~Rs 11-12 trillion valuation. Jefferies, Nomura and Motilal Oswal reiterated Buy with target prices up to Rs 1,675, citing telecom, retail, AI and clean-energy growth.
What happened
Reliance Industries · Reliance's AGM detailed Jio Platforms' SEBI IPO filing targeting end-2026 listing at ~Rs 11-12 trillion valuation. Jefferies, Nomura and
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- 270M shares, 2.9% dilution
- FY26 revenue Rs 1,468.9 bn (+14.6%)
- EBITDA Rs 762.6 bn (+18.8%)
- 524M subscribers
Why this matters
The Jio Platforms SEBI filing sets a value-unlocking template that could invite partnership and stake-sale interest across telecom, retail, AI and clean-energy verticals ahead of a 2026 listing.
What to watch
- SEBI approval milestones and DRHP details on Jio valuation band
- End-2026 listing timeline confirmation or slippage
- Telecom ARPU trends and tariff hikes supporting the Rs 11-12T mark
- Retail segment growth and clean-energy capex execution updates
- Global rate/EM flow conditions affecting large IPO appetite
- Watch for Reliance Retail IPO filing signals following Jio precedent
- Anchor investors and pre-IPO institutional placement chatter for Jio
- Brokerage TP revisions clustering above Rs 1,675 if AGM guidance firms
- Promoter stake and holding structure disclosures in DRHP