Jio files IPO as brokerages see up to 28% upside on Reliance; Retail pivots to manufacturing
At RIL's AGM, Jio Platforms filed its IPO draft (listing possible by end-2026) at an Rs 11-12 trillion valuation. Jefferies (TP Rs 1,675), Nomura (Rs 1,640) and Motilal Oswal (Rs 1,655) reiterated 'Buy'. Reliance Retail is pushing into manufacturing and exports while RCPL scales as a consumer platform.
What happened
Reliance Industries · At RIL's AGM, Jio filed its IPO draft (listing possible by end-2026) while Retail pushes into manufacturing/exports and RCPL scales as a
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal Oswal TP Rs 1,655 (~26%)
- Jio IPO 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- 524M+ subscribers
Why this matters
Jio's IPO draft filing at an Rs 11-12 trillion valuation crystallizes a landmark listing timeline that reshapes the competitive and partnership landscape across telecom, retail, and consumer platforms.
What to watch
- DRHP acceptance and SEBI review milestones for Jio Platforms
- Confirmed listing date and final IPO price band vs Rs 11-12T range
- Jio ARPU trajectory and tariff hikes underpinning the valuation
- Reliance Retail same-store growth and manufacturing/export order announcements
- Anchor investor commitments and any strategic stake sales pre-listing
- Expect RIL sell-side to publish updated SOTP models pegging Jio at the Rs 11-12T anchor and lifting parent TPs toward Rs 1,640-1,675
- Institutional flows rotate into RIL as a proxy ahead of the Jio float; watch for block accumulation
- Reliance Retail to signal manufacturing capex allocation and export partnerships in coming quarters
- RCPL to accelerate FMCG shelf-share push against HUL/Nestle to justify consumer-platform framing