Jio files IPO draft as Reliance sharpens retail and consumer growth plans
Jio has filed for an IPO of 270 million primary shares, while Reliance outlines growth across telecom, retail, consumer brands, AI and clean energy. Brokerages see 23.5%–28% upside for Reliance Industries, citing Jio’s scale and the group’s retail expansion.
What happened
Reliance Industries · Reliance’s Jio filed its IPO draft prospectus as Reliance outlined telecom, retail, consumer-brand, AI and clean-energy growth plans.
Key facts
- Jefferies target price: Rs 1,675; implied upside: 28%
- Nomura target price: Rs 1,640; implied upside: 23.5%
- Motilal Oswal target price: Rs 1,655; implied upside: about 26%
- Jio IPO: 270 million primary shares; Rs 10 face value; about 2.9% dilution
- Jio FY26-end estimated net debt: Rs 276 billion
- Reported Jio Platforms valuation: Rs 11 trillion-Rs 12 trillion ($117 billion-$127 billion)
- Jio FY26 subscribers: over 524 million; 5G subscribers: over 268 million
- Jio FY26 revenue: Rs 1,468.9 billion, up 14.6%
- Jio FY26 EBITDA: Rs 762.6 billion, up 18.8%; margin: 51.9%
- JioAirFiber: 13 million connected homes; roughly 60,000 daily additions
Why this matters
The planned listing strengthens Reliance’s capacity to pursue partnerships, acquisitions and ecosystem build-outs across telecom, retail, consumer brands, AI and clean energy.