Jio files IPO DRHP; brokerages see up to 28% upside for Reliance Industries
After the AGM growth roadmap across telecom, retail, AI and clean energy, Jio Platforms filed its IPO DRHP with SEBI targeting an end-2026 listing at a Rs 11-12 trillion valuation. Jefferies, Motilal Oswal and Nomura reiterate Buy, flagging Retail's manufacturing/exports push and RCPL consumer-brand scaling.
What happened
Reliance Industries · Reliance AGM outlined growth across telecom, retail, AI and clean energy; Jio filed IPO DRHP with SEBI targeting end-2026 listing.
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,655 (26%)
- TP Rs 1,640 (23.5%)
- Jio valuation Rs 11-12 trillion
- 270M shares
- 2.9% dilution
- 524M subscribers
- FY26 revenue Rs 1,468.9bn +14.6%
- EBITDA Rs 762.6bn +18.8%
- adjusted PAT Rs 300.5bn +15.1%
Why this matters
Retail's manufacturing/exports push and RCPL consumer-brand scaling signal partnership and acquisition openings as Reliance monetizes its telecom, retail, AI, and clean-energy portfolio.
What to watch
- SEBI observations/approval and confirmed listing date
- Final IPO price band vs Rs 11-12tn valuation guidance
- Reliance Retail spin/listing signals
- Jio ARPU and subscriber trajectory in quarterly results
- Macro/FII flows into large-cap Indian equities
- Brokerages refresh SOTP models assigning explicit Jio equity value at Rs 11-12tn anchor
- RIL investor-relations guides on IPO price band and float size ahead of roadshow
- Anchor and institutional demand-building for the largest Indian IPO on record
- Peer read-through to telecom names (Bharti Airtel) and retail comps