Motilal Oswal, Jefferies, Nomura see up to 28% upside for Reliance after Jio Platforms IPO filing
Brokerages set target prices of Rs 1,640-1,675 after Jio's SEBI filing revealed 524 million subscribers and Rs 1,468.9 billion revenue; AGM also flagged growth plans across Reliance Retail, clean energy and AI.
What happened
Reliance Industries' AGM outlined growth in telecom, retail, AI and clean energy; Jio Platforms IPO filed with SEBI, brokerages see up to 28% upside.
Key facts
- 28% upside
- Rs 1,675 target
- Rs 1,640 target
- Rs 1,655 target
- 270 million shares
- 2.9% dilution
- Rs 276 billion net debt
- Rs 11-12 trillion valuation
- 524 million subscribers
- 268 million 5G subscribers
- Rs 1,468.9 billion revenue
- Rs 762.6 billion EBITDA
- Rs 300.5 billion PAT
Why this matters
Jio Platforms' IPO filing, disclosing strong subscriber and revenue metrics, sets a valuation benchmark that could shape deal-making and investment strategy across India's telecom and digital services sector.
What to watch
- Formal SEBI approval or queries on Jio DRHP
- Jio IPO price band/anchor round announcement
- Further brokerage note revisions (upgrades/downgrades) post AGM details
- Reliance Retail or clean energy vertical funding/IPO announcements
- FII flow data into Reliance ADR/GDR post-filing
- Track SEBI DRHP approval timeline and any amendments/RHP filing
- Watch anchor investor book-building signals for Jio valuation benchmark
- Monitor Bharti Airtel and Vodafone Idea stock reaction as telecom peer read-through
- Check Reliance Retail's own IPO/restructuring commentary post-AGM
- Assess index provider (MSCI/Nifty) weight adjustment implications ahead of listing