Reliance draws up to 28% upside from Jefferies, Nomura, Motilal after Jio IPO filing
Reliance Industries filed Jio Platforms' DRHP with SEBI at its AGM, targeting a listing by end-2026 at an Rs 11-12 trillion valuation. Analysts reiterated 'Buy' with TPs of Rs 1,640-1,675, citing Jio (524M subscribers, 51.9% EBITDA margin) alongside retail, AI and clean energy as key value drivers.
What happened
Reliance Industries filed Jio Platforms' DRHP with SEBI at its AGM, outlining growth across telecom, retail, AI and clean energy. Jefferies, Nomura and Motilal
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B, margin 51.9%
- 524M subscribers
Why this matters
The Jio Platforms DRHP filing crystallizes value across telecom, retail, AI and clean energy, framing a landmark conglomerate spin-out to track for structuring cues.
What to watch
- SEBI DRHP observations and approval timeline
- Jio ARPU trajectory and next tariff hike
- Subscriber net-adds vs 524M base and 5G monetization metrics
- Retail segment growth and any separate listing signal
- Broad Indian IPO market liquidity and Nifty risk sentiment
- Sell-side desks refresh SOTP models pegging Jio equity value into RIL NAV
- Institutional accumulation ahead of listing to capture pre-IPO value crystallization
- RIL guides on retail listing timeline and clean-energy capex to sustain the multi-engine narrative
- Anchor investor and pre-IPO placement chatter for Jio Platforms