Reliance files Jio DRHP; Motilal, Jefferies, Nomura see up to 28% upside
At its AGM, Reliance filed Jio Platforms' DRHP with SEBI targeting an end-2026 listing, offering 270 million shares (2.9% dilution) at a Rs 11-12 trillion valuation. Retail is pushing into manufacturing and exports while RCPL scales. Brokerages reiterated 'Buy' with targets of Rs 1,640-1,675.
What happened
Reliance Industries · At Reliance's AGM, the company filed Jio Platforms' DRHP with SEBI targeting a possible end-2026 listing, while flagging Retail pushing
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270 million shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- 524 million subscribers
- revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
Why this matters
The Jio IPO structure and Reliance's push into manufacturing, exports, and RCPL scaling signal partnership and M&A openings across telecom, consumer, and industrials verticals.
What to watch
- SEBI DRHP approval / observation letter timing
- Jio ARPU and subscriber trends in upcoming quarterly results
- IPO price band and anchor book allocation news
- Retail segment margin and export ramp data
- Broker target revisions above/below Rs 1,675 consensus
- Watch peer telecom names and Jio ARPU commentary as read-through to the DRHP valuation anchor
- Position for holdco re-rating in RIL ahead of pricing but trim into broker-target chases
- Track retail/RCPL export and manufacturing disclosures for the next SOTP leg
- Monitor anchor-investor and PE-stake mark-ups (Google, Meta, KKR) as valuation validators