Reliance files Jio IPO DRHP; Jefferies, Nomura, Motilal see up to 28% upside
At Reliance's 49th AGM, the group detailed growth across retail, telecom, AI and energy and filed Jio Platforms' IPO DRHP with SEBI. Jio valued at Rs 11-12 trillion, offering 270 million shares (2.9% dilution) to 524 million subscribers. Retail arm pushing into manufacturing, exports and RCPL brands. Brokerages reiterate 'Buy' with targets up to Rs 1,675.
What happened
Reliance Industries · At Reliance's 49th AGM, the group outlined growth across retail, telecom, AI and energy, and filed Jio's IPO DRHP with SEBI. Brokerages
Key facts
- Rs 1,675 TP (28% upside)
- Rs 1,640 TP (23.5%)
- Rs 1,655 TP (26%)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- Jio FY26 revenue Rs 1,468.9 billion
Why this matters
Reliance's multi-vertical AGM roadmap—spanning telecom, retail, AI, and energy—plus Jio's IPO unlock positions the conglomerate for M&A, export partnerships, and brand acquisitions in consumer manufacturing.
What to watch
- SEBI clearance and final IPO pricing/valuation band
- Jio ARPU trends and subscriber additions in quarterly updates
- Retail same-store growth and RCPL/private-label scaling
- Broker target revisions and institutional ownership shifts
- Anchor investor demand and grey-market/listing-day reception
- Track SEBI review timeline and DRHP approval milestones
- Model updated SOTP incorporating Jio's Rs 11-12tn anchor and retail verticals
- Watch retail arm's manufacturing/export and RCPL brand traction for margin signals
- Position ahead of Jio price band announcement and anchor book build