Reliance files Jio IPO DRHP; Jefferies, Nomura, Motilal see up to 28% upside
At its 49th AGM, Reliance filed Jio Platforms' DRHP with SEBI targeting a listing by end-2026, valuing Jio at Rs 11-12 trillion ($117-127B). Brokerages reiterated Buy with targets of Rs 1,640-1,675. Growth spans telecom, retail manufacturing/exports, RCPL brands, energy and AI.
What happened
Reliance Industries · At its 49th AGM, Reliance filed Jio's IPO DRHP with SEBI (listing by end-2026) and outlined growth across telecom, retail
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares at Rs 10 FV
- 2.9% dilution
- Rs 11-12 trillion valuation ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B
- PAT Rs 300.5B
Why this matters
The Jio listing unlocks a $117-127B franchise spanning telecom, retail, RCPL brands, energy and AI, raising the bar for scale and partnership opportunities across the ecosystem.
What to watch
- SEBI DRHP observations / approval timeline
- Jio ARPU and 5G/AirFiber subscriber adds in quarterly prints
- Final valuation band vs Rs 11-12T target
- Retail segment margin and export ramp updates
- Broad market/IPO appetite into end-2026
- Track anchor/QIB interest and grey-market chatter as pricing window nears
- Watch competing brokerages revise SOTP and holdco discount assumptions
- Monitor Reliance Retail for parallel listing signals
- Position for volatility around SEBI approval milestones