Reliance files Jio IPO; Jefferies, Nomura, Motilal see up to 28% upside
At its 49th AGM, Reliance filed Jio's IPO with SEBI, valuing the telecom arm at Rs 11-12 trillion via a 2.9% dilution of 270 million shares. Brokerages reiterated 'Buy' with targets up to Rs 1,675. Retail is expanding into manufacturing and exports; Jio counts 524 million subscribers.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy, filing Jio's IPO with SEBI. Brokerages Jefferies, Nomura
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
Why this matters
The SEBI-filed Jio IPO signals Reliance's move toward monetizing and separately listing its telecom arm, a structural template worth studying as retail diversifies into manufacturing and exports.
What to watch
- SEBI observation letter / regulatory clearance
- Jio ARPU and net subscriber print in quarterly results
- Retail segment margin and export/manufacturing capex guidance
- Broker target revisions post-DRHP and pre-listing gray market signals
- Broad market/telecom sector sentiment shifts
- Track SEBI approval and DRHP-to-listing timeline
- Model Jio standalone ARPU and subscriber additions post-tariff moves
- Reassess RIL sum-of-parts with Jio marked at implied listing value
- Watch anchor/institutional book-building demand ahead of listing