Reliance files Jio IPO prospectus; Jefferies, Nomura, Motilal flag up to 28% upside
At its 49th AGM, Reliance filed Jio Platforms' IPO prospectus targeting an end-2026 listing (270M shares, 2.9% dilution, Rs 11-12 trillion valuation). Management outlined growth across retail manufacturing/exports, RCPL consumer brands, energy and AI. Brokerages maintain Buy with targets up to Rs 1,675.
What happened
Reliance Industries · At its 49th AGM, Reliance filed Jio's IPO prospectus (listing eyed end-2026) and outlined growth across retail manufacturing/exports, RCPL
Key facts
- Rs 1,675 target (28% upside)
- Rs 1,640 (23.5%)
- Rs 1,655 (~26%)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
Why this matters
The 2.9% dilution via 270M shares and multi-vertical growth narrative (retail, energy, AI, consumer brands) signal a value-unlock playbook worth benchmarking for structuring conglomerate carve-outs.
What to watch
- SEBI approval timeline and formal IPO price band disclosure
- Jio ARPU trajectory and subscriber adds in upcoming quarters
- RCPL revenue run-rate and export/manufacturing scale-up metrics
- AI/energy segment capex and monetization milestones
- Anchor book composition and demand signals near listing window
- Peer telco/retail names (Bharti, DMart) re-rated on read-across valuation benchmarks
- Anchor and institutional investors begin due diligence on Jio Platforms pre-IPO round
- Brokerages publish revised SOTP models isolating Jio, retail, energy, RCPL segments
- Retail and RCPL consumer-brand expansion accelerates to justify pre-listing narrative