Reliance: Motilal, Jefferies, Nomura see up to 28% upside after Jio IPO filing
At its 49th AGM, Reliance filed Jio's DRHP with SEBI targeting a listing by end-2026. Analysts keep 'Buy' with TPs of Rs 1,640-1,675 (23.5-28% upside), valuing Jio at Rs 11-12 trillion on 524M subscribers. RIL detailed retail, AI and telecom growth plans.
What happened
Reliance Industries · At Reliance's 49th AGM, Jio's board approved and filed its IPO DRHP with SEBI, targeting a possible listing by end-2026. Jefferies, Nomura
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
- Jio valuation Rs 11-12 trillion
- 524 million subscribers
- Jio revenue Rs 1,468.9 bn (+14.6%)
- EBITDA Rs 762.6 bn (+18.8%)
- PAT Rs 300.5 bn (+15.1%)
Why this matters
The Jio DRHP filing crystallizes a value-unlock catalyst, giving deal teams a benchmark valuation and a 2026 listing timeline to frame partnership, stake-sale and pre-IPO positioning conversations.
What to watch
- SEBI approval and DRHP clearance timeline
- Jio ARPU and subscriber additions in quarterly prints
- Confirmation of Reliance Retail IPO sequencing
- AI/telecom capex guidance and monetization milestones
- Anchor investor and valuation band signals ahead of listing
- Analysts refresh SOTP models unbundling Jio, Retail, O2C with revised holdco discounts
- Institutional flows rotate into RIL ahead of Jio price discovery
- Peer telecom (Bharti) and retail names re-rated on read-through valuations
- Retail investors front-run anticipated Jio IPO allotment eligibility via RIL holding