Reliance's Jio files DRHP for end-2026 IPO; Jefferies, Nomura, Motilal see up to 28% upside
At Reliance's 49th AGM the board approved Jio Platforms' IPO, with DRHP filed at SEBI targeting an end-2026 listing (270M shares, 2.9% dilution, Rs 11-12 trillion valuation). Brokerages stay bullish—Jefferies Rs 1,675 (28%), Motilal Rs 1,655 (~26%), Nomura Rs 1,640 (23.5%)—citing retail manufacturing/export push and consumer brands scaling.
What happened
Reliance Industries · At Reliance's 49th AGM, board approved Jio IPO DRHP filed with SEBI, targeting end-2026 listing. Brokerages Jefferies, Nomura, Motilal
Key facts
- Jefferies target Rs 1,675 (28% upside)
- Nomura Rs 1,640 (23.5%)
- Motilal Oswal Rs 1,655 (~26%)
- Jio IPO 270M shares at Rs 10 face value
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- 524M subscribers
- FY26 Jio revenue Rs 1,468.9B up 14.6%
- EBITDA Rs 762.6B
- listing by end-2026
Why this matters
Reliance's board-approved Jio Platforms IPO (270M shares, 2.9% dilution) signals a structured demerger-and-listing playbook that peers and partners should watch for consolidation and JV implications across telecom and consumer verticals.
What to watch
- SEBI approval or query on the DRHP
- Jio quarterly ARPU and net subscriber adds
- Global tech/telecom IPO sentiment and India large-cap liquidity
- Retail export order pipeline and consumer brand revenue disclosures
- Any tariff hike announcements from Jio
- Track SEBI DRHP review milestones and any observation letters
- Watch anchor/institutional book-building interest and cornerstone commitments
- Monitor Reliance Retail for parallel IPO signaling
- Assess RIL holdco discount narrowing as listing approaches