Brokerages flag up to 28% upside on Reliance after Jio IPO filing
Post-AGM, Reliance filed Jio's IPO with SEBI (270M shares, 2.9% dilution) at an Rs 11-12 trillion valuation. Jefferies (Rs 1,675), Motilal Oswal (Rs 1,655) and Nomura (Rs 1,640) reiterate Buy, citing Retail's manufacturing/exports push and RCPL scaling. IPO targeted by end-2026.
At its 49th AGM, Reliance outlined growth across telecom, retail, consumer brands, energy and AI, plus Jio's SEBI IPO filing. Brokerages reiterated Buy with up to 28% upside, citing Retail's push into manufacturing/exports and RCPL scaling.