Brokerages see up to 28% upside on Reliance after Jio IPO filing
Post-AGM, Reliance filed Jio's IPO draft with SEBI at an implied Rs 11-12 trillion valuation. Motilal, Jefferies and Nomura reiterated Buy with targets of Rs 1,640-1,675. Retail is expanding into manufacturing and exports while RCPL scales consumer brands; Jio posted Rs 1,468.9B revenue (+14.6%) and 524M subscribers.
At its 49th AGM Reliance outlined growth across telecom, retail, AI and clean energy, filing Jio's IPO draft with SEBI. Retail is pushing into manufacturing/exports and RCPL scaling consumer brands; brokerages reiterated Buy with up to 28% upside.
Why this matters
The Jio IPO filing extends brokerage optimism seen earlier as targets lifted on Reliance, even as RIL rebounded 4% from a 52-week low amid persistent Reliance Retail growth momentum worries.
Retail-company signals accelerating, up 715700% QoQ