Reliance eyes up to 28% upside as brokerages back Jio IPO filing, retail manufacturing push
At its 49th AGM, Reliance filed Jio's IPO draft with SEBI (270M shares, 2.9% dilution, Rs 11-12 trillion valuation). Jefferies, Nomura and Motilal reiterated 'Buy' with targets of Rs 1,640-1,675 (23.5-28% upside). Reliance Retail is pushing deeper into manufacturing and exports, with listing expected by end-2026.
At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, filing Jio's IPO draft with SEBI. Brokerages Jefferies, Nomura, Motilal reiterated 'Buy' with up to 28% upside; Retail pushing into manufacturing and exports.