Reliance files Jio IPO; Jefferies, Nomura, Motilal see up to 28% upside
At its 49th AGM, Reliance filed Jio's IPO with SEBI, valuing the telecom arm at Rs 11-12 trillion via a 2.9% dilution of 270 million shares. Brokerages reiterated 'Buy' with targets up to Rs 1,675. Retail is expanding into manufacturing and exports; Jio counts 524 million subscribers.
At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy, filing Jio's IPO with SEBI. Brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside; Retail is pushing into manufacturing and exports.
Why this matters
The Jio IPO filing and retail expansion reinforce brokerages' bullish stance on Reliance, echoing recent signals of up to 28% upside following the AGM.
Retail-company theme accelerating at +640200% QoQ.