Mukesh Ambani-led Reliance Industries ended 3% higher at Rs 1,219 on the BSE on Thursday as Jio Platforms, India’s most-awaited public issue, moves closer to its market debut. Jio Platforms, the telecom and digital services arm of Reliance Industries, plans to launch its IPO on October 21 at a reported valuation of Rs 11 lakh crore.
Reliance Industries held a 66.43% stake in Jio Platforms as of March 31, 2026. Since the IPO will comprise entirely fresh shares, the listing is not expected to materially change Reliance Industries’ control over Jio Platforms.
The company is expected to file its red herring prospectus (RHP) after October 12, with the IPO likely to have a price band of Rs 1,150-1,220 per share, The Economic Times reported earlier. The anchor book is expected to open on October 19, followed by the public issue opening for subscription on October 21. The issue is likely to close on October 23, with shares expected to be allotted on October 26. Jio Platforms is targeting an October 28 listing on the bourses, sources said.
At the reported valuation, Jio would become India’s third most valuable publicly traded company, behind its parent Reliance Industries, which has a market capitalization of about $169 billion, and Bharti Airtel Ltd., Jio’s main telecommunications rival, valued at about $116 billion.
Jefferies raises its weight in RIL
Ahead of the Q2 earnings season, Jefferies has added Kotak Mahindra Bank to its model portfolio, and raised its weight on heavyweight Reliance Industries (RIL) to overweight and reduced exposure to NBFCs, real estate and consumer discretionary stocks.
Jefferies said Reliance Industries has been added at an attractive valuation. The stock is trading at 8.4 times one-year forward EV-to-EBITDA, around 23% below its 10-year average. The brokerage also sees scope for upgrades if refining margins improve.
The brokerage has raised its allocation to largecaps, arguing that their risk-reward profile is improving as global and domestic bond yields rise. “Large caps, which are below average valuations, may offer hiding places,” Jefferies analysts said.
Jio’s planned offering comes amid a strong year for India’s IPO market. Listing proceeds crossed $9 billion in the July-September quarter, the highest ever for the period, according to Bloomberg data, taking total fundraising so far this year above $13 billion.
Jio has appointed 19 banks to work on the share sale, including Kotak Mahindra Capital Co., Morgan Stanley, BofA Securities Inc., Axis Capital Ltd., BNP Paribas and Citigroup Inc.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
