Jio IPO: Rs 30,213 crore issue divides analysts on RIL value

Jio Platforms’ Rs 30,213 crore initial public offering would value the company at Rs 10.3 lakh crore at the upper price band of Rs 1,119, Economic Times Markets reported on October 21. The offering comprises 27 crore fresh shares with no offer-for-sale component; up to Rs 27,500 crore of net proceeds is earmarked for repaying borrowings at Reliance Jio Infocomm.

Analysts differed on whether investors should buy Jio directly or seek exposure through parent Reliance Industries. Arihant Capital Markets joint managing director Arpit Jain said applying a 30% holding-company discount to Reliance’s expected post-issue Jio stake puts its attributable value at about Rs 4.65 lakh crore, alongside exposure to retail, oil-to-chemicals, new energy and media. Bonanza senior research analyst Abhinav Tiwari highlighted Jio’s growth opportunities in data consumption, broadband, 5G and artificial intelligence.

Valuation remains a constraint: the report puts Jio’s upper-band pricing at more than 34 times FY26 earnings on its post-issue equity base. Mangal Keshav Financial Services chairman Paresh Bhagat said the anticipated benefits of Jio’s listing were largely reflected in Reliance’s share price and favoured waiting for better entry prices in both companies rather than buying aggressively.