Reliance Jio could list at $112bn valuation, 15% upside in RIL: Jefferies

Jefferies on Reliance Jio listing: Reliance Industries’ telecom arm Reliance Jio could list on the bourses in calendar year 2025 with a likely valuation of $112 billion, global brokerage Jefferies said in a report on July 10. RIL, Jefferies said, could look to spin off Jio Platforms and list it after a price discovery.

“Assuming Jio is spun off from Reliance Industries’ stable, our fair value for RIL stock would be Rs 3,580. If IPO-ed, RIL’s fair value would fall to Rs 3,365 in the base case (adjusted for 20 per cent holding company discount),” Jefferies said. Jefferies target price, in case of a spin-off, implies a 14 per cent upside in their base case scenario.