Jio Plans Massive Public Share Sale
Jio Platforms’ planned ₹30,000 crore initial public offering stands to become India’s largest-ever share sale, potentially reaching a market valuation near ₹11 lakh crore. This would establish a public market price for Mukesh Ambani’s digital ventures and reshape how investors evaluate Reliance Industries’ overall worth.
It would also represent Reliance Industries’ first public share sale in three decades, directly exposing one of its fastest-growing divisions to market investors.
Assessing Jio’s Market Potential
Financial analysts at Motilal Oswal project Jio Platforms could achieve a valuation around ₹11 lakh crore, closely matching its current internal assessment of ₹11.2 lakh crore. Under this scenario, the company would trade at roughly 12 times its projected FY28 enterprise value relative to earnings before interest, taxes, depreciation and amortisation (EV/EBITDA).
Nomura presents a more conservative outlook, estimating Jio’s equity value could range between ₹9.8 lakh crore and ₹10.3 lakh crore based on the proposed share price range. After factoring in net debt, spectrum obligations and lease commitments, Nomura calculates Jio’s enterprise value would fall between ₹10.9 lakh crore and ₹11.4 lakh crore.
The core investor question remains whether Jio’s financial performance can sustain such valuations. The company’s dominant position in wireless services and home broadband, combined with potential contributions from digital and enterprise operations, will be critical factors. Ravi Singh, Chief Research Officer at Master Capital Services, states that Jio’s ₹11 lakh crore valuation would be justified only if its earnings growth, average revenue per user increases, and momentum in digital/enterprise segments remain strong.
For full value realization by Reliance Industries shareholders, additional mechanisms would be required to transfer or monetize that value more completely. Vinit Bolinjkar, Head of Research at Ventura, notes that establishing a standalone market valuation for Jio would enhance transparency and potentially reduce the valuation discount currently applied to Reliance’s Jio stake.
Read Also: Musk vows to price Starlink competitively
Broader Market and Sector Implications
Reliance Industries currently holds a 66.4% stake in Jio Platforms. At the projected ₹11 lakh crore valuation, this stake would be worth over ₹7 lakh crore, providing clearer market visibility into one of the conglomerate’s most valuable assets. However, a public valuation does not guarantee immediate realization of that value for existing shareholders.
Nomura estimates Jio’s equity valuation would translate to approximately ₹481-506 per Reliance Industries share before applying a typical holding-company discount. After accounting for a 20% discount, the implied value would drop to about ₹385-405 per share. The combined effect of this valuation range and discount could reduce Jio’s contribution to Reliance’s sum-of-the-parts valuation by roughly ₹136 per share.
Potential tariff adjustments could enhance revenue per user, profitability and cash flow generation across the industry. Motilal Oswal anticipates Jio’s EBITDA could grow at a compound annual rate of about 15% between fiscal years 2026 and 2029.
Company representatives, including Akash Ambani and Isha Ambani, are conducting investor roadshows to position Jio as a full technology and digital services provider. The company aims to attract retail investors while structuring the offering to retain some upside potential.
Telecom Sector Valuation Shifts
Motilal Oswal projects Jio’s EBITDA growth at a 15% compound annual rate between FY26 and FY29. Potential tariff increases could improve sector-wide financial metrics and help substantiate Jio’s valuation assumptions.
