Reliance Jio IPO – Listing Likely in 2025 at $112 Billion Valuation, Says Jefferies

News flow and expectations about Jio’s listing have fuelled Reliance Industries’ share price increase of 22% year-to-date. A public listing may value Jio at $112 billion, according to Jefferies analysts, therefore generating a 7-15% increase in the stock value of Reliance. The salient features are listed here:

Jefferies advises Jio to IPO with a valuation of $112 billion

Should Jio’s company separate from Reliance Industries, the fair value for Reliance Industries share prices would be roughly Rs3,580 per share, therefore reflecting a 15% increase.

IPO as opposed to a spinoff

Jefferies takes two scenarios into account –

Fair value, should Reliance Industries decide to pursue an IPO, would drop to Rs3,365 per share (with a 20% holding company discount). Vertical Spinoff Route – Jio can be listed with no holding company discount following price discovery. Though their stake in Jio would be smaller—33.3% adjusted for Reliance Industries 66.3%—Reliance shareholders would gain from improved value unlocking.
Jefferies thinks Jio’s emphasis on monetization and subscriber market growth will enable a public offering in 2025. Leading by example in recent rate increases, Jio indicated its intention. Whether via an IPO or spinoff, Jio’s listing might be a noteworthy occasion.

As of mid-2025, Reliance Industries has made significant progress toward Jio’s public listing. Reports say that filings with market regulators are in progress. The IPO could launch in Q4 of 2025. Jio has improved its finances. It saw a big rise in average revenue per user (ARPU). It also gained more subscribers, especially in rural areas. Analysts say Jio’s readiness and good market mood have pushed Reliance Industries’ stock over Rs3,150. It’s now nearing Jefferies’ target fair value. Interest from institutions is growing. This shows strong demand and hints at possible oversubscription when the IPO launches.