Jio Platforms may be valued at $148 bn by FY27

ICICI Securities optimistic about [PO-bound firm’s strong free cash flow and potential deleveraging

- GULVEEN AULAKH

Jio Platforms Limited (JPL) is likely to have a valuation of $148 billion by the time it goes public on the back of strong free cash flow and potential deleveraging, ICICI Securities said in a note.

It has raised valuation multiples for Bharti Airtel owing to sustainable growth in average revenue per user (Arpu) and an improved finance structure. The valuation upgrades for Indian tele-com operators under its coverage are being done citing “renewed optimism”. They are driven by stronger financial fundamentals across the sector, an improved tariff structure, renewed push for 5G adoption and premiumisation trends.

Reliance Industries (RIL) chairman Mukesh Ambani had said in August at the group's annual general meeting that preparations had begun for listing Reliance Jio in the first half of 2026.

Jio, RIL’s telecom arm and the group’s digital businesses, are housed under Jio Platforms.

“We expect JPL's initial public offering (IPO) to come at premium valuations, which was also the case during JPL’s dilution,” he said, citing JPL’s stake sales in FY21 which was done at a valuation of $65-70 billion.