Jio's IPO Could Be India's Largest at ₹30,000 Crore

However, analysts seem divided on holdco discount

- GULVEEN AULAKH

Reliance Jio's public listing planned for the first half of next year could well be India's largest at ₹30,000 crore, according to brokerage Motilal Oswal (MOSL), which has pegged the equity value of the holding company, Jio Platforms Limited (JPL), at ₹11.9 trillion or $135 billion.

Till now, Hyundai India's IPO holds the badge of largest IPO that the country has seen. It had raised ₹27,869 crore in 2024.

MOSL has thus valued Reliance Industries' stake in JPL at ₹7.91 trillion or $90 billion. JPL's enterprise value (EV; equity plus debt) has been pegged at $151 billion by the domestic brokerage.

Brokerages Morgan Stanley, Citi and BofA put the enterprise value of JPL at $133 billion, $135 billion and $127 billion, respectively, according to their analyst reports issued on Monday, and seen by Business Standard. JPL is the holding company of Reliance Jio Infocomm, which fully owns the number one telco in the country.