Jio Platforms IPO Could Unlock RIL Value as Re-Rating Hopes Rise
The proposed Jio Platforms IPO could become a major value-unlocking event for Reliance Industries, with Motilal Oswal Financial Services seeing scope for a re-rating in RIL shares. The brokerage believes the current market valuation already reflects a sizeable holding-company discount on Reliance’s stake in Jio Platforms.
For investors, the key question is whether a Jio Platforms listing can make that hidden value more visible.
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Jio Platforms IPO: RIL valuation already reflects a Jio holding-company discount
Motilal Oswal estimates that RIL’s current share price factors in an 18–36% holding-company discount on its roughly 66.4% stake in Jio Platforms.
The size of the discount depends on the valuation assigned to Reliance Retail Ventures.
If RRVL is valued at 20 times September 2028 estimated EV/EBITDA, the implied discount on RIL’s Jio stake is around 36%. At a more conservative 15-times multiple for the retail business, the discount comes down to about 18%.
This creates potential headroom for value unlocking if Jio Platforms is listed.
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Jio Platforms IPO: What is confirmed vs. still unconfirmed
The DRHP confirms that Jio Platforms plans a fresh issue of up to 27 crore equity shares, with a face value of ₹10 each. There is no OFS component in the DRHP, and the final issue price is to be determined through book building.
However, the ₹0 price band shown on some IPO websites is only a placeholder, not the actual IPO price. The official price band has not yet been announced.
Current Jio Platforms IPO
| Particular | Current status |
|---|---|
| Issue type | Book-built IPO |
| Issue size | Up to 27 crore shares |
| Issue type | Fresh issue only |
| Face value | ₹10/share |
| Offer for Sale | None |
| Price band | Not announced |
| IPO opening date | Expected October 21, 2026* |
| IPO closing date | Expected October 23, 2026* |
| Listing | Expected October 28, 2026* |
| Listing exchanges | BSE, NSE |
| Registrar | KFin Technologies |
| Book-running lead managers | Multiple investment banks, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and others |
*The October 21–23 subscription window and October 28 listing are reported/expected dates, not yet the final dates in the DRHP. Reuters has reported an October 21 launch and October 28 listing plan.
What about the ₹178 GMP?
I would not publish the ₹178 GMP figure as an official expected listing price.
The reason is important: GMP is an unofficial grey-market indicator, while the IPO’s official price band hasn’t been fixed yet. The page you pasted is therefore mathematically showing an estimated listing price of ₹178 because its upper price-band field is still ₹0. That makes the displayed 0% GMP calculation meaningless.
Other grey-market trackers currently show different GMP figures—for example, one tracker reported ₹165 on October 7—which itself demonstrates why GMP should be treated only as an indicative sentiment measure rather than a reliable listing-price forecast.
Jio Platforms IPO GMP – Day-wise Table
| Date | GMP | Trend |
|---|---|---|
| 7 Oct 2026 | ₹168–₹170 | Up |
| 6 Oct 2026 | ₹167–₹168 | Up |
| 5 Oct 2026 | ₹156–₹160 | Up |
| 4 Oct 2026 | ₹148 | — |
GMP sources are showing slightly different readings because grey-market quotes are unofficial and can change during the day. For October 7, reported figures range from ₹165 to ₹170, with some trackers showing ₹168.
Important: Since Jio Platforms’ official price band has not been formally announced, the expected listing price and GMP percentage should not be calculated using ₹0 as the issue price.
Note: GMP is an unofficial grey-market indicator and does not guarantee the actual listing price.
Jio IPO could become a trigger for RIL investors
Motilal Oswal values Jio Platforms at ₹11.2 lakh crore, or around $117 billion.
RIL’s 66.48% stake is valued at approximately ₹7.45 lakh crore, equivalent to around ₹550 per RIL share before applying a 25% holding-company discount.
After the discount, the brokerage assigns an attributable value of ₹413 per RIL share to Jio.
Motilal Oswal has retained its Buy rating on RIL, with a sum-of-the-parts target price of ₹1,530 per share.
Its valuation includes ₹418 per share for oil-to-chemicals and exploration and production, ₹174 for new energy, ₹505 for Reliance Retail and ₹413 for Jio after the holding-company discount.
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Key Investor Takeaways
Jio Platforms IPO: Potential Value Unlock for RIL
- ₹11 lakh crore valuation: The reported IPO valuation of around ₹11 lakh crore ($114 billion) is broadly in line with Motilal Oswal’s ₹11.2 lakh crore valuation for Jio Platforms. At this valuation, Jio would trade at roughly 12x FY28E EV/EBITDA.
- RIL’s 66.4% Jio stake: Reliance Industries owns approximately 66.4% of Jio Platforms. Motilal Oswal estimates this stake at about ₹7.45 lakh crore, equivalent to roughly ₹550 per RIL share before applying a holding-company discount.
- Potential discount already priced in: Depending on the valuation assigned to Reliance Retail, Motilal Oswal estimates that RIL’s current share price already reflects an 18%-36% holding-company discount on its Jio stake. A successful listing could therefore make Jio’s underlying value more visible to investors.
- RIL target price ₹1,530: Motilal Oswal has retained its Buy rating on RIL with a ₹1,530 target price, supported by its sum-of-the-parts valuation.
Jio IPO may strengthen the case for telecom tariff hikes
The Jio Platforms IPO could also have wider implications for the telecom sector.
Motilal Oswal said delays in tariff hikes have been one of the reasons for the muted performance of RIL and Bharti Airtel shares this year.
The brokerage expects the Jio IPO and Vodafone Idea’s planned fundraise to strengthen the case for another telecom tariff increase.
It has factored in an approximately 15% smartphone tariff hike in December 2026, which it expects could provide visibility for around 15% EBITDA compound annual growth over FY26–29.
Here’s what happened today and why traders reacted
Motilal Oswal said a potential equity valuation of around ₹11 lakh crore for Jio Platforms is broadly in line with its own valuation of ₹11.2 lakh crore.
At that valuation, Jio Platforms would trade at roughly 12 times FY28 estimated EV/EBITDA, according to the brokerage.
The proposed Jio IPO could allow investors to value the digital business separately, potentially reducing the discount currently applied to RIL’s Jio stake.
Jio earnings growth could support the investment case
Motilal Oswal expects Jio’s financial performance to strengthen over the coming years.
Its estimates put Jio’s FY28 revenue at ₹1.69 lakh crore, with EBITDA of about ₹95,700 crore. The brokerage expects the EBITDA margin to rise to 56.6%.
For RIL investors, the potential Jio IPO is therefore more than a listing event. It could provide a clearer market valuation for the digital business while leaving RIL exposed to retail, energy, FMCG, new energy, data centres, artificial intelligence and JioStar.
The proposed listing, telecom tariff outlook and stronger Jio earnings could consequently remain important triggers for RIL shares in the coming months.
