Reliance Jio IPO likely in 2025 at over ₹9 lakh crore valuation, RIL shares to see upside: Jefferies

Reliance Jio Infocomm IPO will likely occur in calendar year (CY) 2025 with an expected valuation of ₹9.3 lakh crore, global investment banking firm Jeffries said in a note on Thursday.

The advisory firm also maintained a 'Buy' rating for Reliance and set a target price of ₹3,580 per scrip.

Jefferies said that the Reliance Jio IPO could entirely be an offer for sale (OFS) by minority shareholders. The Mukesh Ambani-led company could look to spin off Jio and list it following price discovery, it added.

Recently, Jio hiked its mobile tariff up to 25%. The investment banking firm said the telco's move indicates its focus on monetisation and increasing subscriber market share.

Analysts are looking towards RIL's annual general meeting (AGM) to get clarity on the Jio IPO.

Jefferies had earlier stated that it would monitor developments at the upcoming Reliance AGM on Jio's listing.

"Rising focus on monetisation could be a precursor to its imminent listing," the capital markets major said.

Shares of Reliance Industries were trading flat at ₹3,168.9 (+0.01%) on the National Stock Exchange (NSE) at 11:54 am.

Year-to-date, the stock has seen an upside of 22.4%, and in the past year, it has gained 25.8%.