Global brokerage firm Jefferies has expressed confidence that Reliance Jio, led by Mukesh Ambani, could soon be listed on the stock exchange. In its latest research report, Jefferies maintained a BUY rating on Reliance Industries, noting the stock’s strong risk-reward potential.
The firm emphasized Jio’s solid growth in the home broadband sector, positioning it well for the monetization of 5G services. Jefferies forecasts the possibility of a public listing for Jio in CY 2025. On the other hand, regarding Reliance Retail, Jefferies acknowledged a strong performance in October but suggested that a consistent recovery might take another two quarters. The brokerage has valued Reliance Retail at $57 billion under conservative assumptions.
Jefferies also reaffirmed its BUY rating for Reliance Industries, setting a target price of ₹1,700 for the stock.
Shares of Reliance Industries ended Monday’s trading session with a 2% increase, closing at ₹1,290.95 on the NSE, signaling a potential upside of around 30% from current market levels.
Reliance Jio Infocomm, a major player in India’s telecom sector, has significantly expanded its reach under Mukesh Ambani’s leadership. In 2019, Reliance Industries had announced plans to list both Jio and Reliance Retail within five years, although no exact timeline was given.
Recently, Reliance Jio surpassed China Mobile to become the world’s largest consumer of mobile data traffic, solidifying its global position.
If Jio’s shares are listed in 2025, it will be Mukesh Ambani’s third company to go public, following Reliance Industries and Jio Financial Services, which was demerged from Reliance Industries in a corporate restructuring in July 2023.
As of November 25, Reliance Industries remains India’s most valuable company, with a market capitalization of ₹17.42 lakh crore, according to BSE data.
