Reliance Industries Ltd (RIL)’s planned Rs 30,000 crore IPO of Jio Platforms could do more than create India’s largest-ever public offering. It may force investors to put a transparent market value on billionaire Mukesh Ambani’s digital empire and, in the process, unlock the valuation discount that has weighed on the oil-to-telecom conglomerate for years.
Religare has assigned a target price of Rs 1,696 to Reliance, compared with a current market price of Rs 1,156, implying a potential upside of 46.7%. The brokerage has a “BUY” rating on the stock, arguing that the proposed Jio listing could become a structural catalyst for a broader re-rating of the conglomerate.
