₹11 Lakh Crore Valuation in Focus | Reliance Investors Eye Big Opportunity as Airtel Faces Fresh Competition | Will Mobile Recharge Tariffs Rise?
New Delhi: Reliance Industries’ proposed ₹30,000 crore IPO of Jio Platforms could emerge as India’s biggest-ever public issue, potentially surpassing Hyundai Motor India’s ₹27,800 crore IPO launched in 2024. With Jio’s valuation estimated at up to ₹11 lakh crore, the proposed listing is expected to give investors direct exposure to Reliance’s digital business and reshape competition in the telecom sector. However, the IPO details, pricing and schedule remain subject to official confirmation.
Global and domestic investors are reportedly showing strong interest in the proposed offering, with Reliance seeking to position Jio as a technology and digital services powerhouse rather than merely a telecom operator. Akash Ambani and Isha Ambani are said to have held meetings with investors across the US, Europe and Southeast Asia, while discussions with domestic mutual funds and institutional investors are also underway. According to earlier reports, the share price could be in the ₹1,065–₹1,119 range, with the issue potentially raising around ₹30,200 crore at the upper end. October 21–23 have been reported as possible IPO dates, with a tentative listing on October 28.
Brokerages, however, differ on Jio’s valuation. Motilal Oswal Financial Services estimates the company’s value at around ₹11 lakh crore, while Nomura puts its equity valuation at ₹9.8 lakh crore to ₹10.3 lakh crore. Including net debt, spectrum dues and lease liabilities, Nomura estimates Jio’s enterprise value at ₹10.9 lakh crore to ₹11.4 lakh crore. Reliance Industries holds a 66.4% stake in Jio Platforms, and the listing could unlock the value of this investment. Nevertheless, the impact on Reliance shareholders will also depend on the valuation discount applied to the holding company and the performance of its retail, energy, petrochemicals and emerging businesses.
Will Bharti Airtel feel the heat? The Jio IPO could redirect some investor attention and capital towards Jio, but analysts believe the impact on Airtel may be limited by Jio’s expected small public float. Airtel continues to enjoy advantages in cash flow, returns on investment and premium subscribers. According to the figures cited in the brokerage analysis, Airtel’s average revenue per user (ARPU) increased by ₹34 over the three quarters following the previous tariff hike, compared with ₹25 for Jio. Airtel’s subscriber base also reportedly grew by 2%, while Jio recorded a 0.3% decline over the same period.
The biggest question now is whether Jio’s listing will trigger a fresh phase of tariff hikes in India’s telecom industry. A higher valuation and pressure to improve profitability could intensify the focus on average revenue per user, network investments and subscriber monetisation. However, the IPO alone does not guarantee higher mobile recharge prices; future tariffs will depend on competition, operating costs and the companies’ business strategies. For investors, Jio’s valuation, Reliance’s share performance and Airtel’s competitive strength will remain key factors to watch.
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