Jefferies Says Reliance Can List Jio in 2025 at $112 Billion Valuation

Reliance Industries, India’s largest company by market value, is contemplating a spinoff of its telecom arm Jio for a public listing in 2025, Jefferies said. The move, potentially valuing Jio at $112 billion (per Jefferies), follows the unit’s recent focus on monetisation and market share gains.

Investors favor a spinoff over an IPO to avoid the 20-50% holding company discount common in Indian markets. While a spinoff could lead to more accurate valuation, it would reduce Reliance’s controlling stake to 33.3%. Analysts at Jefferies project a 7-15% upside for Reliance’s stock, with a fair value of 3,580 rupees per share in a spinoff scenario.

Airtel was trading Thursday at nearly $98 billion market cap.

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