Jefferies raises Reliance stock weight as Jio IPO nears

Published on 10/12/2026 at 09:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jio IPO targets INR 30.0 billion and opens October 21. A 66.43 percent Jio stake underpins Reliance stock in the listed parent company.

Key points in brief

Jefferies raised Reliance Industries' model portfolio weight to 7.50 percent as the Jio Platforms IPO approaches.
The proposed Jio IPO targets INR 30.0 billion and public subscription is scheduled for October 21, 2026.
Jio Platforms' net leverage fell from 0.88 times in fiscal 2024 to 0.36 times in fiscal 2026.
Reliance reported INR 340.257 billion in revenue and INR 23.196 billion in profit after tax for the first quarter of fiscal 2027.

Reliance, INE002A01018, Illustration mit AI erstellt.

Jefferies raised its model portfolio weight for Reliance Industries stock to 7.50 percent as the Jio Platforms IPO approaches, according to Moneycontrol on October 6, 2026. The proposed offering gives the parent company a valuation event for its digital arm while leaving the final issue terms to the offer documents.

Jio IPO sets a measurable test

The proposed Jio Platforms offering targets INR 30.0 billion, with public subscription scheduled for October 21, 2026 and a potential listing on October 28, 2026, according to The Economic Times. Reliance held 66.43 percent of Jio Platforms as of March 31, 2026, while the proposed issue consists of fresh shares intended partly to repay borrowings.

The structure matters because Jio Platforms' net leverage declined from 0.88 times in fiscal 2024 to 0.36 times in fiscal 2026. Its revenue from operations rose from INR 110.0 billion in fiscal 2024 to INR 147.0 billion in fiscal 2026, while profit after tax increased from INR 21.423 billion to INR 30.049 billion, Moneycontrol reported on October 11, 2026.

What does the IPO mean for scale?

The answer is visible in the parent company's operating base. Reliance reported revenue of INR 340.257 billion for the first quarter of fiscal 2027, up 24.50 percent year over year, while profit after tax rose 6.10 percent to INR 23.196 billion, according to FinTech BizNews on July 17, 2026. The same report put first-quarter capital expenditure at INR 38.682 billion, showing that the IPO narrative sits alongside continued investment across digital services, retail, energy and new energy.

Three dated milestones

On July 17, 2026, Reliance reported INR 340.257 billion of first-quarter fiscal 2027 revenue and INR 23.196 billion of profit after tax, according to FinTech BizNews. On October 6, 2026, Jefferies lifted Reliance's model portfolio weight to 7.50 percent, as Moneycontrol reported. On October 11, 2026, Jio's proposed IPO was described with a INR 30.0 billion target, according to Moneycontrol.

Next dates for the offering

The next disclosed milestones are October 19, 2026 for the expected anchor-investor process and October 21, 2026 for public subscription, with a potential October 28, 2026 listing, according to The Economic Times. The timetable gives Reliance shareholders a defined sequence for assessing how the digital business is valued in public markets.

Reliance market scale

Reliance Industries had a market capitalization of INR 15.7 trillion as of October 12, 2026, based on the NSE-listed instrument. Its primary listing is on the NSE under ticker RELIANCE, while the company is classified in oil, gas and consumable fuels.