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Reliance Industries , India ’s most valuable company , may consider whirl off its telecom weapon system Jio for a public list as ahead of time as 2025 , Jefferies said in a inquiry note , with investor privilege this route over an initial public offering . The move accompany Jio ’s recent focus on monetization and market place share gains , signaled by itsleading role in duty hikes .
The spinoff option is gain traction due to concerns over the holding company price reduction prevalent in the Indian market , where heel underling often trade at a 20 - 50 % discount when held by a parent troupe . While an IPO would allow Mukesh Ambani - led Reliance to maintain absolute majority control of Jio , it risks devaluate the telecommunication giant within Reliance ’s grocery store cap .
A spinoff would see Reliance shareowner receive symmetrical ownership in Jio , potentially precede to a more precise stand - alone rating . It would keep down the control interest of Reliance ’s owners to 33.3 % , down from the current 66.3 % .
Reliance has long been anticipate to list Jio and Reliance Retail , the body politic ’s largest retail mountain range . In a surprise move last yr , Reliancedemerged its fiscal service offering and list Jio Financial Services . Since its August 2023 separation , Jio Financial Services ’ blood line has surged 40 % , while Reliance has outperformed the neat indicant by 1,100 base detail .
Jefferies say that the success of Jio Financial Services ’ spinoff last year could swear out as a model for how the firm views potential listings of Jio and Reliance Retail .
Jefferies psychoanalyst figure a public listing could treasure Jio at $ 112 billion , potentially driving a 7 - 15 % upside for Reliance ’s stock . They project a bonnie value of 3,580 rupees per contribution for Reliance in a spinoff scenario , compare to 3,365 rupees for an initial offering , put on a 20 % holding caller discount .
