Reliance and Airtel Surge as Jio Platforms IPO Sets Landmark Valuation
Reliance Industries and Bharti Airtel shares rally as Jio Platforms announces a $106 billion IPO, setting a new benchmark for India's telecom sector.
POLICY WIRE — Punjab, India — Shares of Reliance Industries and Bharti Airtel climbed on Thursday, October 15, 2026, following the announcement of the price band for the highly anticipated Jio Platforms initial public offering.
Reliance Industries saw its stock jump more than 3% during intraday trading, marking its most significant single-day gain in over two months. Investors are increasingly optimistic that the listing will unlock substantial value for the conglomerate.
The IPO, which aims to raise ₹30,000 crore, targets a valuation of 10.3 trillion rupees, or approximately $106 billion. According to four bankers involved in the deal, this would represent the largest listing in the history of the country.
At a projected valuation of roughly ₹11 lakh crore, Jio Platforms would be positioned slightly above the current market capitalization of Bharti Airtel, which stands at approximately ₹10.87 lakh crore. This pricing serves as a critical benchmark for the broader Indian telecommunications industry.
Analysts suggest that the standalone valuation of Jio Platforms will simplify the assessment of Reliance’s remaining 64.5% stake. By separating the telecom unit from the parent company’s retail, oil-to-chemicals, and new-energy divisions, investors may find it easier to value the conglomerate as a whole.
Despite the excitement surrounding the IPO, some market participants remain cautious. Recent declines in Reliance Industries shares have highlighted investor concerns regarding holding-company discounts, ongoing tariff hikes, and the performance of telecom earnings throughout a challenging year.
Reporting by Policy-Wire (PW)
