Reliance Industries (RIL) stock jumped nearly 3% to hit an intraday high of ₹1,344.90 on Monday's trading session, continuing its positive momentum from the recent AGM announcements. According to latest market data, the stock was trading at ₹1,340 levels at 11:05 AM, marking its highest point since May 29. The rally comes as SENSEX jumped as much as 0.68% to hit an intraday high of 77,325.56, with NIFTY50 reaching 24,168.05 during the afternoon session. The broader market strength was driven by positive developments including the conclusion of US-Iran negotiations and improved oil market conditions, with Brent Crude oil prices falling below $80 per barrel after Iran secured an oil and petrochemical waiver.
Jio Platforms filed a draft red herring prospectus (DRHP) with SEBI on Monday, marking a significant milestone in the telecom-to-technology giant's journey toward public listing. As per latest reports, the proposed initial public offering involves a fresh issuance of 27 crore shares, with no offer for sale component, making it a pure fresh equity issuance. The IPO is expected to raise around ₹37,700 crore, with the money raised being used for prepayment of certain outstanding borrowings availed by material subsidiary RJIL and general corporate purposes. Reliance Chairman Mukesh Ambani told shareholders at the company's 49th annual general meeting that "the proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value." The filing represents a major step forward in RIL's strategy to monetize its digital assets and technology platform. Bankers indicated the IPO size is likely to be around $4 billion (over ₹37,000 crore), valuing the telecom operator at around ₹13 lakh crore. Gaurav Sharma, head of research, Globe Capital noted that "the value unlocking of the telecom business into a large cap from a mega cap is positive."
Jio Platforms reported robust financial growth in FY26, with profit after tax increasing 15.14% to ₹30,064.30 crore from ₹26,110.20 crore in the previous year. The company's revenue from operations climbed 14.55% to ₹1,46,885.3 crore in FY26 compared to ₹1,28,218.4 crore in FY25. As per the DRHP filing, Jio Platforms serves over 524 million customers in India as of March 31, 2026, through its material arm RJIL. The company operates across digital connectivity and digital services industries, offering mobile and fixed digital connectivity, digital services including entertainment, cloud compute, cloud gaming, cloud PC and storage, smart home solutions, and AI-based products like AI assistants for consumers. For businesses, Jio provides enterprise-grade broadband and leased line-based connectivity, digital services, end-to-end managed information and communication services, and AI-based products.
Analysts identified the biggest trigger for the stock surge as the proposed Jio IPO, which could provide investors clear insight into Jio's ARPU metrics. As per Vyom Chheda, Research Analyst, StoxBox, "The primary reason for the buying interest in Reliance Industries was the value unlocking from the Jio IPO that could provide investors clear insight into Jio's ARPU." Gaurav Sharma, head of research, Globe Capital emphasized that "the optimism in Reliance Industries is expected to continue, and investors should subscribe to the Jio IPO." The stock ended 1.2% higher to close at ₹1,324.7, reflecting sustained investor confidence. Multiple brokerages maintain positive outlook with upside potential of up to 35% following the AGM announcements.
The Jio IPO will follow a standard reservation structure with half of the net offer set aside for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs), and 15% for non-institutional investors (NIIs). The issue will be managed by 18 book-running lead managers including Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company, BNP Paribas, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, CLSA India, Goldman Sachs (India) Securities, ICICI Securities, HDFC Bank, HSBC Securities and Capital Markets, IIFL Capital Services, JM Financial, Jefferies India, JP Morgan India, UBS Securities India, SBI Capital Markets and 360 ONE WAM. KFin Technologies has been appointed as the registrar for the issue. Reliance Industries currently owns 66.43% of Jio Platforms, with the proposed listing expected to create a public market for the equity shares and unlock value from the telecom-to-technology business that has emerged as one of Reliance's primary growth engines since its launch in 2016.
