ICICI Securities has projected a USD 148 billion valuation for Jio Platforms Limited (JPL) by 2027, expecting its upcoming IPO to command premium valuations
Mumbai: ICICI Securities has estimated that Jio Platforms Limited (JPL) could reach a valuation of USD 148 billion by September 2027, anticipating strong investor demand and premium pricing for its much-awaited initial public offering (IPO).
In a report released on Friday, the brokerage said the company’s forthcoming IPO, expected in the first half of 2026, could mirror the “premium valuations” achieved during Jio’s high-profile fundraising round in FY21, when it raised about Rs 1.52 lakh crore from global investors such as Facebook (now Meta), Google, and KKR.
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The firm also raised valuation estimates for Indian telecom companies, citing renewed optimism supported by tariff improvements, a push for 5G expansion, and JPL’s planned listing, which could “positively influence sector valuations.”
Jio Platforms, which houses Reliance Industries Limited’s (RIL) telecom and digital ventures, is currently 66.3 per cent owned by RIL. Meta holds a 10 per cent stake, Google 7.7 per cent, and private equity investors collectively own 16 per cent.
At RIL’s annual general meeting on August 29, Chairman Mukesh Ambani said that the Jio IPO would offer an “attractive opportunity” for investors and would demonstrate the company’s ability to create value comparable to global technology leaders.
ICICI Securities noted that JPL continues to benefit from market leadership in mobility, growing opportunities in fixed broadband, and expansion in digital services. It projects JPL’s EBITDA and net profit to grow at compound annual rates of 18.1 per cent and 21.1 per cent respectively over FY25–28.
The brokerage also highlighted emerging business opportunities in areas such as AI-powered enterprise services, content, data storage, and MSME solutions. Additionally, it expects JPL’s non-connectivity profit to grow at 46.7 per cent annually through FY25–28.
The report further pointed out that JPL’s investment in technologies such as 5G, Unlicensed Band Radio Fixed Wireless Access (UBR-FWA), and early 6G development could open new markets, including the potential to serve up to 3.9 billion people in underpenetrated broadband regions.
ICICI Securities’ latest assessment underscores growing confidence in India’s telecom and digital infrastructure sectors. The report emphasised JPL’s consistent ability to attract global capital and maintain a strong financial trajectory since its inception.
The brokerage applied a 16x adjusted EBITDA multiple to arrive at its USD 148 billion equity valuation estimate for September 2027. It said that Jio’s diversification beyond connectivity — into AI, digital enterprise services, and managed technology solutions — is expected to create significant incremental value.
JPL had earlier raised funds at a valuation of USD 65–70 billion in FY21, attracting investors such as Silver Lake, Vista Equity Partners, General Atlantic, Mubadala, ADIA, TPG, L Catterton, the Public Investment Fund of Saudi Arabia, Intel Capital, and Qualcomm Ventures.
The company’s new growth initiatives include AI deployment through Reliance Intelligence, expansion of broadband access via UBR-FWA, and exploration of next-generation wireless technologies like 6G.
The proposed IPO is widely expected to be one of India’s largest-ever listings and a milestone in Reliance Industries’ digital transformation roadmap.
(With PTI inputs)
Published: 24 Oct 2025, 05:43 pm IST
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