The potential Jio Platforms IPO is drawing investor attention as analysts reassess the valuations of Reliance Industries Ltd (RIL) and Bharti Airtel. The expected listing could influence how investors value India’s telecom businesses and the stakes held by their parent companies.

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Brokerage firm Nomura said Reliance Industries’ shares have already corrected significantly ahead of Jio Platforms’ potential listing. According to the brokerage, this decline may have largely accounted for the possibility of a lower valuation for Jio and the discount typically applied to a holding company.

Nomura estimated that Reliance Industries’ 66.4% stake in Jio Platforms could be worth ₹481–506 per RIL share after the potential listing. This represents approximately 41–43% of Reliance Industries’ current share price, according to the brokerage’s assessment.

The valuation debate also puts Bharti Airtel in focus. Nomura considers the telecom operator attractively valued relative to Jio, based on the IPO price band reported in the media. The brokerage believes the valuation gap between the two companies could narrow after Jio Platforms becomes publicly listed.

Tariff increases and their impact on revenue growth remain important factors for investors evaluating telecom companies. The ability to improve average revenue per user, sustain subscriber growth and manage capital expenditure could influence future earnings and valuations.

However, the final impact of Jio’s potential listing will depend on its confirmed IPO price band, market conditions and investor demand. Until official details are announced, valuation estimates remain indicative rather than guaranteed outcomes.

Investors should consider brokerage assumptions, company fundamentals and their own risk tolerance before making investment decisions.