Reliance Industries Limited could surpass Tata Group in a listed-company market-value tally if Jio Platforms Limited trades at the top of its IPO price band, though the calculation includes overlapping ownership.
Using Oct. 16 market values, Business Today put Reliance’s existing listed companies at ₹18.05 trillion combined and Tata’s at ₹25.92 trillion. Adding an estimated ₹10.3 trillion for Jio would bring Reliance’s total to ₹28.35 trillion, or ₹2.43 trillion above Tata’s, if the other market values held steady.
Jio’s IPO committee approved a share price range of ₹1,065 to ₹1,119, Reliance said in an exchange filing. At ₹1,119 a share, the prospectus share count and the maximum issue of 270 million new shares imply a post-issue value of about ₹10.3 trillion. The offer price does not establish where Jio shares will trade after listing.
The group comparison has another limit. Reliance owned 66.43% of Jio before the offer, according to Jio’s prospectus. Because the tally adds the full values of both companies, part of the business represented in Reliance’s market value appears again under Jio. The projected increase in the group total therefore does not measure a gain for Reliance shareholders.
Jio’s offering consists entirely of newly issued shares. If fully subscribed, it would bring proceeds into Jio while reducing existing owners’ percentage stakes. Jio plans to use part of the net proceeds to prepay borrowings at Reliance Jio Infocomm Limited and part for general corporate purposes. The telecom subsidiary accounted for 87.74% of Jio’s consolidated revenue from operations in the financial year ended March 31.
Business Today’s Oct. 16 comparison also put Adani Group at ₹17.23 trillion and HDFC Group at nearly ₹13.9 trillion. The eventual ranking will depend on Jio’s trading value and changes in the other listed companies’ share prices. Public bidding for Jio shares is scheduled to close Oct. 23.
