Reliance Industries Share Alert: Should You Buy Mukesh Ambani's Reliance Stock Ahead Of Jio IPO Listing?

Investor focus has shifted towards Reliance Industries' share price as the behemoth launched India's biggest-ever IPO, Jio Platforms, on October 21, 2026. In less than 1 hour of its opening, the Jio IPO was fully subscribed, becoming the fastest subscription among the top 10 mega IPOs. Amidst this, the Reliance stock price skyrocketed by almost 3% before correcting as the broad-based market pulled back. That being said, should you buy Reliance stock ahead of Jio IPO's listing?

Reliance Industries Share Price

In the early trade, Reliance stock zoomed by 2.64% to hit an intraday high of Rs 1,234.60 apiece on BSE. However, since then, Reliance stock has corrected due to sell-offs seen in benchmarks like the Sensex and Nifty, which fell nearly 1% each. The broad-based market sentiment soured, which impacted Reliance as well.

At the time of writing, Reliance Industries stock traded at Rs 1206.95 apiece on BE, up by 0.4% on BSE, with market cap of Rs 16,33,242.10 crore.

According to analysts at Religare Broking, Reliance is a good bet ahead of Jio IPO listing.

The analysts highlighted that Reliance Industries Ltd. (RIL) presents an exceptionally strong, asymmetric risk-reward setup following an extended two-year price and time correction. The prolonged consolidation has successfully eliminated the valuation premium previously attached to future growth expectations, allowing baseline operating earnings across consumer platforms to catch up with share prices.

With the stock trading near the lower boundary of its multi-year range, downside risk is well-protected while upside optionality is underpinned by an approaching corporate catalyst.

Why Jio IPO Will Lift Reliance?

While recommending ACCUMULATE ahead of Jio listing, analysts pointed out institutional equity markets consistently discount major corporate catalysts well before formal execution.

They further explained that waiting for the official debut trading day risks missing the primary leg of multiple expansion. Building exposure in RIL at current levels enables investors to secure full participation in Jio's value discovery while retaining 100% upside in RIL's other mega-engines-Retail, O2C, and New Energy.

Furthermore, analysts said, the IPO represents far more than a routine liquidity event – it serves as the definitive structural inflection point for group re-rating. Historically, conglomerate stocks carry a persistent holding-company discount due to opaque segment valuations and internal capital allocation ambiguity.

Additionally, listing Jio establishes an independent, quoted market price for RIL's largest growth asset, providing unquestionable transparency to RIL's Sum-of-the-Parts (SOTP) structure and directly triggering a structural compression in the conglomerate discount.

Accordingly, Religare recommended BUY with target price of Rs 1696.

Jio IPO Subscribe Or Not?

The IPO will remain open from October 21 to October 23, 2026. The issue size of Rs 30,213 crore, making it the largest IPO ever in Indian history. The price band is fixed at the lower end at Rs 1,065 per share and upper end of Rs 1,119 per share. The minimum bid lot size is 12 shares and multiples thereof. At minimum, retail investors can bid at least Rs 13,428 to apply for Jio IPO.

The proceeds will be used to fully or partly repay outstanding borrowings of Jio's material subsidiary, Reliance Jio Infocomm Ltd (RJIL), and for general corporate purposes.

As of now, Jio IPO has subscribed by 1.71x with qualified institutional buyers (QIBs) oversubscribing their portion by a whopping 4.88x. Retail and non-institutional investors have subscribed 91% and 75% of the allotted size. Employees portion and shareholders category also fully subscribed.

"At the upper price band of Rs.1,119, Jio is valued at ~15x FY26 EV/EBITDA on a post-issue basis, implying a premium to industry peers. This premium is justified by Jio's market leadership, improving monetisation, strong cash flow generation, and substantial long-term optionality beyond its core telecom business. IPO-led deleveraging is expected to further strengthen the balance sheet," analysts at Geojit said.

While the near-term upside may be moderated by the premium valuation, Geojit analysts said, "the monetisation of cloud, AI, enterprise solutions, entertainment, digital platforms, and fixed broadband services could emerge as key drivers of earnings growth over the medium to long term. We therefore recommend SUBSCRIBE for investors with a medium- to long-term investment horizon."

Jio currently has a strong operating momentum with 533 million customers, ARPU of Rs 216, and an average monthly data usage of 43.7GB/user in Q1FY27, reflecting continued subscriber monetization and rising network engagement.

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