An enterprise value for Jio of 12 to 14 times 2027 Ebitda would be a premium to Bharti Airtel, implying a US$120 billion to US$145 billion valuation. Yet, its peer-beating mobile and fixed-broadband user growth, and unmatched market leadership, could help justify a valuation at the high end of that range, especially if Ebitda reaps gains from a tariff increase.
Reliance Jio's long-awaited IPO could be India's largest, with an offer size as much as US$6.5 billion based on the midpoint of a US$120 billion to US$145 billion valuation range.
Jio's unmatched scale and annual Ebitda growth of about 20% position it for a premium to Bharti Airtel. Listing visibility could fast-track higher mobile tariffs, and new capital can help it push into India's fixed-broadband market
