Shares of Reliance Industries Ltd (RIL) rose nearly 2% to ₹1,406 in early trade on Tuesday, August 19, after global brokerage Citi reiterated a ‘Buy’ rating with a target price of ₹1,690, citing strong growth prospects and supportive regulatory developments.
One of the key triggers for investor sentiment is the Securities and Exchange Board of India’s (SEBI) new proposal to ease minimum public offer requirements for large IPOs. Under the draft framework, companies with a post-IPO market capitalisation of over ₹5 lakh crore (approx. $57 billion) would now need to offload just 2.5% of post-issue capital, instead of the earlier 5%.
Analysts see this move as a major positive for Jio Platforms’ potential listing, as it reduces the immediate supply overhang. Citi values Jio Platforms at an enterprise value of $135 billion (equity value $120 billion+). A 5% public float would have translated into $6 billion+ of share supply—challenging for Indian markets to absorb given 35% retail reservations—whereas a 2.5% float cuts this to around $3 billion, easing concerns over liquidity and potential holding-company discount risks for RIL.
Separately, RIL’s fast-moving consumer goods arm, Reliance Consumer Products Ltd (RCPL), announced its entry into the healthy functional beverages space. The company has acquired a majority stake in Naturedge Beverages, the maker of the herbal-infused, zero-calorie brand Shunya.
The move expands RCPL’s beverage portfolio beyond Campa Cola, Campa Energy, and Raskik, as it seeks to tap into India’s growing demand for natural, herbal, and low-calorie drinks. Shunya, which uses Ayurvedic herbs like Ashwagandha, Brahmi, Khus, Kokum, and Green Tea, has been gaining traction among health-conscious urban consumers.
Analysts believe the twin triggers—IPO regulation tailwinds for Jio and strategic diversification in consumer products—reinforce RIL’s long-term growth story across telecom, retail, and FMCG.
