Reliance Jio could fetch a valuation of $112 billion if it is listed on the bourses, analysts at Jefferies said.

Speculation is growing that Reliance Industries chairman Mukesh D Ambani will announce the listing of Reliance Jio at its forthcoming shareholders meet.

Jefferies said that while Jio’s public listing looks possible in 2025, RIL could look to spin off the company and list it after a price discovery.

Last year, RIL had spun off its financial services business Jio Financial Services and listed it on the bourses through the price discovery method, which saw a special session being held on the record date.

Jefferies had earlier said it would look out for any developments about Jio’s listing at RIL’s upcoming annual general meeting (AGM).

The brokerage had then valued Jio at $133 billion or over ₹11 trillion.

If Jio lists through the IPO route, it must sell at least 5 per cent, which could make the IPO size ₹55,000 crore.

Sebi rules mandate that companies valued at over ₹1 lakh crore must sell at least 5 per cent equity.

The brokerage said that Jio leading the way in the recent tariff hikes, unlike in the past, while keeping feature phone tariffs unchanged, shows its focus on monetisation and gaining subscriber shares.

These moves create a case for a possible public listing in the next calendar year.

It added that RIL could look to IPO or spin off Jio, as it did with Jio Financial Services.