Jio Financial jumps 5% as Jio Platforms IPO draws 17 banks
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- Jio Financial shares climbed over 5% as the Nifty's top gainer, extending a two-session rally to nearly 7%, with positive market sentiment and the Jio Platforms IPO news cited as likely catalysts
- Jio Platforms, the telecom and digital arm of Reliance Industries, has onboarded 17 investment banks to manage its proposed public issue, marking the formal start of preparations for a potential Rs 40,000 crore IPO that could be India's largest ever
- The global banking syndicate includes Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan, and HSBC, alongside domestic players Kotak Mahindra Capital, Axis Capital, JM Financial, and SBI Capital Markets
- Jio Financial shares have underperformed sharply, sliding over 20% in the past six months against a 6% drop in Nifty and 7% in the BSE Sensex, and now trade below their 50-day (Rs 261) and 200-day (Rs 297) simple moving averages
- Jio Financial Services posted mixed Q3FY26 results, with net profit of Rs 269 crore down 9% year-on-year and 61% quarter-on-quarter, even as operating revenue more than doubled to Rs 901 crore from Rs 438 crore
- Reliance Industries shares rose about 1% on the IPO news, extending positive sentiment across the conglomerate's listed entities
Why it matters: A 17-bank lineup spanning every major global and domestic underwriter signals extraordinary institutional confidence — and sheer deal complexity — around a potential Rs 40,000 crore Jio Platforms offering. For Jio Financial shareholders nursing a 20% six-month slide, the IPO catalyst is the first material positive in months, though the stock still trades below both its 50-day and 200-day moving averages, underscoring how much ground it has to recover.
