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ICICI Securities expects Jio Platforms Ltd (JPL) to command premium valuations in its upcoming initial public offering (IPO) which is similar to its high-profile equity fundraising in FY21 and has projected the company’s equity value at USD 148 billion by September 2027. In a report released on Friday the brokerage upgraded its outlook for Indian telecom operators citing renewed optimism supported by stronger financial performance and robust business fundamentals across the sector. It noted that an improved tariff structure accelerated 5G adoption and Jio Platforms’ proposed listing are likely to sustain premiumisation trends and positively influence sector valuations. Mukesh Ambanis Plan For Jio Platforms IPO It is worth noting that Jio Platforms which houses Reliance Industries Ltd’s telecom and digital businesses is preparing for an IPO and stock market debut in the first half of 2026. The offering is expected to be the largest share sale in India’s capital market history. At Reliance’s annual general meeting on August 29 Chairman Mukesh Ambani described the upcoming IPO as “a very attractive opportunity for all investors” adding that Jio’s future plans are “even more ambitious.” He also emphasised that the listing would underscore Jio’s ability to create value on par with global technology leaders. ICICI Securities On JPL IPO In its note on Friday ICICI Securities said: We expect JPL IPO can come at premium valuations which was also the case during JPL’s dilution citing the companys equity raise in FY21 at a valuation of USD 65–70 billion. JPL had earlier raised about Rs 152056 crore from 13 high-profile investors namely Facebook Google Silver Lake Vista Equity Partners General Atlantic KKR Mubadala ADIA TPG L Catterton Public Investment Fund of Saudi Arabia Intel Capital and Qualcomm Ventures for a total consideration of 32.9 per cent stake. Facebook (now Meta) holds a 10 per cent stake in Jio Platforms while Google has another 7.7 per cent. PE investors have the remaining 16 per cent. JPL had clinched higher valuation multiples that time vis-a-vis peers due to dominant market leadership in mobility rising opportunity from fixed broadband investment in digital services no legacy issues/litigation (negligible contingent liabilities) and leverage from group entities (content etc). For JPL consolidated it is factoring EBITDA and PAT CAGRs of 18.1 per cent and 21.1 per cent over FY25–28. We assign 16x adjusted EBITDA to JPL resulting in an equity value of USD 148 billion for Sep’27E (estimated) it said. JPL it noted is also driving new business from content storage digital enterprise solutions managed services for MSME to AI deployment powered by Reliance Intelligence - frontiers that could create more value over the medium term. We conservatively estimate JPLs (non-connectivity) net profit CAGR of 46.7 per cent over FY25–28E it said. The estimates for JPL said the note do not factor in an upside from its tech stack wherein the company has shown strong progress established rollout at scale for 5G Unlicensed Band Radio Fixed Wireless Access (UBR-FWA) and its patents for 6G. (With Inputs From PTI)