PTC News Desk: According to Jefferies, Mukesh Ambani's Reliance Jio Infocomm Ltd. may go public in 2025, posing yet another massive problem for India's main market.The firm stated in a July 10 note that the telecom business is concentrating on monetisation and subscriber market share gains by spearheading the recent pricing hikes while maintaining feature phone tariffs unaltered.These actions establish a case for a potential public listing in CY25, the note's equities analyst, Bhaskar Chakraborty, from Jefferies stated. As it did with Jio Financial Services Ltd., Reliance Jio may consider an IPO or spin-off of Jio, the report stated.Better control would result from the telecom major going public, but doing so would entail a holding company discount of between 20 and 50 percent and significant retail mobilisation. Reliance Industries Ltd., which currently has a 33.7% minority stake in the telecom business, may meet the requirements for an IPO by listing 10% of Jio. However, 35% of an IPO is reserved for the retail segment that would require large mobilisation from retail investors.However, the vertical spin-off approach would help RIL shareholders by avoiding the holding company discount and enabling higher value unlocking. However, according to Jefferies, the owner's share of Jio will drop to 33.3% upon listing.Also Read: NEET UG row: Supreme Court adjourns hearing till July 18The brokerage stated that based on these considerations, both domestic and foreign investors seem to favor Jio's prospective spin-off option for listing.According to Jefferies, Jio may list for $112 billion, which would mean a 7–15% gain for its parent company Reliance Industries. The note stated that if Jio is spun off, RIL's fair value would increase to Rs 3,580 per share, representing a 15% upside, whereas if they choose to go through with an IPO, RIL's fair value would decrease to Rs 3,365 per share in the base case.Also Read: Inside Anant Ambani and Radhika Merchant's mehendi: Mukesh Ambani performs puja, priests pose for photos with the couple
