Jio Platforms is projected to reach a **valuation of $190 billion by 2028**, according to CLSA. This significant growth is anticipated from several key drivers. A potential **Initial Public Offering (IPO)** is expected to be a major catalyst. Further contributing to this surge are **accelerating free cash flow (FCF)** and successful **5G monetization** strategies. The company's valuation is also tied to continued **subscriber growth**. This strong outlook for Jio Platforms is calculated to **raise the target price for Reliance Industries**, even with CLSA adopting more cautious assumptions for the retail and new energy segments.