Reliance Jio- the telecom unit of Reliance Industries Ltd- could be headed for a major initial public offering (IPO) in 2025. The potential valuation of the listing could be more than ₹9.3 lakh crore, Jefferies said in a note. Jio ‘could list at $112 billion valuation’ and add ‘7-15 percent upside’ to the Reliance Industries share price, the brokerage said.