Reliance Retail has become only the fourth Indian company to have a valuation of over $100 billion, according to an Economic Times report.

Unlisted shares in Reliance Retail have more than trebled since January 2020 and are now trading between 1,500 and 1,550 rupees ($20.25 and 20.92). At 1,500 rupees a share, the company is valued at 7.5 lakh crore rupees ($101.2 billion)

For the quarter ended December 31, 2020, Reliance Retail posted an 88 percent year-on-year jump in net profit and its management early this year, prior to the onset of the devastating second wave of Covid-19 infections currently engulfing India, said its grocery and electronics businesses were seeing double-digit growth while the fashion and lifestyle business had rebounded strongly, surpassing pre-Covid levels.

“The company is perceived to be doing well, especially when citizens are looking for home deliveries amid a second wave of the virus,” said Vaishali Dhankani, chief executive of Analah Capital. “In spite of no clarity on the IPO dates and which vertical of reliance Retail will come with an IPO, wealthy investors are looking at acquiring this stock from the private market,” she added.