For those anticipating the Initial Public Offering (IPO) of Jio Platforms, owned by Mukesh Ambani, there is significant news. This offering is considered the largest public offering in the country. According to banking and other sources, and based on unpublished terms, the company may submit final documents to the market regulator this month.
According to an PTI report, based on sources, Jio Platforms conducted overseas roadshows. It is now expected that the company will file final documents with SEBI (the market regulator) within the week starting October 12.
Banking sources indicate that based on the interest shown during the overseas roadshows, there is a possibility that Jio Platforms will be listed with a base business valuation of $143–$146 billion or at least 12 trillion rupees by the end of this month.
The overseas roadshows, which took place in the USA, UK, Dubai, Hong Kong, and Singapore, were led by Akash Ambani, Managing Director and Chairman of Reliance Jio Platforms, and Isha Ambani, Executive Director of Reliance Retail Ventures Limited. According to available information, roadshows for the Indian IPO may take place in the week beginning October 12.
According to banking sources, Jio Platforms is expected to start the anchor round before the Dasara festival, and the offering itself may open before October 23 after it. Furthermore, shares may be listed on the exchange by the end of October. It should be noted that Jio Platforms previously submitted draft IPO documentation in June of last year, but no response was received to emails sent to Jio Platforms (JPL).
According to the Jio Platforms prospectus, the company plans to issue up to 270 million new equity shares. Sources suggest that this offering could help the company raise about $3.8 billion. Reliance Industries owns approximately 66.4% of Jio Platforms, while Meta and Google jointly hold about 17.7% of the stake. It is important to note that the Jio IPO will be the first public offering of the Reliance group since 2008 and the first consumer business IPO within the group.