Jio Platforms IPO: Rs 37,700 crore issue likely to open on Oct 21
The company is expected to file its red herring prospectus (RHP) after October 12, with the IPO likely to carry a price band of ₹1,150-1,220 per share, the people said.
ET BureauThe anchor book is expected to open on October 19, followed by the public issue opening for subscription on October 21. The issue is likely to close on October 23, and shares are expected to be allotted on October 26. The company is targeting to list the issue on October 28 on the bourses, they said.
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“Jio wants to wrap up all the IPO formalities before October 30,” a person familiar with the matter told ET.
“The company is working towards completing the entire process, including the listing, within October 30,” the person said.
Emails sent to the company and lead bankers remained unanswered until the publication of this report.The company that had filed draft IPO papers in June, received approval from the Securities and Exchange Board of India (Sebi) on August 28 to launch its share sale.
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The Jio Platforms IPO is expected to be India’s largest IPO, surpassing Hyundai Motor India’s ₹27,859 crore issue in 2024, which remains the country’s largest completed IPO so far. The National Stock Exchange (NSE) recently launched an IPO of Rs 22,562 crore, making it the second-largest issue in India.
Jio Platforms is proposing to issue up to 270 million new equity shares through its initial public offering (IPO), which would account for about 2.9% of the company’s post-issue equity capital, according to its draft red herring prospectus (DRHP). The IPO will comprise only a fresh issue and will not have an offer-for-sale (OFS) component. The proposed listing will mark the first IPO by the Reliance Industries group in almost 20 years. The group last came to the public markets in 2006 with the listing of Reliance Petroleum.
Jio Platforms plans to deploy part of the IPO proceeds towards the prepayment of up to ₹27,500 crore of borrowings at Reliance Jio Infocomm Ltd (RJIL), its operating subsidiary. The balance will be utilised for general corporate purposes.
According to the DRHP, Jio Platforms could transfer funds to RJIL by subscribing to equity shares, convertible or non-convertible preference shares or debentures. It may also provide the funds through loans or a combination of these routes.
Institutional and other large investors together own nearly 30.9% of Jio Platforms. Meta Platforms affiliate Jaadhu Holdings has a 9.98% stake, while Google International owns 7.73%. The investor group also includes Saudi Arabia’s Public Investment Fund, affiliates of Silver Lake and Vista Equity, General Atlantic, KKR-backed entities and investment vehicles managed by the Abu Dhabi Investment Authority.
