Jio Platforms IPO Latest Updates: An initial public offering from Jio Platforms could raise at least Rs 350 billion (around $3.75 billion), valuing the conglomerate Reliance Industries’ telecom unit at a staggering $150 billion, people familiar with the matter said.
Work on the company’s draft offer document for the equity sale is underway, they added.
The company, India’s biggest telecommunications firm, appointed 17 banks earlier this week to manage the equity sale. The book-running lead managers for the IPO include marquee names Goldman Sachs, ICICI Securities, Kotak Mahindra Capital, Jefferies, Morgan Stanley and SBI Capital Markets.
The hiring of banks was on the heels of the government notifying norms on minimum public shareholding in firms, which were released by market regulator Securities and Exchange Board of India (SEBI) last August. A key rule introduced in the new SEBI guidelines is at least 2.5 per cent of equity shares or convertible debentures issued by the company could be offered to the public, if the valuation of the issuer is more than Rs 5 trillion.
Reliance Industries didn’t reply to an emailed query seeking a comment.
Sebi’s new rules favour aspiring issuers with mega valuations, such as Jio and the stock exchange NSE, that are seeking to balance the size of their proposed issuance with market appetite. NSE, which recently secured a “no-objection” from Sebi for its IPO plan, hired 20 bankers for its proposed sale on March 12, the exchange said in a statement.
Local firms raised nearly Rs 2 trillion via equity placements, including IPOs in the 11 months to February 28, compared with Rs 2.09 trillion in the financial year to March 2025, according to capital market data provider Prime Database.
Reliance, controlled by billionaire Mukesh Ambani, owns around two-thirds of Jio, and shareholders, including Google, Meta Platforms, private equity and sovereign wealth funds, hold the remaining ownership.
Ambani told RIL shareholders last August that the company is aiming to list Jio by June 2026. “Jio is making all arrangements to file for its IPO,” he said at the annual general meeting.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
