Uday Kotak, founder of Kotak Mahindra Bank, on Thursday described Jio Platforms as a defining force in India’s digital transformation, calling its initial public offering (IPO) a historic milestone for Reliance Industries (RIL).
Kotak recalled that when he was 18, in 1977, Marine Drive and Chowpatty in Mumbai were lit up to mark Reliance Industries’ IPO. Nearly five decades later, he said, Jio Platforms’ offering marked another significant moment for the group
This was Marine Drive and Chowpatty in 1977. One evening, I saw the entire stretch lit up and was told it was part of the IPO marketing campaign for Reliance Textile Industries, founded by Dhirubhai Ambani. It was a magic moment for me and influenced my thinking about a future in financial services. I’m grateful to Dhirubhai for recognising the importance of going public, reaching out to investors and creating value for them. As we gather for another unique occasion today, I find myself reminiscing about that momentUDAY KOTAK
“Jio ushered India’s digital revolution and defines India’s digital future,” Kotak said at a press conference on the Jio IPO in Mumbai, highlighting the company’s scale, execution and position in the telecommunications market.
The Jio Platforms IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23. The bidding window for anchor investors is scheduled for Monday, October 19.
The IPO Committee of Jio Platforms Limited (JPL) has approved a price band of ₹1,065 to ₹1,119 per equity share.
Kotak said the IPO pricing followed extensive investor consultations and was designed to make the offering attractive to long-term investors.
This historic IPO comes from the RIL group after nearly two decades and will be India’s largest ever. It’s also a testament next generation of leadership, Akash Ambani, and Isha Ambani, who are building new age businesses. Of course, under the watchful eye of the leader, the father (Reliance Industries Chairman Mukesh Ambani)UDAY KOTAK
.
Highlighting Jio’s scale and its role in expanding access to digital services, Kotak said the company had transformed mobile connectivity in India.
“What differentiates the Jio group? 53 crore customers. Extraordinary execution. It transformed the concept of how mobile connectivity and digital in India would be in the years to come. And it has transformed the lives of individuals who got a much lower price for the service and democratised connectivity in our country,” he said.
Kotak also pointed to the wider impact of India’s digital transformation, recalling how the country had moved from fewer than one crore 4G customers to around 100 crore 4G and 5G customers in just 10 years.
Watch accompanying video for more.
Jio targets 340 mn new mobility users in 5 yrs, aims to triple home broadband base to 100 mn
“The impact of Digital India in making data accessible is amazing,” he said.
He highlighted Jio’s presence across mobile connectivity and home broadband, as well as its end-to-end technology capabilities. Kotak said Jio was the only player globally with proprietary technology across the entire connectivity stack.
Also Read: Jio Platforms sets ₹1,065–1,119 IPO price band, eyes India’s largest-ever IPO
He also said that, following the Jio listing, the Reliance group would become India’s largest conglomerate by listed market capitalisation.
NOTE TO READERS
Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.