Jio IPO Update: The Jio platform is expected to file its draft red herring prospectus (DRHP) with SEBI in the next few days, paving the way for India’s largest IPO, according to a report from news agency PTI.
The agency, citing sources, reported that the initial share sale will be in the form of an ‘offer for sale’, with several existing foreign investors preparing to reduce their stakes.
In separate reports last year, Jefferies had valued Jio at $180 billion, while JPMorgan had valued Jio Platforms, which includes Reliance Industries' telecom and digital businesses, at $136 billion.
According to the report, the company is likely to file a DRHP by the end of March and is in talks with more than a dozen foreign investors to reduce their stake in the upcoming public issue. The IPO, which is being touted as India's largest public offering, will be an offer for sale, they said.
Jio Platforms is expected to list on the stock market in the first half of this year.
At the annual shareholder meeting in August last year, RIL Chairman Mukesh Ambani had said that he was sure that it would be a very attractive opportunity for all investors, promising that Jio's plans for the future are "even more ambitious.
Ambani said the IPO would demonstrate Jio's ability to create value on par with its global rivals.
Jio had investment from a dozen prominent investors, including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, El Catterton, Saudi Arabian Public Investment Fund, Intel Capital and Qualcomm Ventures, which had invested a total of 32.9 per cent in Jio Platforms, worth Rs 1,52,056 crore.
Meta, the parent company of Facebook, WhatsApp and Instagram, holds a 10 per cent stake in Jio Platforms, while Google holds another 7.7 per cent.
(With Inputs from PTI)