Jio Platforms, the digital services arm of Reliance Industries and parent of mobile operator Reliance Jio, will file draft papers for an initial public offering with the Securities and Exchange Board of India on June 19.

Chairman Mukesh Ambani said the filing will proceed after the company’s board approved the draft red herring prospectus at Reliance Industries’ 49th annual general meeting.

Analysts estimate the offering could value Jio at US$130 billion to US$180 billion, which could make it India’s biggest IPO.

Jio Platforms also owns other digital businesses, including home broadband, television, and telephone services. Its telecom business serves more than 426.2 million subscribers.

Before the planned listing, Jio Platforms raised 1.5 trillion rupees (US$16.1 billion) in 2020 by selling 32.97% of the company to investors including Meta, Google, KKR, Silver Lake, Mubadala, and Saudi Arabia’s Public Investment Fund.

Any record would depend on the eventual issue size, not valuation alone. India’s largest completed IPO to date remains LIC’s 21,008.48 rupees (US$220)-crore share sale in 2022.

🔗 Source: Press Trust of India

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