Jio Platforms Gets SEBI Nod for Rs 37,700 Crore IPO
· Business · Economic Times, News18, Times of India
Jio Platforms has received approval from SEBI for its draft IPO papers, targeting a fundraise of around Rs 37,700 crore at a valuation of nearly Rs 9.5 trillion, potentially making it India's largest-ever public offering. The issue will be a fresh issue of up to 27 crore shares with no offer-for-sale component, meaning all proceeds will accrue to the company. Of the issue, up to 50% is reserved for Qualified Institutional Buyers and at least 35% for retail individual investors. Reliance Industries Chairman Mukesh Ambani, speaking at the 49th AGM, called the listing the company's most important value-creation milestone of the year, and Jio Platforms plans to use Rs 27,500 crore of the proceeds to prepay borrowings of subsidiary Reliance Jio Infocomm.
Why it matters
A potential Rs 37,700 crore Jio IPO at a near Rs 9.5 trillion valuation could overtake Hyundai Motor India to become India's largest-ever listing, giving retail investors direct access to RIL's telecom arm and reshaping the country's primary market.
Read the original report — Economic Times
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