Jio Platforms IPO to Open for Subscription October 21
Reliance Industries' telecom arm, Jio Platforms, has filed its IPO prospectus, with the subscription period set to begin on October 21. The offering is anticipated to be one of India's largest.
Reliance Industries (RIL) has announced that its telecom subsidiary, Jio Platforms, has filed its red herring prospectus for an Initial Public Offering (IPO). The public subscription period is scheduled to commence on October 21 and conclude on October 23. Anchor investor bidding will take place on October 19.
The IPO will consist of a fresh issue of up to 270 million equity shares, each with a face value of ₹10. Initial estimates suggest the IPO size could exceed ₹30,000 crore (approximately $3.6 billion). A portion of the offering is reserved for eligible employees and existing shareholders of Reliance Industries.
Proceeds from the IPO are primarily earmarked for the prepayment or repayment of certain borrowings by its material subsidiary, Reliance Jio Infocomm Ltd (RJIL). Jio intends to allocate approximately ₹27,500 crore towards these repayments, with the remainder designated for general corporate purposes.
Jio Platforms, which encompasses telecom operator Reliance Jio Infocomm and other digital ventures, has previously attracted over $20 billion in investments from entities like Meta and Google. This IPO represents a significant milestone for Reliance Industries' digital and telecom business.