Jio Platforms Plans $4 Billion IPO Around Diwali
Jio Platforms, Reliance Industries’ digital and telecom arm, is preparing for a potential $4 billion IPO by late October or early November. The public issue could become India’s largest-ever IPO. The company has received SEBI approval and plans investor roadshows before launching the share sale during the festive season
Jio Platforms, the digital and technology subsidiary of Reliance Industries, is reportedly preparing for a mega initial public offering (IPO) worth around $4 billion, with the share sale likely to take place around the festive season.
According to a report by The Economic Times, the company is considering launching the IPO during the Navratri period in late October. If the timeline shifts, the offering could move to early November, coinciding with the Diwali festive window, according to reports.
Jio Platforms prepares for record IPO launch
The Navratri period, which begins on October 11 and ends with Dussehra on October 20, could provide a suitable opportunity for the company to begin investor outreach. Another possible window is around Dhanteras on November 6 and Diwali on November 8.
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Jio Platforms is expected to finalise the IPO schedule in the coming weeks. The company plans to conduct international roadshows before meeting domestic investors as part of its fundraising exercise. The overseas investor meetings are expected to continue for around three weeks, followed by discussions with investors in India.
If the IPO size reaches the projected $4 billion, it could surpass previous records and become India’s biggest public offering.
Jio Platforms had submitted draft IPO documents in June and received approval from the Securities and Exchange Board of India (SEBI) on August 28 to proceed with the share sale.
Funds to support Reliance Jio’s expansion
According to the draft red herring prospectus (DRHP), Jio Platforms plans to issue up to 27 crore new equity shares, representing around 2.9% of its post-issue share capital.
A significant portion of the proceeds, estimated at up to ₹27,500 crore, will be used to repay loans of Reliance Jio Infocomm, the telecom operating company under Jio Platforms. The remaining funds will be deployed for general corporate purposes.
Jio Platforms may transfer funds to Reliance Jio Infocomm through equity investments, preference shares, debentures, loans, or a combination of these routes.
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