Jio Platforms Ltd, the digital holding company of Reliance Industries that houses the country’s largest mobile network, is nearing the launch of its much-awaited initial public offering (IPO), with internal preparations largely complete and investor feedback reportedly strong.
The IPO could open for public subscription between October 21 and 23, while the anchor book may open on October 19.
According to a report by Moneycontrol, the company is targeting a stock market debut on October 28, although the final schedule will depend on market conditions.
Foreign and domestic investor interest
People familiar with the matter said Jio Platforms has received particularly encouraging feedback from foreign institutional investors (FIIs) during recent meetings. Interest from domestic investors has also reportedly exceeded expectations.
The company is monitoring market volatility closely, but investors have indicated that fluctuations are unlikely to significantly affect their interest in the offering.
As per the report, the final pricing and valuation have not yet been decided and are expected to be finalised after considering investor feedback and prevailing market conditions.
Jio Platforms filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) in June. Sebi issued its final observations on August 28, clearing a key regulatory hurdle for the proposed listing.
Fresh issue to fund debt repayment
The IPO will consist entirely of a fresh issue of shares. A major portion of the proceeds will be used to repay or prepay, either fully or partially, around ₹27,500 crore of outstanding borrowings of Reliance Jio Infocomm, a subsidiary of Jio Platforms. The remaining funds will be used for general corporate purposes.
Under the proposed allocation structure, half of the issue will be reserved for retail and high-net-worth individual (HNI) investors, with the other half allocated to institutional investors. The retail and HNI portion will include separate allocations based on application size.
The company intends to encourage meaningful retail participation, with management seeking to provide investors an opportunity to benefit from Jio Platforms’ longer-term growth.
The IPO timing, pricing and valuation remain subject to market conditions and final decisions by the company.
