Mumbai: Mukesh Ambani-led Reliance Industries is likely to file draft papers for the IPO of Jio Platforms in May, according to a Bloomberg report citing people familiar with the matter.
Earlier, the company had planned to file by the end of March using December quarter numbers. However, the plan was delayed due to a market downturn linked to geopolitical tensions arising from the Iran conflict.
India’s Biggest IPO in the Making
The proposed listing of Jio Platforms could become India’s largest-ever IPO. It would also mark the first public issue by a major Reliance group company in nearly 20 years.
At present, Reliance is in a 'silent period' ahead of its earnings announcement next week. During this phase, companies typically avoid major public disclosures, making an immediate IPO filing unlikely.
Why May Filing Makes Sense?
Filing in May will allow Reliance to include full-year financial results for the fiscal year ending March 31. This will give investors a clearer and more updated picture of Jio’s performance.
Key metrics such as subscriber growth and average revenue per user (ARPU) are expected to play an important role in attracting investor interest. Strong numbers in these areas could help the company secure better valuations.
Banks and Advisors Onboarded
Reliance has already started formal IPO preparations. The company has appointed around 19 investment banks to manage the offering.
Major global and domestic firms, including Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, HSBC, Bank of America, Citigroup and JM Financial, have been selected as advisors.
Details Still Being Finalised
While preparations are underway, several key aspects of the IPO-including its size, structure and exact timing-are still being discussed and could change.
Officials from Reliance and Jio have not commented on the development so far, the report added.
