RIL plans to file for Jio Platforms IPO by early April, picks 17 investment banks

Synopsis

Reliance Industries is preparing to file a draft red herring prospectus for Jio Platforms' IPO by late March or early April, appointing 17 investment banks. The telecom giant's public offering, expected to be India's largest, will likely offer 2.5% to 2.7% equity.

Mumbai: Reliance Industries is planning to file a draft red herring prospectus for the initial public offering for its telecom subsidiary, Jio Platforms, by end of March or early April, said people familiar with the matter. The company has appointed 17 investment banks to manage the share sale, they said.

These include Goldman Sachs, Morgan Stanley, JPMorgan Chase, HSBC, Jefferies, BNP Paribas and Citi, among foreign banks. Kotak Mahindra Capital, Axis Capital, JM Financial, SBI Capital Markets, ICICI Securities, IIFL Capital and DAM Capital Advisors are among the domestic firms handling the issue, the people said.

"The IPO documents will be filed with the December results," said one of the people.

Emails sent to Reliance Industries did not elicit a response.

The Jio IPO, expected to be India's largest, is likely to offer about 2.5% to 2.7% of the company's equity. The decision to go ahead with the IPO comes hot on the heels of the government's approval allowing companies valued at more than ₹5 lakh crore to list with a minimum public shareholding of 2.5%, subject to a phased increase.

Under the revised framework, companies with post-issue valuations exceeding ₹5 lakh crore can list with a 2.5% public float, compared with the earlier 5%, with a glide path to 25% over time.

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