Jio Platforms gets Sebi nod for 37.7k cr IPO, set to be India's biggest
Jio Platforms received Sebi clearance for its initial public offering. The company aims to raise up to four billion dollars in this debut. This offering is expected to become India's largest stock market listing. Jio plans a pure primary issue, with proceeds retiring debt. Reliance Industries holds a majority stake in Jio Platforms.
MUMBAI: Reliance Industries' digital arm, Jio Platforms, has received Sebi's approval for an initial public offering (IPO) that could raise up to $4 billion, potentially making it India's biggest stock market debut. The regulator's final review, indicated by an observation letter on the draft red herring prospectus, removes any remaining queries or objections from the IPO documents.
Companies must launch their offerings within 12 months of receiving the letter or seek fresh approval. With a targeted $4 billion raise, Jio Platforms' IPO would surpass Hyundai Motor India's $3.3 billion IPO in 2024 and the proposed Rs 30,000 crore float by NSE. The company plans a pure primary issue with no offer-for-sale component, issuing 27 crore shares with a face value of Rs 10 each, leading to an equity dilution of 2.9%.
No existing shareholders are selling stock, so the entire proceeds will accrue to the company. Jio Platforms' debut would mark Reliance Industries' first public offering since Reliance Petroleum's 2006 listing. Proceeds from the IPO will be used to retire debt and fund general corporate purposes.
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