Jio's $3.8 Billion Public Offer Moves Closer After Global Investor Roadshows
Jio Platforms is putting the finishing touches to documents for its proposed initial public offering, which could become India’s largest IPO at an estimated $3.8 billion, according to a report by PTI. The company has completed the first phase of its IPO process after conducting investor roadshows across the US, UK, Dubai, Singapore and Hong Kong. The overseas meetings were led by Jio Platforms…
Jio Platforms is nearing its $3.8 billion public offering after conducting successful investor roadshows in major global cities. The digital services arm of Reliance Industries received Sebi's final approval on August 28, following the submission of draft IPO papers in June. The proposed offering would potentially value the company at $137 billion, according to reports.
Up to 27 crore fresh equity shares will be issued, making up approximately 2.9% of the post-issue equity base. The majority of proceeds will be used to repay or prepay Reliance Jio Infocomm's borrowings, with the remainder allocated towards general corporate purposes. Jio Platforms, which houses Reliance's digital businesses, has a significant presence in India's mobile and fixed-line markets, as well as expanding into cloud services, artificial intelligence, and enterprise networking.
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