India’s Jio Platforms targets $3.2b IPO
The IPO will open on October 21 and close on October 23. Jio has set a price band of 1,065 rupees (US$11) to 1,119 rupees (US$12) per share.
Jio Platforms Ltd, the technology arm of Reliance Industries, has filed its red herring prospectus to launch what would be India's largest-ever initial public offering. Techmeme reports the company seeks to raise up to $3.2 billion, a move that could value the group as much as $108.3 billion. Hindu BusinessLine notes the valuation is set at ₹28,755-30,213 crore, which is lower than previous brokerage estimates of ₹33,000-38,000 crore.
The IPO is scheduled to open on October 21 and close on October 23, according to Tech in Asia, Techmeme, and Hindu BusinessLine. The company has established a price band of ₹1,065 to ₹1,119 per equity share. Hindu BusinessLine reports the issue consists of a fresh offering of up to 27 crore equity shares with a face value of ₹10 each.
Specific reservations have been announced for eligible shareholders and staff. Hindu BusinessLine states there is a reservation of up to ₹500 crore for eligible employees, who may also receive a ₹54 per share discount, and up to ₹2,500 crore for eligible Reliance Industries shareholders. Following debt repayment of approximately ₹27,500 crore, Hindu BusinessLine reports the company will have between ₹1,255 and ₹2,713 crore remaining from the proceeds for expansion and general corporate purposes.
Brief written by urgent.news from Tech in Asia, Techmeme, Hindu BusinessLine — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
