Jio Platforms files red herring prospectus for India’s biggest public issue
Jio Platforms has filed the red herring prospectus for its initial public offering, aiming to raise ₹30,213 crore. The IPO includes a fresh sale of up to 270 million equity shares, with no offer for sale component. Parts of the proceeds will be used to prepay significant borrowings at Reliance Jio Infocomm. Eligible shareholders of Reliance Industries can apply for shares in this IPO.
Mumbai: Jio Platforms has filed a red herring prospectus (RHP) for its upcoming IPO, marking the largest public offering in India's corporate history. The issue, totaling ₹30,213 crore, exceeds the previous record set by Hyundai Motor India's 2024 IPO of ₹27,859 crore. Jio Platforms, the digital and telecom division of Reliance Industries, led by billionaire Mukesh Ambani, is set to offer up to 270 million equity shares without a sale component.
The company has reserved shares for eligible Reliance Industries shareholders and employees, amounting to up to ₹3,000 crore. With this IPO, Jio Platforms aims to repay up to ₹27,500 crore of borrowings at its operating subsidiary, Reliance Jio Infocomm, and utilize the remaining funds for general corporate purposes. This will be the first IPO by the Reliance Industries group in nearly two decades.
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