Jio Platforms Set to Begin Investor Outreach Later this Week for Mega IPO, Say Reports

Jio Platforms is preparing to start investor outreach later this week, after receiving SEBI’s clearance recently for its mega IPO, which is generally anticipated to be India’s largest public offering at about 3.8 billion, according to reports.

Jio Platforms, the digital services division of billionaire Mukesh Ambani’s Reliance Industries, received approval from the markets’ regulator SEBI last month to proceed with its initial public offering, opening the door for what would be the biggest stock market listing in the country. On August 28, SEBI, the Securities and Exchange Board of India, published its last observations.

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In June, Jio Platforms filed its draft IPO papers. According to reports, Jio Platforms will start engaging with investors at the end of this week, with meetings scheduled with investors in important global financial centers such as the US, Hong Kong, Singapore and the UK. According to its draft prospectus, the company plans to release up to 27 crore new equity shares, which is about 2.9 percent of its post issue equity base.

According to the draft prospectus, the funds will be used primarily to pay or prepay, in whole or in part, outstanding borrowings of about Rs. 27,500 crore of Jio Platforms’ material subsidiary, Reliance Jio Infocomm Ltd.