Jio Platforms has scaled back its planned initial public offering to around Rs 30,000 crore, down from earlier expectations of close to Rs 37,700 crore, as the company wraps up international investor roadshows and begins pitching the issue to domestic investors. The Economic Times reported, citing people familiar with the matter, that the offering will be an entirely fresh issue of shares with no offer-for-sale component.
Roadshows led by Akash and Isha Ambani
Akash Ambani and Isha Ambani have personally met investors across the Americas, Europe and Southeast Asia during the overseas leg of the roadshows, with Jio being positioned as a technology company rather than merely a telecom business, the report said. Domestic roadshows are now under way, with major mutual funds and other institutional investors seeking a share of the offering. Existing marquee backers - including Meta, Google, Saudi Arabia's Public Investment Fund, KKR, Silver Lake and others - are reportedly looking to increase their holdings rather than sell, with none of them planning to offload shares in the mega IPO, according to the people cited.
Pricing and valuation
An earlier Bloomberg report put the price band at Rs 1,065 to Rs 1,119 per share, targeting a market value of up to Rs 10.3 lakh crore - below earlier expectations of around Rs 11 lakh crore. At the upper end of that band, the issue could raise about Rs 30,200 crore, according to Bloomberg's calculations. The company filed its draft prospectus in June for as many as 270 million new shares, equivalent to about 2.93 per cent of its post-issue equity capital. Reliance Industries is expected to continue holding about 66.4 per cent of the company after the listing.
Timeline and what is at stake
The issue is expected to open for public subscription on October 21 and close on October 23, with the anchor book scheduled to open on October 19 and shares expected to begin trading on October 28, the report said. Deliberations are ongoing and details including the price range, valuation and timing could still change. If it goes ahead at the reported size, the offering would surpass Hyundai Motor India's Rs 27,800 crore share sale of October 2024 as India's largest-ever IPO, and would mark the Reliance group's first public offering in three decades. Proceeds are expected to go largely towards repaying borrowings of Reliance Jio Infocomm, with the rest earmarked for general corporate purposes. Akash Ambani has described the IPO as a "great responsibility" towards shareholders.
Sources: The Economic Times — Akash, Isha Ambani take Rs 30,000 crore Jio IPO pitch global Angel One — From DRHP Filing to Proposed October Launch, Key Developments of Jio IPO So Far TradingView (BW) — Jio cuts IPO size to Rs 30,000 crore
Roadshows led by Akash and Isha Ambani
Akash Ambani and Isha Ambani have personally met investors across the Americas, Europe and Southeast Asia during the overseas leg of the roadshows, with Jio being positioned as a technology company rather than merely a telecom business, the report said. Domestic roadshows are now under way, with major mutual funds and other institutional investors seeking a share of the offering. Existing marquee backers - including Meta, Google, Saudi Arabia's Public Investment Fund, KKR, Silver Lake and others - are reportedly looking to increase their holdings rather than sell, with none of them planning to offload shares in the mega IPO, according to the people cited.
Pricing and valuation
An earlier Bloomberg report put the price band at Rs 1,065 to Rs 1,119 per share, targeting a market value of up to Rs 10.3 lakh crore - below earlier expectations of around Rs 11 lakh crore. At the upper end of that band, the issue could raise about Rs 30,200 crore, according to Bloomberg's calculations. The company filed its draft prospectus in June for as many as 270 million new shares, equivalent to about 2.93 per cent of its post-issue equity capital. Reliance Industries is expected to continue holding about 66.4 per cent of the company after the listing.
Timeline and what is at stake
The issue is expected to open for public subscription on October 21 and close on October 23, with the anchor book scheduled to open on October 19 and shares expected to begin trading on October 28, the report said. Deliberations are ongoing and details including the price range, valuation and timing could still change. If it goes ahead at the reported size, the offering would surpass Hyundai Motor India's Rs 27,800 crore share sale of October 2024 as India's largest-ever IPO, and would mark the Reliance group's first public offering in three decades. Proceeds are expected to go largely towards repaying borrowings of Reliance Jio Infocomm, with the rest earmarked for general corporate purposes. Akash Ambani has described the IPO as a "great responsibility" towards shareholders.
Sources: The Economic Times — Akash, Isha Ambani take Rs 30,000 crore Jio IPO pitch global Angel One — From DRHP Filing to Proposed October Launch, Key Developments of Jio IPO So Far TradingView (BW) — Jio cuts IPO size to Rs 30,000 crore
