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SEBI clears Jio Platforms IPO filing, setting up India’s biggest listing
The regulator’s observation letter, issued on Aug. 28, allows Jio Platforms to start marketing an IPO that targets raising ₹35,000 crore through a fresh share sale.
India’s markets regulator has cleared the draft red herring prospectus for Jio Platforms Ltd’s proposed initial public offering, a key step toward what could become the country’s biggest stock listing. Securities and Exchange Board of India (SEBI) issued its observation letter on Aug. 28, Reuters reported, citing Reliance Industries Ltd’s filing that its subsidiary had received the approval.
According to LiveMint, the SEBI nod allows Jio Platforms to formally begin marketing the IPO, with the company’s management expected to participate in the process. Initial discussions indicate strong interest from global investors, including sovereign wealth funds and pension funds, the report added.
Jio Platforms is expected to pursue listing within the next couple of months, LiveMint said. The proposed IPO would raise around ₹35,000 crore, or about $4 billion, and would be structured as an all fresh issue with no offer-for-sale component, so gross proceeds would accrue to the company.
The digital and telecommunications arm of Reliance Industries is planning to issue 270 million equity shares with a face value of ₹10 each. LiveMint also cited analyst valuations from Morgan Stanley and Citi Research at about $133 billion, and said completion at the targeted size could surpass prior large Indian IPOs, including those by Hyundai Motor India and LIC.