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Jio Platforms plans $3.8 billion IPO on Oct. 21

The proposed offering is expected to list on Oct. 28, after SEBI’s August approval of its draft prospectus.

Reported · Written up by our desk · India

Jio Platforms Ltd, the digital services arm of Reliance Industries, plans to launch an initial public offering on October 21 to raise about $3.8 billion, which would be India’s biggest listing, according to LiveMint Markets citing Reuters sources.

The shares are expected to list on October 28. The deal is also described as set to surpass Hyundai Motor India’s $2.9 billion listing in 2024, and the National Stock Exchange of India’s $2.3 billion IPO made last month.

LiveMint Markets reports that SEBI issued its observation letter on August 28 for Jio Platforms’ draft prospectus. The company previously received SEBI approval for the issue in August.

At its June 19 annual general meeting, Reliance Chairman Mukesh Ambani said the board had approved the draft red herring prospectus. Reliance did not respond to a Reuters request for comment, the report added.

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Sources