Jio board approves draft papers for IPO
The board of Jio Platforms Ltd, the digital and telecommunications arm of Reliance Industries, approved filing draft papers for an initial public offering involving a fresh issue of up to 27 crore equity shares, RIL said on Friday.
Addressing the 49th annual shareholder meeting of Reliance, chairman and managing director Mukesh Ambani said the draft red herring prospectus (DRHP), approved by the board of Jio Platforms, will be filed with the Securities and Exchange Board of India (SEBI) on Friday. The proposed IPO comprises a fresh issue of up to 27 crore shares with a face value of `10 each. The issue price will be determined through a book-building process in accordance with SEBI regulations.
Jio Platforms is a subsidiary of Reliance Industries and houses the group’s telecommunications, digital services and technology businesses.
The company did not disclose the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.
Ambani called the Jio IPO the company’s most significant value-creation event of the year, saying the listing would unlock value for Reliance shareholders while offering new investors an opportunity to participate in the company’s growth. He said the IPO process is being led by his children — Akash, Isha and Anant — who will spearhead the next phase of growth and value creation at Jio.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani said. The Jio IPO is described as “the most important value creation milestone this year”, one that will “unlock great value for Reliance shareholders and offer an attractive investment opportunity to others”.
Alongside the IPO announcement, five strategic priorities for Jio’s next phase of expansion were outlined.
The company plans to accelerate the adoption of its JioTrue5G network, targeting migration of its entire subscriber base to 5G by 2030, while advancing India’s role in the development of 6G standards.
Jio also aims to expand high-speed broadband access through JioAirFiber, its fixed wireless access service.
The company will continue its efforts to digitise small and medium-sized businesses through products such as JioPC, a cloud computing service delivered via a set-top box, and expand the use of artificial intelligence across consumer services, network operations and customer support.
