Reliance Industries shares climb nearly 3% as Jio files for IPO

Shares of Reliance Industries climbed nearly 3 per cent on Monday after its digital unit Jio Platforms filed draft papers for what could become India’s largest-ever initial public offering.

The rally was also bolstered after billionaire Mukesh Ambani unveiled a roadmap for the company’s next phase of growth spanning artificial intelligence, satellite broadband, clean energy and consumer businesses at the company’s 49th annual general meeting.

The bellwether stock rallied 2.75 per cent to Rs 1,345.45 on the BSE.

At the NSE, the stock edged higher by 2.70 per cent to Rs 1,344.90.

Rally in the blue-chip stock was also instrumental in driving the markets higher. The 30-share BSE Sensex traded 454.36 points higher at 77,253.07 in late morning trade. The 50-share NSE Nifty climbed 136.05 points to 24,149.50.

Jio Platforms, the telecom-to-technology company that transformed India’s digital landscape over the past decade, filed a draft red herring prospectus with market regulator SEBI on Friday for a fresh issue of up to 27 crore shares.

Sources familiar with the matter had said that the offering could raise about Rs 37,700 crore (USD 4 billion), valuing the company at roughly USD 137 billion.

The offering aims to unlock value from Jio Platforms, whose telecom arm has grown into the world’s second-largest mobile operator by subscribers in a single country after China Mobile.