Reliance Industries is moving ahead with plans to list its digital and telecom arm Jio Platforms and may file draft papers for an initial public offering (IPO) by the end of March, according to reports citing sources familiar with the development.
The filing of the draft red herring prospectus (DRHP) with the market regulator would mark the first formal step toward a public listing of the company. The proposed IPO could become one of the largest share sales in India’s capital markets if it goes ahead as expected.
As part of the preparations, Reliance has appointed a large group of investment banks to manage the potential offering. Reports suggest that around 17 global and domestic banks have been brought on board to advise on the issue and handle various aspects of the listing process.
Among the international banks said to be involved are Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup and HSBC. Indian investment banks including Kotak Mahindra Capital, Axis Capital, JM Financial and SBI Capital Markets are also expected to play key roles in the transaction.
Market estimates indicate that the IPO could raise around ₹40,000 crore, potentially making it the largest listing in India. Analysts believe the company’s valuation could range between $100 billion and $120 billion, although the final valuation will depend on market conditions and investor demand at the time of the issue.
The proposed listing has gained traction after regulators eased listing requirements for very large companies. Under revised rules, companies with high valuations can list while offering a smaller portion of shares to the public initially, making it easier for large firms to access public markets.
Jio Platforms, the telecom and technology subsidiary of Reliance Industries led by chairman Mukesh Ambani, operates India’s largest mobile network and has expanded into a broad digital ecosystem. Its services now span entertainment, e-commerce, cloud computing and financial technology.
If the draft prospectus is filed by the end of March, the IPO process could move forward later in the year, subject to regulatory approvals and market conditions. Market observers say the offering could attract significant interest from both domestic and international investors.
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