Reliance Jio, the telecom arm of Reliance Industries led by Mukesh Ambani, has appointed 17 banks to manage its upcoming initial public offering (IPO), according to reports.
The IPO will be structured as an offer-for-sale (OFS), meaning the company itself will not receive any fresh funds. Instead, current shareholders will sell part of their holdings to public investors.
This move is expected to allow major global investors, such as KKR, Silver Lake, General Atlantic and the Abu Dhabi Investment Authority, to partially cash out their stakes.
Top international and domestic banks, including Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley, Axis Capital, ICICI Securities and Kotak Mahindra Capital, have been selected to handle the offering.
Reliance Jio is likely to file its draft IPO documents soon. The issue could raise over $4 billion, making it one of the largest public offerings in India.
With more than 500 million subscribers, Jio remains India’s largest telecom operator and has been expanding into digital platforms and artificial intelligence, strengthening its growth outlook.
The planned IPO comes amid strong momentum in India’s primary markets, despite mixed global economic conditions.
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