India’s telecom and digital giant Reliance Jio Platforms is moving closer to its much-awaited stock market debut. According to sources, the company has appointed 17 banks to manage its proposed listing in Mumbai, reported Reuters. Interestingly, the initial public offering (IPO) will not raise any new funds for the company.
OFFER FOR SALE ROUTE CHOSEN
The IPO is expected to be structured as an “offer for sale” (OFS). This means existing investors will sell a part of their stake to the public, rather than the company issuing new shares.
The company, backed by billionaire Mukesh Ambani, has not officially commented on the development so far.
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