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Jio Platforms IPO: The IPO is expected to remain open until October 23, while the anchor book could open on October 19.
“Jio today is much more than a telecom company. We are building original technology in India across connectivity, digital products, enterprise solutions and AI,” said Akash Ambani, Managing Director of Jio Platforms Limited. (File Photo: PTI)
Jio Platforms IPO: Jio Platforms, the digital arm of Reliance Industries, is likely to launch its much-awaited initial public offering (IPO) later this month, with the issue potentially opening for subscription on October 21, according to a CNBC-TV18 report citing people familiar with the matter.
The IPO is expected to remain open until October 23, while the anchor book could open on October 19. The shares may list on the stock exchanges on October 28, subject to market conditions, the report said.
Jio Platforms is the digital holding company of Reliance Industries and houses telecom major Reliance Jio Infocomm.
Jio IPO: Expected Dates
According to CNBC-TV18, the proposed timeline for the IPO is:
| IPO Event | Expected Date |
|---|---|
| Anchor book opens | October 19 |
| IPO opens | October 21 |
| IPO closes | October 23 |
| Expected listing | October 28 |
The dates could change depending on market conditions and developments in global financial markets.
One of the people cited by CNBC-TV18 said Jio is “fairly close” to launching the IPO, although market conditions and global developments will remain important factors in determining the timing. The regulatory process is also largely complete, with the necessary approvals in place, according to the report.
Jio IPO Size, Valuation Yet To Be Finalised
The final size, price band and valuation of the Jio Platforms IPO have not been decided yet. According to CNBC-TV18, a decision on the IPO pricing is expected in the coming week after taking into account feedback from investors and prevailing market conditions.
Jio Platforms had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in June. SEBI issued its final observations on August 28, clearing the way for the company to proceed with the proposed IPO.
The issue is expected to comprise entirely fresh shares. This means the money raised through the IPO will go to Jio Platforms, rather than existing shareholders selling their holdings.
Where Will Jio IPO Money Go?
A significant portion of the IPO proceeds is expected to be used to reduce debt. According to the details cited by CNBC-TV18, Jio Platforms plans to use the proceeds primarily to repay or prepay, either fully or partly, around Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm.
The remaining proceeds are expected to be used for general corporate purposes. The final IPO pricing is also likely to factor in the company’s objective of creating long-term value for new shareholders, the report said.
Jio IPO: Retail, HNI And Institutional Allocation
Jio Platforms is looking to ensure meaningful participation from retail investors in the IPO. Under the proposed structure, 50% of the issue is earmarked for retail and high-net-worth individual (HNI) investors, while the remaining 50% is allocated to institutional investors.
Within the retail and HNI portion, 35% is proposed to be reserved for retail investors applying for shares worth up to Rs 2 lakh, 15% will be divided between investors applying for more than Rs 10 lakh and those investing between Rs 2 lakh and Rs 10 lakh. The institutional portion will comprise an anchor book and a main institutional book.
Foreign Investors Show Interest In Jio IPO
Jio Platforms has held meetings with foreign institutional investors (FIIs) as it prepares for the IPO. According to CNBC-TV18, the company has received encouraging feedback from both foreign and domestic investors during recent meetings. Domestic investor interest has reportedly been stronger than expected.
The company is also keeping a close watch on equity-market volatility before finalising the timing and pricing of the issue.
One of the people cited in the report said investors had indicated that the current volatility should not materially affect their demand or appetite to participate in the IPO.
However, the final decision on the IPO launch and pricing will depend on market conditions and global developments.
Reliance Jio Infocomm had 524.4 million customers as of March 31, making it India’s largest telecom operator by subscriber base. According to data from Jio Platforms, the company had 268.5 million 5G customers and was the largest 5G standalone operator outside China.
Jio also said it was the world’s largest fixed wireless access provider outside China, with around 15 million subscribers. Its subscriber base in this segment was about 1.5 times that of T-Mobile, according to the company.
“Jio today is much more than a telecom company. We are building original technology in India across connectivity, digital products, enterprise solutions and AI,” Akash Ambani, managing director of Jio Platforms Ltd, has said.
Disclaimer: News18 is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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Ask News18The Jio Platforms IPO is expected to open for subscription on October 21, close on October 23, and list on the stock exchanges on October 28, with the anchor book potentially opening on October 19. However, these dates remain subject to prevailing market conditions and global financial developments.
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