Reliance Jio may file draft papers for IPO in May. Earlier Reliance’s target was to file papers by the end of March. However, this timeline was pushed back due to the market downturn caused by the Iran war. This could be the country’s biggest IPO. Jio will leave Hyundai behind in valuation. Investment bank Jefferies had estimated Jio’s valuation at around $180 billion i.e. around Rs 16 lakh crore in November last year. However, now some bankers are estimating its valuation to be up to 240 billion dollars i.e. about Rs 22 lakh crore. According to this valuation, even by selling 2.5% stake, Jio will surpass Hyundai Motor India’s ₹27,000 crore IPO. Foreign investors may get an exit opportunity. In the last 6 years, Reliance Jio has raised funds from big global investors like KKR, Silver Lake and Google. It is believed that through this IPO, many foreign investors can earn profits by selling their stake and can exit. The responsibility of managing the IPO has been handed over to 19 banks. Reliance had formally started preparations for the IPO last month itself. For this, 19 big banks like Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, JM Financial, HSBC, Bank of America and Citigroup have been appointed as advisors. However, discussions are still going on regarding the structure and exact timing of the IPO and changes are possible. Musk’s competition with Starlink and focus on AI Jio is no longer just a telecom company, but it is also expanding rapidly in Artificial Intelligence (AI) and digital services. The company has partnered with Nvidia to develop AI infrastructure. Jio’s direct competition in the market is going to be with Elon Musk’s Starlink, which is going to start satellite internet service in India soon. What is DRHP? This is a raw document which the company submits to SEBI. It contains complete information about the business, promoters and financial health of the company. IPO comes only after the approval of SEBI. Also read this news… Sensex rose by 505 points and closed at 78,494: Nifty also rose by 157 points, reached 24,354; Buying in FMCG shares: On Friday, April 17, the last trading day of the week, the Sensex closed at 78,494 with a rise of 505 points (0.65%). Nifty also rose by 157 points (0.65%), reaching 24,354. In today’s trading, there was buying in FMCG, media and metal stocks, while there was selling in IT stocks. Read the full news…
Source link
[ad_3]
Jio’s IPO expected in May: Company will file draft papers soon, this will be the country’s biggest IPO till date
