Reliance Industries Limited Chairman and Managing Director Mukesh Ambani announced that the board of Jio Platforms has approved the company’s initial public offering (IPO) documents, which are scheduled to be filed with the Securities and Exchange Board of India (SEBI) on June 19.
Speaking at the company’s 49th Annual General Meeting (AGM), Ambani said the Reliance board had approved Jio’s initial public offering (IPO), with the Draft Red Herring Prospectus (DRHP) set to be filed the same day.
“The Reliance Board has approved the Jio IPO. The Draft Red Herring Prospectus will be filed today. Isha Ambani, Anand Ambani and Akash Ambani will lead the project,” he said.
Plans to list Jio Platforms have been under consideration for some time, marking the first public listing from the Reliance Industries group in nearly two decades.
“The listing of Jio will demonstrate to the world that India can build technology companies of global scale, capability, and value. I assure you and all prospective new investors that a brighter future awaits Jio,” Ambani said.
An initial public offering (IPO) is the process through which a company offers its shares to the public for the first time, allowing investors to buy a stake in the business through the stock market.
Companies launch IPOs to raise capital and become publicly listed. According to a Bloomberg report, Jio Platforms’ board has approved the issuance of up to 270 million new equity shares with a face value of ₹10 each.
Reports in March had indicated that Jio Platforms was in the final stages of preparing its Draft Red Herring Prospectus (DRHP) for submission to the Securities and Exchange Board of India (SEBI), paving the way for its public listing.
Earlier this year, the government eased listing norms for large companies by allowing those with a post-issue valuation of more than ₹5 trillion (around $54 billion) to go public after diluting a minimum of just 2.5% of their equity. The revised threshold is half the earlier 5% requirement for mega-cap companies and significantly below the standard 25% minimum public shareholding rule.
Following the regulatory change, reports that Jio Platforms was preparing to file for an initial public offering (IPO) gathered momentum.