Public Market

IPO

Jio Platforms files DRHP for $4-B IPO

Economic Times   Jio Platforms  

Mumbai-based Jio Platforms , the digital and technology arm of Reliance Industries, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. The company intends to raise USD 4 Billion through what is expected to be the largest public issue in India to date.The offering will consist entirely of a fresh issue of shares, representing 2.9% of the total equity of the firm. It is being managed by a consortium of 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets, and DAM Capital Advisors.Jio Platforms provides telecom, digital, and technology services. The firm plans to use the proceeds from the issue of 270 million shares to repay INR 27,500 crore of debt at its operating subsidiary, Reliance Jio Infocomm. Additionally, the company intends to support strategic priorities, including 5G network expansion, fixed broadband penetration, AI and cloud services, enterprise digital services, and international technology partnerships.Reliance Industries currently holds a 66.43% stake in the pre-issue equity of the company.

Between Apr 2020 and Jul 2020, Jio Platforms had attracted about USD 20 B from CapitalG, ADIA, General Atlantic, Intel Capital, KKR, L Capital Asia, Mubadala Investment, Public Investment Fund, Qualcomm Ventures, Silver Lake, TPG Capital, Vista Equity Partners and others.For FY25, Jio Platforms had reported about Rs.11,868-Cr in Operating Income and about Rs.946-Cr in PAT.