Reliance Industries Chairman and Managing Director Mukesh Ambani on Friday announced that the board of Jio Platforms has approved plans for an Initial Public Offering (IPO), with the company set to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) later in the day.
Speaking at Reliance Industries’ 49th Annual General Meeting, Ambani said the listing process will be spearheaded by Isha Ambani, Akash Ambani and Anant Ambani.
“The Reliance Board has approved the Jio IPO. The Draft Red Herring Prospectus will be filed today. Isha Ambani, Akash Ambani, and Anant Ambani will lead the project,” he said.
The proposed public issue marks the first major listing from the Reliance group in nearly two decades. Highlighting the significance of the move, Ambani said a public listing would showcase India’s ability to create technology companies with global scale and influence.
“Listing Jio will demonstrate to the world that India can build technology companies of global scale, capability and value. I assure shareholders and future investors that Jio’s best days are still ahead,” he added.
An IPO, or Initial Public Offering, allows a company to offer its shares to the public for the first time and become a publicly traded entity. Companies typically pursue IPOs to raise capital and broaden their investor base.
According to a Bloomberg report, Jio Platforms’ board has approved the issuance of up to 270 million new shares with a face value of ₹10 each as part of the offering.
Reports earlier this year indicated that Jio was finalising its Draft Red Herring Prospectus and preparing to submit the required documents to SEBI.
Momentum around the listing gained after the government revised listing norms for large companies. Under the updated rules, firms with a post-issue valuation exceeding ₹5 trillion, or roughly $54 billion, can now list by diluting a minimum of 2.5% of their equity. This is lower than the earlier 5% requirement for mega-cap companies and significantly below the standard 25% public shareholding norm.
The regulatory change is widely seen as one of the key factors that accelerated plans for Jio Platforms’ much-anticipated stock market debut.
