𝗝𝗶𝗼 𝗣𝗿𝗼𝗽𝗼𝘀𝗲𝗱 𝟰 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗗𝗼𝗹𝗹𝗮𝗿 𝗜𝗣𝗢
Reliance Jio Infocomm plans to file draft papers for a 4 billion dollar initial public offering. The filing likely occurs before the annual general meeting of Reliance Industries.
Key details of the offering:
- The size reaches 4 billion dollars.
- This amount exceeds the 3.3 billion dollar Hyundai Motor India listing.
- The company plans a fresh issue of shares.
- Proceeds go to Jio instead of existing shareholders.
- The structure aims to manage valuation expectations.
Jio Platforms history:
- The company raised 20 billion dollars in 2020.
- Investors included Google and Meta.
- The funds helped the company reach net debt-free status.
- Operations expanded into 5G and broadband services.
Reliance Industries performance:
- Shares declined 15 percent this year.
- Net profit fell 13 percent for the quarter ending March.
- Refining business disruptions affected results.
Source: The Times of India