Reliance Jio has officially filed its Red Herring Prospectus and announced the schedule for its much awaited initial public offering. The issue will open for subscription on October 21 and close on October 23. Anchor investor bidding will take place on October 19.
The company plans to raise up to ₹30,213 crore through the sale of 27 crore fresh equity shares. The price band has been fixed between ₹1,065 and ₹1,119 per share with a face value of ₹10. This will be India’s largest ever IPO, surpassing Hyundai Motor India’s ₹27,856 crore issue in 2024.
Reliance Industries shareholders will have a special reservation of ₹2,500 crore while Jio employees will get a ₹500 crore allocation. Eligible shareholders must hold Reliance Industries shares as of October 14 to qualify.
The proceeds will primarily be used to repay borrowings of Reliance Jio Infocomm. A portion will also be directed towards general corporate purposes including expansion and operational needs.
The IPO is expected to value Jio at nearly ₹10.3 lakh crore or about 106 billion dollars. Strategic investors such as Meta, Google, Mubadala and Saudi PIF will continue to hold their stakes as there is no offer for sale component.
This landmark listing will provide public investors direct access to India’s largest telecom and digital services company while unlocking value for Reliance Industries shareholders.
