Home / Companies / News /  RIL AGM: Jio Platforms public listing via IPO on the cards, says Mukesh Ambani

NEW DELHI: Reliance Industries Limited will take its 67% subsidiary Jio Platforms public in time to come, Mukesh Ambani, the chairman and managing director of the petchem to mobile conglomerate told shareholders at its 43rd annual general meeting on Wednesday. An initial public offering will provide an opportunity to some of the private equity investors of the company to fully or partially exit the company.

This was the first timthe company held only a virtual AGM, owing to covid-specific restrictions.

An overseas listing of Jio Platforms can also not be ruled out, given that the stock markets regulator, the Securities and Exchange Board of India, has eased overseas listing norms.

Jio Platforms has an equity valuation of 4.91 trillion and an enterprise value of 5.16 trillion. Ambani today announced that Google will take a 7.7% stake in Jio Platforms for 33,737 crore. The search engine giant will be the second largest overseas investor in Jio after Facebook’s 9.99%. This is the first the two Silicon valley giants will be holding stake in the same company, the data of 388 million users of Reliance Jio Infocomm, the fully-owned subsidiary of Jio Platforms, the prize behind the pursuits.

The mobile and digital arm of the group has sewn up stake sale deals at a scorching pace in the last three months, managing to get as many as 13 investors against 1.52 trillion in investments from them for a 33% stake. Besides Google and Facebook, the list of investors includes Qualcomm Investment Ventures, Intel Capital, KKR, TPG, General Atlantic, Silver Lake, L Catterton, Vista Equity Partners, sovereign wealth like Abu Dhabi Investment Authority and Mubadala Investment Company from the same country and Saudi Arabia’s Public Investment Fund.

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