Jio IPO: Mukesh Ambani-owned Reliance Industries sets eyes on Navratri-Diwali period for launch? What we know so far

Jio Platforms (JPL), the telecom, digital and technology arm of Mukesh Ambani-led Reliance Industries, is reportedly gearing up for a $4 billion IPO, with the issue potentially hitting the market by late October or early November, according to a report by The Economic Times.

The company is said to be eyeing the Navratri period toward the end of October for the launch. If the timeline is delayed, the IPO could extend into the first week of November, with Diwali emerging as another possible window, the ET report said, citing people familiar with the development.

The IPO timeline could align with the Navratri festival, which begins on 11 October and concludes with Dussehra on 20 October, potentially allowing the roadshows to start as early as next week, The Economic Times reported. The report also noted that Dhanteras falls on 6 November, followed by Diwali on 8 November, offering another possible window for the share sale.

Jio Platforms is expected to finalise the IPO dates within the next couple of weeks. Following this, the company could kick off overseas investor roadshows before holding meetings with investors in India, ET reported. The report said Jio is planning three weeks of international roadshows, followed by two weeks of domestic investor meetings, as it prepares for the IPO.

If launched at the estimated $4 billion size, the Jio Platforms IPO could become India’s largest-ever IPO, marking a major milestone for the country’s primary market.

Jio Platforms had filed its draft IPO papers in June and subsequently received approval from the Securities and Exchange Board of India (SEBI) on 28 August to proceed with the share sale, according to the ET report.

Jio IPO details

Jio Platforms Ltd is moving ahead with plans for a potentially record-breaking ₹37,700 crore ($4 billion) IPO, which could become the largest public offering in India.

The company has proposed issuing up to 27 crore new equity shares, equivalent to around 2.9% of its post-issue share capital, according to its draft red herring prospectus (DRHP).

A major share of the funds raised is earmarked for the prepayment of up to ₹27,500 crore of Reliance Jio Infocomm Ltd (RJIL) loans, the operating company under Jio Platforms. The balance is expected to be utilised for general corporate requirements.

Under the proposed structure, Jio Platforms may route funds to RJIL by subscribing to its equity shares, preference shares or debentures, providing loans, or through a combination of these funding routes.

The company has also attracted several prominent global investors. Collectively, large investors own nearly 30.9% of Jio Platforms. Meta Platforms-affiliated Jaadhu Holdings owns 9.98%, while Google International holds 7.73%. The investor group also includes Saudi Arabia’s Public Investment Fund, Silver Lake and Vista Equity affiliates, General Atlantic, KKR-backed entities and investment vehicles associated with the Abu Dhabi Investment Authority.

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