Reliance Jio Infocomm, the telecom arm of Reliance Industries Ltd (RIL), is expected to file its draft red herring prospectus (DRHP) for a $4 Bn IPO within this week.
Citing sources, Financial Times reported that the draft papers are likely to be filed ahead of RIL chairman and MD Mukesh Ambani’s speech during the company’s annual general meeting on Friday (June 19).
Inc42 has reached out to RIL for comments. The story will be updated on receiving a response.
Announcing the IPO plans for Jio last year, Ambani said the company was targeting a listing in the first half of 2026. Initially, the company was awaiting a notification from the government to ease public shareholding norms for big public issues. In March, the finance ministry eased the public float norms, clearing the way for Jio’s mega IPO.
The IPO, set to be one of the biggest in India’s public markets history, is likely to consist only of a fresh issue of shares. The offer-for-sale component was reportedly dropped in the run up to filing the draft papers as investors couldn’t agree on an issue price.
RIL was concerned that existing shareholders’ expectations of a higher valuation could lead to the market not being able to fully absorb the issue and leave no room for value creation post listing.
(The story will be updated soon)
The post Jio To File IPO Papers Before Reliance AGM On Friday: Report appeared first on Inc42 Media.
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