Reliance Industries' board approved the draft red herring prospectus for the Jio Platforms initial public offering. Chairman Mukesh Ambani announced the development during the company's 49th Annual General Meeting. The company will file the official papers with the Securities and Exchange Board of India on June 19.
The proposed IPO consists of a fresh issue of up to 270 million new equity shares. Ambani described the listing as the year's most important value creation milestone for shareholders. Akash, Isha, and Anant Ambani are leading the IPO process.
Sources suggest the offering could raise approximately $3.8 billion. This total would make the listing the largest IPO in Indian history. Reliance will use the proceeds for debt repayment and general corporate purposes. Jio Platforms previously raised over $20 billion from investors including Meta and Google. This capital infusion took place in 2020.