Reliance Industries Limited is reportedly aiming to file a draft red herring prospectus for the initial public offering (IPO) of its telecom unit, Jio Platforms Limited, as early as the end of this month, based on December-end financials.
The company formally kicked off preparations for the IPO on Tuesday by appointing 17 bankers to handle the issue. Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase and Co., Citigroup Inc., and Goldman Sachs Group Inc. are among nine global banks selected for advisory roles. Domestic advisers include Kotak Mahindra Capital Co., Axis Capital Limited, JM Financial Limited, and SBI Capital Markets Limited.
Plans for the IPO have gained momentum after the government approved a change in listing requirements, allowing large issuers to dilute as little as 2.5 per cent of their equity. The offering could be India’s largest-ever IPO.
Further, the proposed offering is expected to consist largely of a secondary share sale by existing investors and could take place later this year. Details including the size, structure, and timing of the transaction are still being finalised and are subject to change.
