Reliance Industries Limited is reportedly working with six banks for the planned share sale of its telecom unit, Jio Platforms Limited, with more advisers likely to be added. The company is working with BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Ltd., Kotak Mahindra Capital Co. and Morgan Stanley on the offering.
Jio is moving ahead with what could be India’s largest-ever initial public offering and the first by a major unit of Reliance Industries in almost two decades. The offering has gained momentum after the government approved a change in listing requirements, now allowing large issuers to dilute as little as 2.5 per cent of their equity.
Bankers have previously proposed valuing Jio Platforms at up to $170 billion, which would mean the company could raise around $4.3 billion at the minimum dilution requirement. Once the final terms are decided, the company will proceed with filing the draft red herring prospectus with the Securities and Exchange Board of India.
