Reliance, a company owned by Mukesh Ambani, is planning to sell its share of Jio Pvt. Ltd. to the public. Jio is ready to file the Draft Red Herring Prospectus for the initial Public Offering by the end of March, using financial data up to December.
The government recently changed the rules, allowing large companies to sell only a 2.5 per cent share in an IPO, whereas earlier they had to sell more. Reliance hired 17 banks on Tuesday to help manage the IPO, including Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., and Goldman Sachs Group Inc., which are among the nine global banks chosen for advisory assistance.
Additionally, Realiance has also selected Indian banks for domestic roles, which include Kotak Mahindra Bank, Axis Capital Ltd., JM Financial Ltd., and SBI Capital Market Ltd.
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This IPO might be the biggest ever in India and the first by the billionaire, Mukesh Ambani, in the last two decades. Most shares poised for sale come from existing investors, not from the new shares. The IPO may happen later this year. The size, structure, and timing of the transaction are yet to be finalised and are subject to change.
