Overview
- Reliance ran a tightly held program called Project Jupiter to prepare Jio Platforms for a public listing and filed a draft prospectus on June 19 that begins the formal IPO process.
- Regulatory relief from the Securities and Exchange Board of India cut the minimum immediate public-holding threshold for very large firms to 2.5 percent, a change reporters say enabled the planned small public float.
- The company shifted its plan from an offer-for-sale to a primary fresh-issue, with reports saying the IPO would comprise up to 27 crore new shares so proceeds flow to Jio and Reliance.
- Major private investors including Meta, Alphabet and KKR reportedly agreed to proportionate dilution to accommodate the listing and knowledge of the plan was limited to a small circle of Reliance executives and lead bankers.
- The next material steps are SEBI’s review, book-building and pricing, and market watchers expect scrutiny of valuation, governance and how the funds will be used to repay group borrowing and finance telecom and technology investments.