Mukesh Ambani is planning India’s largest initial public offerings (IPOs) for Jio and Reliance Retail
According to a source, Mukesh Ambani is preparing to make initial public offerings (IPOs) for Reliance Jio and Reliance Retail Ventures. As per the source, the chairman of Reliance Industries Ltd (RIL) may make a significant statement in this respect during the company’s annual general meeting (AGM).
THE LARGEST IPOS IN INDIA
Mukesh Ambani’s massive plan includes separate first share offerings for his telecom company Reliance Jio Platform (RJPL) and its affiliate Reliance Retail Ventures Limited (RRVL).
According to the Hindu Business Line, both firms want to raise a staggering amount of Rs 50,000 crore to Rs 75,000 crore through IPOs.
With the target sums, both IPOs will be India’s largest-ever first share sales.
Paytm’s IPO in 2021 was the highest ever in India, raising Rs 18,300 crore, followed by Coal India in 2010 at almost Rs 15,500 crore and Reliance Power in 2008 at Rs 11,700 crore.
The IPO of Life Insurance Corporation of India (LIC) is expected to surpass Paytm and become India’s largest-ever initial share offering.
The government would earn around Rs 21,000 crore from the LIC IPO at the high end of the pricing band.
Even with the lower amount of around Rs 20,557 crore, the LIC IPO would remain the largest initial public offering in the country’s history.
JIO RELIANCE IPO
Shares of Reliance Jio may also be listed on the US stock market, Nasdaq. Nasdaq is the world’s largest share market for tech majors.
The Reliance Jio IPO might take place when the shares of Reliance Retail Ventures Limited are listed on the stock exchange, which is expected to happen in December 2022.