Reliance Jio IPO nears as Ambani taps 17 banks

Reliance Jio Platforms is moving closer to a blockbuster stock market debut, with billionaire Mukesh Ambani lining up major global and domestic banks to manage the offering.

According to sources familiar with the matter, Jio has appointed 17 banks to oversee its planned listing in Mumbai. However, the IPO will not raise fresh capital. Instead, it will be structured as an “offer for sale,” allowing existing investors to offload part of their holdings, News.Az reports, citing Reuters.

The move signals a strategic shift for Jio, which has attracted high-profile backers over the past six years, including KKR, Silver Lake, General Atlantic, and Abu Dhabi Investment Authority.

With more than 500 million users, Jio remains India’s largest telecom operator and has expanded aggressively into areas such as artificial intelligence, strengthening its appeal to investors.

The IPO could become India’s biggest-ever listing, potentially exceeding $4 billion. Sources say the company is preparing to file for regulatory approval as early as this month.

A mix of Wall Street heavyweights and Indian financial institutions have been brought on board, including Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, and Axis Bank.

While the company has not commented publicly, the scale of the advisory lineup underscores the significance of the listing, as Jio prepares to give early investors a partial exit while testing market appetite.

News.Az 

By Aysel Mammadzada