Reliance unveils Jio listing plans at AGM as it files IPO papers to raise around $3.8 billion

The Mukesh Ambani-led Reliance Industries Limited (RIL) officially announced here on Friday at its 49th annual general meeting (AGM) plans for the stock exchange listing of its telecom and digital arm Reliance Jio Infocomm Limited through an IPO to raise around $3.8 billion (approximately Rs 35,932 crores).

- 

"With great delight, let me tell you that the Board of Jio Platforms has approved the Draft Red Herring Prospectus (DHRP) earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders," Mr Ambani said at the AGM.

Jio is set to take a key step toward its long-awaited stock market debut after its board approved the filing of draft initial public offering (IPO) papers with India's market regulator for a fresh issue of up to 27 crore equity shares.

Reliance Industries Ltd Chairman Mukesh Ambani announced the long-awaited stock market debut of Reliance Jio Infocomm Limited after its board approved the filing of draft initial public offering (IPO) papers with the Securities & Exchange Bureau of India (SEBI), which was filed on Friday.

The IPO comprises an issue of up to 270 million equity shares of Rs 10 face value each. These shares will be issued as a fresh issue, meaning new capital is being raised rather than existing shareholders selling stakes.

The total issue size will be determined based on the final price discovered through the book-building process, according to the Draft Red Herring Prospectus (DHRP) filed with the SEBI by the company.