Silicon Valley, sovereign funds and Ambani sit tight on their Jio stakes

Meta, Google, Saudi Arabia’s sovereign wealth fund and a clutch of global private equity investors will not sell shares in Jio Platforms Ltd’s planned initial public offering (IPO), as the company moves ahead with what could become India’s largest listing.

- Agnidev Bhattacharya

The digital arm of Reliance Industries Ltd on Friday filed draft papers with the Securities and Exchange Board of India (Sebi) for a proposed fresh issue of 270 million equity shares.

The IPO will not include an offer for sale, meaning neither Reliance Industries nor Jio’s financial investors will offload stock through the listing.

Jio plans to use up to ₹27,500 crore from the IPO proceeds to prepay certain borrowings of material subsidiary Reliance Jio Infocomm Ltd (RJIL).

People directly aware of the matter told Mint that Jio Platforms also plans to raise ₹4,500-7,500 crore for general corporate purposes, implying a total IPO size of ₹32,000-35,000 crore.