Jio Platforms targets up to $140 billion IPO valuation

TPG, KKR, General Atlantic, Silver Lake likely to pare stakes in standalone offer for sale

- Devina Sengupta, Sneha Shah & Jatin Grover

Reliance Industries is unlikely to sell or raise fresh capital in the IPO, indicating no dilution from the parent company.

(REUTERS)

Billionaire Mukesh Ambanicontrolled Jio Platforms Ltd is targeting a valuation of $120-140 billion for its public offer, which will see some of its existing investors, including TPG, KKR, General Atlantic, and Silver Lake, sell shares, according to two bankers familiar with discussions.

Parent Reliance Industries Ltd is not expected to offload any shares, and the company is also not looking to issue new stock to raise capital, as it will be a standalone offer for sale by some of its shareholders, said bankers, who didn’t want to be identified as discussions were private.