PHOTO
Initial Public Offering. IPO. Financial trade. Investment. Image used for illustrative purpose. Getty Images
Reliance Jio Infocomm, the telecommunications business of Reliance Industries, is working towards a Rs350bn–Rs400bn (US$4.0bn–$4.6bn) IPO this year with Kotak and Morgan Stanley close to the transaction, people with knowledge of the development said.
The syndicate will be finalised next month.
Both primary and secondary shares are likely to be sold in the IPO and the final size will be based on the updated valuation and shares on offer.
Reliance Industries did not respond to an email seeking comments on the IPO.
Jio is India's largest telecom operator. In a July 2024 report, Jefferies said Jio could list at a valuation of US$112bn.
Hyundai Motor India's Rs278.7bn IPO in 2024 holds the record for India's largest-ever float. The share closed yesterday at Rs1,622 compared with the IPO price of Rs1,960.
Source: IFR