Reliance Jio Holdings Said to Pursue Secondary Share Sale to Investors

Reliance Jio Platforms IPO: Foreign Investors Negotiate Stake Sales

Reliance Jio Platforms, a subsidiary of Indian billionaire Mukesh Ambani, is in advanced talks with 13 marquee foreign investors to sell down 8% of individual stakes in its upcoming Mumbai listing. The telecoms-to-AI company, which houses the world's second-largest telecom company by users after China Mobile, is expected to file for approval of its IPO in Mumbai as early as this week.

The list of participating investors includes Meta (9.99%), Google (7.73%), Vista Equity Partners, KKR, and three Gulf sovereign funds: Public Investment Fund, Mubadala, and Abu Dhabi Investment Authority. Each investor is reportedly discussing the sale of 8% of their holdings, which translates to approximately 2.5% of Reliance Jio's total outstanding shares offered in the listing.

The IPO is structured as an offer-for-sale, a common strategy in India where no new funds are raised by the company and existing shareholders offload stakes, to be taken up by the public and other investors. While the talks have focused on each investor selling 8% of their holding, the final numbers could still change.

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Reliance Jio's valuation is estimated to be around $180 billion, with the IPO potentially worth up to $4 billion. The company has hired 17 banks to manage its Mumbai stock listing.