Reliance Jio Selects 17 Banks for Upcoming IPO with No New Capital Raising

Reliance Jio Platforms Prepares for Potential $4 Billion IPO

Reliance Jio Platforms, a subsidiary of the conglomerate Reliance Industries led by billionaire Mukesh Ambani, has enlisted the services of 17 banks to manage its upcoming Mumbai stock listing. The listing will be an offer for sale, allowing existing shareholders to sell their shareholdings to the public, rather than raising new funds.

The hiring of banks marks a significant step towards what could be India's largest-ever IPO, with an estimated value of over $4 billion. Jio, the parent company of India's largest telecom operator, boasts over 500 million users. The company has diversified into artificial intelligence and has secured funding from prominent investors such as KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority over the past six years.

The 17 bank advisors include Wall Street giants Citigroup and JPMorgan, as well as Indian investment banks Axis Capital, ICICI Securities, IIFL, and Kotak Mahindra Capital. The list also includes Goldman Sachs, Morgan Stanley, and Bank of America. The company plans to file for regulatory approval this month.

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