After a slew of acquisitions in Jio Platforms worth over $10 billion, Reliance Jio Chairman Mukesh Ambani is reportedly set to launch an overseas IPO for the same in the coming months, according to a news report.
Bloomberg reported that Reliance Industries is in talks with banks to prepare an overseas listing of Jio Platforms, which could take place in the next 12-24 months.
Jio Platforms is a wholly-owned subsidiary of Reliance Industries. Reliance Jio is India's largest wireless carrier with 376.67 million users in January 2020.
According to the report, citing sources with knowledge of the matter, a listing venue has not been decided.
The move comes after Facebook invested nearly $5.7 billion in Jio Platforms in April for a 9.99 per cent stake. This was followed by private equity firm Silver Lake Partners buying a 1.15 per cent stake for $790 million in May, General Atlantic picking up a 1.34 per cent stake and Vista Equity Partners purchasing a 2.32 per cent stake for $1.6 billion. Just days ago, US private equity KKR acquired a 2.32 per cent stake in Jio Platforms too.
Overall, the five deals struck in five weeks would total investment of Rs 78,562 crore ($10.4 billion) in Reliance Industries.
The move to host an overseas IPO would help Reliance Industries’ plan to become a debt-free company by March 2021.
Additionally, on Tuesday, Anant Ambani—youngest son of Mukesh Ambani—joined Jio Platforms as a director. Anant, 25, will join his siblings Isha (Reliance Retail Ventures) and Akash (Jio Platforms) in the business conglomerate.