Jio IPO attracts over $20 billion in bids: Will Reliance make history with India’s biggest public offering?
As per media reports, a part of the funds received from the IPO will go toward paying down roughly $3 billion in external commercial borrowings for the telecom unit
Reliance Platforms Ltd is preparing for what could be India's largest initial public offering, attracting over $20 billion in bids from global institutional investors like Fidelity and Allianz. Targeting a valuation of 10.3 trillion rupees, the share sale aims to raise approximately $3.1 billion by pricing shares between 1,065 and 1,119 rupees apiece
Reliance Platforms Ltd is preparing for what could be India's largest initial public offering, attracting over $20 billion in bids from global institutional investors like Fidelity and Allianz. Targeting a valuation of 10.3 trillion rupees, the share sale aims to raise approximately $3.1 billion by pricing shares between 1,065 and 1,119 rupees apiece
Reliance Platforms Ltd is preparing for what could be India's largest initial public offering, attracting over $20 billion in bids from global institutional investors like Fidelity and Allianz. Targeting a valuation of 10.3 trillion rupees, the share sale aims to raise approximately $3.1 billion by pricing shares between 1,065 and 1,119 rupees apiece
In what could be described as India's biggest initial public offering, Reliance Platforms Ltd is said to have drawn more than $20 billion in bids.
The IPO share sale, which is expected to commence soon, with various media reports hinting at a bidding window opening ahead of the end of October, is targeting a valuation of 10.3 trillion rupees ($106
billion), as per a Reuters report.
According to people familiar with the matter, global investors including Fidelity, Allianz and Capital Group, as well as other international and local firms, have indicated interest in the IPO.
At present, a final list of IPO anchor investors is being decided and no concrete decision has been made so far. The price of its shares is set to be at 1,065 to 1,119 rupees apiece, the sources told Reuters. The IPO would raise about 302 billion rupees ($3.1 billion) at the upper end of the price band, surpassing Hyundai Motor India's $2.9 billion issue in 2024.
As per Bloomberg, a part of the funds received from the IPO will go toward paying down roughly $3 billion in external commercial borrowings for the telecom unit. It has also been learnt that investors pressed Akash Ambani, the 34-year-old managing director of Jio Platforms, and his team on the valuation target and how the company plans to charge for digital services and various platforms.