Reliance Eyes May Window For Jio IPO Filing

Reliance Industries Ltd is likely to file draft papers for the initial public offering (IPO) of Jio Platforms Ltd in May, according to people familiar with the matter. The filing will include earnings for the full financial year ended 31 March.

The company had earlier planned to submit the draft red herring prospectus (DRHP) by the end of March using December quarter numbers. The timeline was pushed back after a correction in equity markets linked to the war in Iran.

Reliance is currently in a silent period ahead of its earnings announcement due next week, making any filing during this window unlikely.

Full-Year Numbers To Shape Investor Pitch

The updated timeline allows Reliance to present a more recent financial picture of Jio Platforms. This will include subscriber additions and fresh data on average revenue per user (ARPU), a key metric tracked by investors.

People aware of the discussions said the inclusion of full-year numbers could help position the offering better with investors. The move comes at a time when market conditions remain sensitive to global developments, and investors are closely tracking operational performance.

Potential To Be India’s Largest IPO

Jio IPO is expected to be India’s largest-ever IPO, according to people familiar with the plans. It would also mark the first public issue from a major Reliance unit in nearly two decades.

The scale of the offering and the company’s market position make it a closely watched transaction in the primary market. Details such as issue size, structure and valuation are still being finalised and may change.

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Banks Appointed To Manage The Issue

Reliance has already begun formal preparations for the listing. Last month, it appointed as many as 19 banks to manage the IPO.

Among the banks selected for advisory roles are:

• Kotak Mahindra Capital Co

• Morgan Stanley

• JM Financial Ltd

• Goldman Sachs Group Inc

• HSBC Holdings Plc

• Bank of America Corp

• Citigroup Inc

People familiar with the process said these banks will handle various aspects of the offering, including structuring, investor outreach and execution.

Sources:

The Economic Times

Bloomberg