Jio Platforms is preparing to open India's largest initial public offering on October 21, aiming to raise $3.8 billion through a fresh issue that will leave the proceeds with the company rather than selling shareholders. The offer is slated to close on October 23, with the anchor book opening two days earlier on October 19, and a targeted listing date of October 28, though the timeline remains subject to market conditions.
Timeline and structure
The Securities and Exchange Board of India issued its final observations on the draft red herring prospectus on August 28, clearing the path for what is being billed as the country's biggest stock-market listing. Because the issue consists entirely of fresh shares, the capital raised will flow directly to Jio Platforms. A significant portion is earmarked for debt reduction, according to a person familiar with the matter.
Roadshows and investor feedback
Worldwide roadshows have concluded, led by Managing Director Akash Ambani and Reliance Retail Ventures Executive Director Isha Ambani. The company has received encouraging feedback from both foreign institutional investors and domestic investors during recent meetings, PTI reported, citing a source aware of the development. Final touches are being applied to the public offer documents.
What to watch
The October 21 open date and $3.8 billion size are the current plan, not a guarantee. SEBI's August clearance removed the main regulatory hurdle, but the filing notes that dates could shift depending on developments in financial markets. The anchor book on October 19 will provide the first real test of demand at the expected valuation.