Jio Platforms prepares for IPO marketing and Reliance Industries bond sale

Jio Platforms is preparing to launch marketing for its initial public offering (IPO), with discussions ongoing regarding the offering's size, valuation, and timing. The company, which owns India's largest wireless carrier, received regulatory approval from the Securities and Exchange Board of India (Sebi) on August 28. The proposed issue could involve up to 270 million new shares, representing a 2.9 per cent equity dilution, and could potentially raise as much as $4 billion. Proceeds are expected to be used in part to repay debt.

In a related move, Reliance Industries Ltd (RIL) is reportedly planning a local-currency bond sale of approximately Rs 12,500 crore ($1.3 billion) as early as next week. This issuance would consist of five-year notes with a 7.47 per cent coupon. To support the Jio Platforms IPO, RIL is expected to hold outreach meetings across several global financial hubs, including the US, Singapore, Hong Kong, London, and the Middle East.