Jio Platforms files IPO prospectus, subscription opens 21 October

Reliance Industries has set 21 October as the opening date for the initial public offering of its telecom subsidiary Jio Platforms, according to a stock-exchange filing reported by Inc42.

The red-herring prospectus is now on file, but neither the target valuation nor the size of the offering has been disclosed. Jio Platforms, which houses Reliance’s mobile, broadband, digital-services and enterprise businesses, has spent recent years raising capital from marquee global investors.

The move follows a busy IPO season in India. When we covered Moneyview’s debut earlier this month, the digital lender opened at a significant premium to its issue price, suggesting strong retail appetite for new listings. Yet Tonbo Imaging’s offering, which opened this month, was structured entirely as an offer for sale, allowing early backers to exit amid questions about profitability.

Jio’s listing will be the first major IPO from a telecom operator in India in some time. Unlike its rivals, Jio has grown without relying on public markets, instead using its parent company’s resources to fund expansion. Whether that model can sustain the scrutiny of quarterly earnings remains the central question for investors.

Sources: inc42.com