Reliance Industries is likely to file draft paperwork for the initial public offering of Jio Platforms Ltd. in May, incorporating earnings for the full fiscal year. The Mukesh Ambani-led conglomerate had earlier aimed to submit the filing by the end of March using figures for the quarter ended December. The timeline was pushed back because of a market downturn stemming from the war in Iran. The listing could become India’s largest-ever IPO and mark the first public offering by a major Reliance unit in nearly two decades.
Reliance is currently in a silent period ahead of its earnings release due next week, making any filing during this time unlikely.
According to sources familiar with the matter, the results for India’s fiscal year ending March 31 will present a more up-to-date picture of Jio’s performance, including recent subscriber growth and fresh numbers for the key measure of average revenue per user. This likely could help position the offering more favorably with investors.
Reliance formally kicked off IPO preparations last month, appointing as many as 19 banks to manage the issue. Kotak Mahindra Capital Co., Morgan Stanley, JM Financial Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, Bank of America Corp. and Citigroup Inc. are among those selected for advisory roles, as per the sources.
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