Mukesh Ambani gears up for IPOs of Reliance Jio and Reliance Retail
By MYBRANDBOOK
As per news report, Mukesh Ambani is gearing up to introduce initial public offerings (IPOs) for Reliance Jio and Reliance Retail Ventures. According to a source, in the company’s annual general meeting (AGM) Reliance Industries’ Chairman may make an announcement in this regard.
Ambani is planning for separate initial share sales for his telecom venture Reliance Jio Platform (RJPL) and subsidiary Reliance Retail Ventures Limited (RRVL).
Both companies will be eyeing raising a staggering amount of Rs 50,000 crore to Rs 75,000 crore each through IPOs, according to the Hindu Business Line report.
The target amounts will make both the IPOs India's biggest-ever initial share sales.
As of now, IPO introduced by Paytm in 2021 was the largest ever in India which amounts Rs 18,300 crore, followed by Coal India in 2010 at nearly Rs 15,500 crore and Reliance Power in 2008 at Rs 11,700 crore.
Shares of Reliance Jio may also be listed on the US stock market, Nasdaq.
The Reliance Jio IPO may be launched after the shares of Reliance Retail Ventures hit the market, likely in December 2022.
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