Reliance Jio Platforms has appointed as many as 17 banks to manage its much-awaited IPO, which is expected to be structured entirely as an offer-for-sale (OFS), according to a Reuters report citing sources familiar with the matter. This means no fresh capital will be raised, with existing investors instead paring stakes through the public issue.
The Reuters report noted that the banking syndicate includes global names such as Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America, alongside domestic players like Axis Capital, ICICI Securities, IIFL and Kotak Mahindra Capital.
The company has not responded to Reuters’ queries on the development.
Separately, Bloomberg reported that Reliance Industries is looking to file a draft red herring prospectus (DRHP) for Jio Platforms as early as the end of March, likely with December-end financials. The IPO is expected to be largely a secondary share sale and could be launched later this year, although details around size and timing remain fluid, the report added.
The listing push has gained momentum after regulatory changes allowed large issuers to dilute as little as 2.5% stake. If executed, the offering could become India’s largest-ever IPO.
Jio, which has over 500 million users, has attracted marquee investors such as KKR, General Atlantic, Silver Lake and Abu Dhabi Investment Authority over the years, as it expanded into areas including artificial intelligence.
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Earlier this year, Reliance Industries and Jio also outlined plans to invest ₹10 lakh crore over the next seven years to build an artificial intelligence ecosystem in India. Speaking at the AI Impact Summit, Mukesh Ambani described the commitment as “patient capital” aimed at long-term capacity building.
