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The Economic Times
The Economic Times

Jio Platforms plans $3 billion debt reduction from IPO proceeds

Jio Jio Platforms IPO

Jio Platforms Ltd. plans to use part of the proceeds from its proposed initial share sale to repay its telecom unit’s external commercial borrowings of almost $3 billion, a draft IPO document showed.

Jio, a crown jewel of billionaire Mukesh Ambani’s oil-to-retail conglomerate, filed the draft documents on Friday for an IPO that includes the issuance of as many as 270 million new shares, kick-starting a long-awaited process of unlocking shareholder value.

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