Reliance Jio Infocomm may be days away from filing draft papers for its much-awaited $4 billion initial public offering, according to a Financial Times report on Wednesday citing people familiar with the matter. The filing could come just ahead of Reliance Industries Chairman Mukesh Ambani’s annual address to shareholders at the company’s AGM on Friday.
The proposed IPO is expected to rank among the biggest public offerings in India’s history. At $4 billion, it would surpass Hyundai Motor India’s $3.3 billion IPO and potentially become the largest stock market listing in the country’s history.
Earlier this year, The Economic Times reported that Reliance had opted to move away from an offer-for-sale structure and instead pursue a largely fresh issue. The decision reportedly followed discussions with existing investors over valuation.
Under the revised structure, the funds raised through the IPO would go to Jio rather than existing shareholders selling their stakes. The approach is also aimed at preventing excessive valuation expectations and leaving room for value creation after listing.
