Reliance Jio Files DRHP for $3 Bn IPO; Debt Repayment In Focus

Jio Platforms Limited (JPL) has filed the Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) on Friday.

The move comes after Mukesh Ambani, Reliance Industries Limited (RIL) MD and Chairman, had said earlier in the day that the company's Board had granted approval for the company to go public.

According to the company's regulatory filing, it plans to issue 27 crore equity shares, while there is no offer for sale (OFS) component.

The size of the IPO is reportedly estimated to be around $3 billion.

And the company has said that it will use the proceeds to pay off its debt, according to the DHRP.

During Reliance's 49th Annual General Meeting (AGM), Ambani said, "The Board of Jio Platforms has approved its DRHP, and it will be filed with SEBI today," and described it as a "deeply emotional" moment for him, the company and its shareholders.

The Jio IPO is described as "the most important Value Creation milestone this year", one that will "unlock great value for Reliance shareholders and offer an attractive investment opportunity to others," he added.

Jio's proposed listing will "demonstrate to the world that India can build technology companies of global scale, global capability, and global value," Ambani further said.