Reliance Jio will file its IPO papers with SEBI on Friday, Mukesh Ambani announced at Reliance’s 49th AGM
The proposed offer includes a fresh issue of up to 27 crore equity shares
Ambani framed the move as deepening Reliance’s long-standing bond with shareholders and promised a brighter future for new investors
Reliance Jio Set To File IPO Papers Today, Says Mukesh Ambani
The proposed IPO would offer a fresh issue of up to 27 crore equity shares, the company said
Reliance Chairman Mukesh Ambani
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Reliance Jio is set to file the initial public offering (IPO) papers with the Securities and Exchange Board of India (SEBI) on Friday, said Mukesh Ambani, MD and Chairman at the firm's Annual General Meeting (AGM).
The proposed IPO would offer a fresh issue of up to 27 crore equity shares of face value of ₹10 each at an issue price to be determined through the book building process, the company later said in a regulatory filing.
"The Board of Jio Platforms has approved its DRHP, and it will be filed with SEBI today," said Ambani at Reliance's 49th AGM, describing the moment as "deeply emotional" for him, the company and its shareholders.
"The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth," he further said, assuring all prospective new investors, that a "brighter future awaits Jio."
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Ambani said that Jio's proposed listing will "demonstrate to the world that India can build technology companies of global scale, global capability, and global value."
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.
Ambani also called for India's push in artificial intelligence (AI) and innovation, stating that India should be a creator of AI and not a mere consumer of the tech developments.
Akash Ambani, Chairman of Reliance Infocomm and MD of Jio Platforms, highlighted company's future plans, which include migrating all the Jio subscribers to JioTrue5G by 2030, and building infrastructure for global 6G standards in the country.