Telecom giant Jio Platforms has set a price band of ₹1,065-₹1,119 per share for its IPO, which is set to open for public subscription next week.
At the upper end of the IPO, RIL’s telecom arm is seeking a valuation of ₹10.3 Lakh Cr for the IPO.
Jio filed its red herring prospectus (RHP) earlier today for its IPO comprising a fresh issue of up to 27 Cr equity shares. Post anchor bidding on October 19 (Monday), the IPO will open for public subscription on October 21 and close on October 23.
The telco has reserved ₹500 Cr worth shares for eligible employees, who can avail a discount of ₹54 per share. Additionally, up to ₹2,500 Cr will be reserved for eligible shareholders of RIL.
The company intends to utilise ₹27,500 Cr of the fresh capital raised via the IPO for prepayment, in full or in part, of certain outstanding borrowings availed by its material subsidiary, Reliance Jio Infocomm (RJIL).
The remaining proceeds, ₹2,713 Cr to be precise, will be allocated for general corporate purposes may fund strategic initiatives, growth opportunities, capital expenditure, working capital, marketing and other business requirements.
The issue has no OFS component, meaning existing shareholders will not sell shares through the IPO. RIL currently holds a 66.43% stake in Jio Platforms, while Meta and Google own 9.98% and 7.73%, respectively.
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