Mukesh Ambani is ready to launch an IPO (initial public offering) for Reliance Retail and Reliance Jio. According to a report, the Reliance Industries Limited Chairman, Mukesh Ambani, might announce important leads soon at the company’s annual general meeting. Reliance has become the behemoth of the telecom industry after the launch of Jio.
India’s Biggest IPO
The colossal plan involves launching separate share sales Reliance Jio Platform (RJPL) and subsidiary Reliance Retail Ventures Limited (RRVL). As per the sources, both branches of the company intend to raise an amount of Rs 50,000 crore to Rs 75,000 crores. If the IPO succeeds, achieving the target prices shall make it India’s biggest initial share sales IPOs.
Until now, Paytm IPO was the largest ever IPO in India at ₹18,300 crores in 2021. In 2010, Coal India was the largest IPO with ₹15,500 crores. But, this is not the first time Reliance has arranged the largest IPO. In 2008, Reliance Power made an IPO with ₹11,700 crores.
The IPO of Life Insurance Corporation of India (LIC) is on track to surpass Paytm as India’s largest-ever initial public offering. The government will earn roughly Rs 21,000 crore from the LIC IPO at the top end of the price band. With a size of ₹20,557 crores, the LIC IPO will remain the nation’s largest IPO.
Nasdaq, the largest share market for tech majors, may list Reliance Jio on the US Stock market. Reliance Jio IPO is likely to happen after Reliance Retail Ventures Limited goes public in December 2022.