Jio Platforms files IPO issuing 27cr shares, proceeds to company
Business
Jio Platforms, the telecom unit of Reliance Industries Ltd., is gearing up for an IPO.
They've just filed papers with the Securities and Exchange Board of India (SEBI) to issue 27 crore new shares, 2.93% of the post-issue equity of the company.
Unlike many IPOs, there's no offer for sale here, so every rupee raised goes straight to Jio.
Proceeds repay loans, 25% corporate cap
Most of the funds will help pay off Jio's existing loans (which are pretty huge), mainly taken for network expansion and buying spectrum.
The rest of the proceeds will be used for general corporate purposes, which has been capped at 25% of the gross proceeds.
With 524.4 million users (including 268.5 million 5G customers) and big-name backers like Meta and Google, Jio is clearly aiming even higher.