Jio Platforms IPO to open for subscription on October 21
What's the story
Jio Platforms, the digital services giant, is gearing up for its much-anticipated initial public offering (IPO). The company has announced that the IPO will open for subscription on October 21 and close on October 23. Anchor investors can bid for shares on October 19, according to a Red Herring Prospectus (RHP) filed by the company.
Reservation
Employee and shareholder reservation categories included in IPO
The IPO will reserve shares worth up to ₹500 crore for eligible employees of Jio Platforms.
It also reserves shares worth up to ₹2,500 crore for eligible shareholders of Reliance Industries Ltd (RIL).
Individuals and Hindu Undivided Families (HUFs) holding public equity shares in RIL as of October 14 are eligible to apply under the shareholder reservation category, subject to applicable rules and regulations.
Share details
Fresh issue of shares to be offered
The IPO will consist of a fresh issue of up to 27 crore shares with a face value of ₹10 each.
The filing was made with the Registrar of Companies, Gujarat, at Ahmedabad today.
This move comes after Jio Platforms submitted its Draft Red Herring Prospectus (DRHP) on June 19 and received an observation letter from the Securities and Exchange Board of India (SEBI) on August 28.
Strategic move
Listing likely to be closely watched by investors
Jio Platforms, which houses Reliance Jio's telecom and digital services businesses, is a key player in Reliance Industries's larger plan to unlock value from its consumer-facing businesses.
The public listing is likely to be closely watched by investors considering the scale of its telecom operations and its role in India's fast-growing digital economy.