Jio Platforms plans ₹30,213cr IPO to repay Reliance Jio borrowings
Business
Jio Platforms is gearing up for India's biggest IPO yet, aiming to raise ₹30,213 crore between October 21 and October 23.
Chairman Akash Ambani says most of this money will be used to repay or prepay outstanding borrowings at Reliance Jio Infocomm, moving the company toward a net debt-free position.
Shares will be offered at ₹1,065 to ₹1,119 each.
Jio Platforms IPO shares are new
With a cleaner balance sheet, Jio is shifting focus from just building networks to making more money from digital services and 5G.
All the shares in this IPO are new, so the funds go straight to Jio for debt repayment and general corporate purposes, not existing shareholders.
The stock is set to hit the market on October 28.