Jio Platforms readies $3.2bn IPO seeking ₹8,000cr anchor backing
Business
Jio Platforms is gearing up for a massive $3.2 billion IPO, and some of the world's biggest investors, like BlackRock and Abu Dhabi Investment Authority, want in as anchor investors.
They're joined by major Indian mutual funds such as HDFC Mutual Fund and SBI Mutual Fund, all competing for a piece of the action as Jio looks to raise ₹8,000 crore from these early backers.
Reliance files papers, anchors 60% allocation
Anchor investors can get up to 60% of the institutional shares, with half set aside just for domestic mutual funds.
Reliance Industries Ltd, Jio's parent company, just filed its key paperwork on October 14, putting its blockbuster public debut one step closer.