Reliance's Jio Platforms trims IPO to ₹30,200cr after filing
Business
Jio Platforms, Reliance's digital arm, isn't backing down from its big IPO plans, even if the size just got trimmed.
The offering is now set at ₹30,200 crore (down from ₹35,000 crore) after filing with regulators on October 14.
The cut comes as markets wobble and investor demand cools off.
About ₹27,500cr to prepay RJIL borrowings
Most of the funds raised (about ₹27,500 crore) will be used to prepay certain borrowings of its material subsidiary, Reliance Jio Infocomm Ltd (RJIL).
The IPO runs October 21-23 and shares are expected to hit the market by October 28.
Even with a smaller size, this is still India's largest-ever IPO in rupee terms.
Despite shaky markets and global tensions making investors cautious, interest is expected to remain high.