Reliance Jio Platforms has appointed 17 banks including Citigroup, JPMorgan, Goldman Sachs and Kotak Mahindra Capital to manage its Mumbai IPO, structured entirely as an offer for sale with no fresh capital raise. The listing could exceed $4 billion, making it India's largest-ever IPO, with existing investors including KKR, General Atlantic and ADIA among potential sellers.

Mukesh Ambani-led Reliance Jio hires 17 banks including Citi, JPMorgan, Goldman and Kotak for IPO: Report

Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see ⁠the company raise no new funds and allow exits for some shareholders, a Reuters report said.

The report added that the IPO will be executed ‌as an offer for sale, where only existing shareholders sell their ⁠shareholding to ⁠the public. Over ‌the past six years, Jio ‌has diversified into artificial intelligence and raised ‌funds from well-known investors, including KKR, General Atlantic, Silver Lake , and the Abu Dhabi Investment ⁠Authority.

Financialexpress.com has not been able to independently verify the report.

The hiring of banks brings the parent of India’s largest telecom operator, Reliance Jio, with over 500 ⁠million users, closer ⁠to what could be the country’s largest-ever IPO worth more than $4 billion.

As per the report, Jio’s roster ⁠of ‌17 advisors includes Wall Street giants Citigroup and JPMorgan, as well as ‌Indian investment banks Axis Capital, ICICI Securities, IIFL, and Kotak Mahindra Capital.

Other banks on the list include Goldman Sachs, Morgan Stanley and ⁠Bank of America, the report added.

Jio Platforms IPO timeline

Earlier this week, a Bloomberg report stated that Mukesh Ambani’s Reliance Jio Platforms is aiming to file a draft ⁠red herring prospectus for the initial public offering as early as the end ⁠of ⁠this month.

Meanwhile, the Securities and Exchange Board of India reduced the minimum public share float threshold last week, paving the way for the Jio IPO. The regulator last year proposed to halve the minimum amount of shares large companies had to offer in ⁠their IPOs, allowing those valued at above Rs 5 trillion after listing to sell just 2.5% of their paid-up capital.

Jio Platforms appoints international business head

As part of its strategy of international business expansion, earlier this month Jio Platforms appointed Dan Bailey as President to oversee international business initiatives.

Based in London, Bailey will, apart from overseeing international business, contribute more broadly across the India business as well.