Reliance Jio hires 17 banks for IPO, will raise no new funds: Report

Billionaire Mukesh Ambani's 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, four sources familiar with the matter said.

The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shareholding to the public.

Reliance did not respond to Reuters queries.

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.

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.

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, said two of the sources, who added that the plan is to file for regulatory approval this month.

Others bank on the list include Goldman Sachs, Morgan Stanley and Bank of America, they added.

Goldman Sachs and Bank of America declined to comment. The other investment banks did not respond to requests for comment.

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