Reliance Jio Platforms is negotiating with 13 prominent foreign investors to divest 8% stakes ahead of its IPO, aiming for a valuation between $120 billion and $140 billion. Notable investors include Meta, Google, and several Gulf sovereign funds. , Markets, Times Now

Reliance Jio IPO: 13 Global Investors In Talks For 8% Stake Sale, Eyes Upto $140 Bn Valuation

Reliance Jio Platforms has held talks with 13 marquee foreign investors. (AI Generated Image)

Mukesh Ambani's Reliance Jio Platforms has held talks with 13 marquee foreign investors to sell down 8% of individual stakes in an upcoming listing of the company, reports said. Jio Platforms Ltd is targeting a valuation of $120 billion to $140 billion in its public offer, which will see some of its existing investors, including TPG, KKR, General Atlantic, and Silver Lake, sell shares.

Big investors on the list include Meta, and Google with a stake of 9.99%, and 7.73% respectively followed by Vista Equity Partners and KKR. Three Gulf sovereign funds, the Public Investment Fund, Mubadala and Abu Dhabi Investment Authority are also investors, as reported by Reuters. The stake sale "would be ⁠around 8% ‌for everyone," the report said quoting sources.

As per Reuters calculations, each investors' sale of 8% of their holdings effectively implies about 2.5% of Reliance Jio's total outstanding shares offered in the listing.

Telecom industry's mega IPO

Reliance Jio Platforms IPO is set to file its draft red herring prospectus once the finance ministry clears a proposal by the Securities and Exchange Board of India (Sebi) to allow a 2.5% public float for mega IPOs.

Back in 2020, Jio Platforms raised over Rs 1.5 lakh crore from 13 global investors in a rapid fundraising round that saw the company sell a combined 33% stake.

Google and Meta have deepened their partnerships with Reliance beyond equity investments to long-term collaboration across digital services, cloud, devices and, more.

Brokerage firms have also been bullish on Reliance Jio Platforms IPO as recently, Jefferies upgraded its bullish estimates of Jio's enterprise valuation to $180 billion. Motilal Oswal Financial Services also pegged the valuation at $148 billion.

In its recent earnings call, Anshuman Thakur, head of strategy at Reliance Jio Infocomm, said internal work on the IPO was underway but execution would begin only after regulatory clarity.

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