Reliance may delay Jio IPO filing to May, aiming to include full-year financials and capitalise on improved market conditions and stronger metrics., Companies, Times Now

Reliance Likely To File Jio IPO Draft In May After Market Jitters Delayed Plans

Jio likely to file its IPO papers in May. (File Photo)

Reliance Industries Ltd. is likely to submit draft documents for the initial public offering of Jio Platforms Ltd. in May, according to a Bloomberg report citing sources familiar with the development. The revised plan will include financial results for the full fiscal year, offering a more comprehensive snapshot of the company’s performance. The conglomerate, led by Mukesh Ambani, had originally aimed to file by the end of March using data from the December quarter. However, a downturn in the markets, linked to geopolitical tensions involving Iran, prompted a delay.

Sources noted in the report that the decision was influenced by unfavourable market conditions at the time.

If completed, the Jio Platforms listing could become India’s largest IPO to date. It would also represent the first major public offering from a Reliance subsidiary in nearly 20 years.

At present, Reliance is in a quiet period ahead of its upcoming earnings announcement, which further reduces the likelihood of any immediate filing. Waiting for the fiscal year results, ending March 31, allows the company to present updated metrics such as subscriber additions and average revenue per user, key indicators closely watched by investors, according to the Bloomberg report.

Jio Platforms is backed by a broad and influential group of investors. Major global technology companies such as Meta and Google are key stakeholders, along with prominent private equity firms like Vista Equity Partners and KKR. The company has also attracted significant investment from Middle Eastern sovereign wealth funds, including Saudi Arabia’s Public Investment Fund, Mubadala, and the Abu Dhabi Investment Authority. According to an earlier Reuters report, these investors may collectively sell a small portion of their holdings in the IPO.

Strong Advisory Lineup And Ongoing Discussions

Preparations for the IPO formally began last month, with Reliance appointing a large group of financial institutions to manage the process. Among those involved are Kotak Mahindra Capital Co., Morgan Stanley, JM Financial Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, Bank of America Corp., and Citigroup Inc, states the report.

Despite these developments, several aspects, including the final structure and exact timing of the offering, are still being worked out and may evolve further.

Reliance Industries and Jio have yet to issue official statements regarding the IPO plans.