Reliance Jio, India's largest telecom operator, will soon go for the stock market listing. Currently, the company is under Reliance Industries Limited (RIL). Now, as per a report, more than half a dozen banks are working on the IPO of the platform. These banks include - BofA Securities, Citigroup, JM Financial, Goldman Sachs Group, Morgan Stanley, and Kotak Mahindra Capital. Reliance is also waiting for the norms to be updated by the government. Jio wants to only float 2.5% stake in the market, as that would already be quite large for India to absorb, and thus, anything higher doesn't make sense.
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However, as per the current rules, no company can list itself by just floating 2.5% in the stock exchanges, and while the rules are bound to change now, they haven't yet been officially notified.
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Reliance Jio is estimated to be worth as high as $170 billion USD as per some analysts. So a 2.5% stake listing could lead to the company gaining about $4.3 billion USD. The banks are finalising the final terms and then the draft red herring prospectus (DRHP) will be filed with the Securities and Exchange Board of India (SEBI).
