Reliance Jio Platforms is preparing to file draft papers for an initial public offering (IPO) in Mumbai as early as this week, with existing foreign investors likely to pare small portions of their holdings as part of the listing process, according to a Reuters report by Kane Wu, Aditya Kalra, and Vibhuti Sharma, citing sources familiar with the matter.
Meta, Google, and Global Funds Likely to Trim Stakes
The company has reportedly held discussions with around 13 marquee global investors—including technology giants, private equity firms, and sovereign wealth funds—to sell approximately 8 percent of their individual stakes. The proposed divestment would collectively translate into about 2.5 percent to 3 percent of Jio Platforms’ total equity being offered to the public, according to the report.
The IPO is expected to be structured as an offer-for-sale (OFS), a common route in Indian listings where existing shareholders offload shares without the company raising fresh capital.
Major investors in Jio Platforms include Meta, with a stake of 9.99 percent, and Google, with 7.73 percent, alongside private equity firms such as Vista Equity Partners and KKR, as well as three Gulf sovereign funds: the Public Investment Fund, Mubadala, and the Abu Dhabi Investment Authority (ADIA).
The stake sale "would be around 8 percent for everyone," said one of the two sources involved in the IPO process, according to the report. According to sources, the final quantum of stake sale and valuation remain under discussion and could change.
Meta selling 8 percent of its 9.99 percent holding would, for example, translate into a 0.8 percent stake sale by the U.S. tech company, the report said. It added that while discussions have focused on each investor selling 8 percent of their holdings, the final numbers could still change.
Valuation Talks Ongoing
“Total stake sale will be 2.5 percent to 3 percent,” a second source familiar with the IPO plans was quoted as saying. “Reliance wants to leave money on the table for retail investors, and there is no decision yet on the company’s valuation.”
Investment bank Jefferies estimated Jio Platforms’ valuation at around USD 180 billion. Earlier reports suggested the IPO could raise up to USD 4 billion, though final figures have yet to be determined.
Jio Platforms, which operates one of the world’s largest telecom networks by subscribers, raised over USD 20 billion from global investors in 2020. The company has reportedly appointed 17 banks to manage the issue.
