Our Bureau
Mumbai
Reliance Jio, India’s top telecom company, is getting ready for a huge stock market launch. The firm wants big investors like Meta and Google to sell only a small part of their shares in the initial public offering (IPO).
Sources close to the matter say Jio is planning to list on the stock market later this year. The IPO could value the company at over $180 billion. Meta, formerly Facebook, and Google bought stakes in Jio back in 2020 during the pandemic. They put in billions to help Jio grow its telecom services.
Now, Reliance Industries, Jio’s parent, is talking to these partners. It wants them to offload just 8% of their holdings in the IPO. This means Meta and Google will keep most of their shares, showing strong faith in Jio’s future. Jio has over 500 million users and leads India’s mobile data market.
The IPO of Reliance Jio could be one of India’s largest listings ever as investors watch it closely before listing.
