Overview
- Bloomberg reports Reliance may submit draft IPO papers in May so investors see full-year results, and the company has not commented.
- The group had aimed to file by the end of March, but the timetable slipped after market swings tied to the conflict in Iran.
- The offering is expected to be a full offer-for-sale by current investors, with foreign backers asked to sell about 8% of their holdings.
- That selling plan would equal roughly 2.5% of Jio’s total shares, according to reports, and Jio would not receive proceeds from the sale.
- Reliance has hired about 19 banks to prepare the deal as size and timing are still being set, and analysts say the listing could be India’s largest and help unlock value for Reliance shareholders.