New Delhi [India], November 4 (ANI): Reliance Industries Chairman and Managing Director Mukesh Ambani is targeting to list the group’s telecom business, Jio, next year, Reuters reported on Monday citing two people in the know.
According to the news report, Jio is valued by analysts at over USD 100 billion.
The report asserted that the conglomerate plans to launch its retail unit’s IPO “much later”.
The report added that Reliance Industries’ chief Ambani hasn’t updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would “move towards” a listing within five years.
The two sources told Reuters that Reliance has now firmed up plans to launch the Reliance Jio IPO in 2025 as it internally believes it has achieved a stable business and revenue stream in becoming India’s No. 1 telecom player.
But the retail business IPO is not expected until after 2025, Reuters reported, quoting one of the sources.
As per the report, Reliance Industries did not respond to a request for comment.
Quoting Jefferies’ July report, Reuters reported that the company’s estimated IPO valuation was at USD 112 billion.
Taking opportunities in India’s booming stock market, many companies intended to list their shares, and a sizable number of them have made handsome gains.
Initial public offering (IPO) refers to the process where companies sell their shares to the public to raise equity capital from the investors. (ANI)
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