Business

Mukesh Ambani preps Facebook-backed unit for overseas IPO

Reliance Industries is working with banks on an early preparation for an “overseas listing of its digital and wireless business”, after the unit brought in more than $10 billion-worth of investments in a month’s time, according to reports. This information comes from people with knowledge in the matter who said the conglomerate, that’s backed by Mukhesh Ambani, is preparing Jio Platforms for an initial public offering (IPO) outside India.

The IPO could go through in the next year two years and one of the sources said that the company has not decided on a listing venue yet. According to sources, there is also “no final decision on timeline and size”.

After announcing deals with Facebook, Silver Lake and General Atlantic, Reliance Jio announced its latest deal with KKR last week. At this point in time, for the company, an overseas listing could “potentially give the digital business a higher valuation and allow existing investors to exit”, the sources said.

A Reliance Industries representative refused to comment about this when asked by Bloomberg Quint.

This is not the first time Ambani has considered an IPO though. According to reports, he had been weighing on “an IPO of Reliance Jio three years ago after a $31 billion investment spree” in 2017.

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