Mukesh Ambani led Reliance Industries Limited has started its preparation for an overseas listing of Jio, its digital and wireless business to make an Initial Public Offering (IPO). For this RIL is already in talks with concerned banks and the process could possibly get completed in the next 1 to 2 year. But the company is yet to decide the venue for listing and take a final decision on timeline and size.
People familiar with the matter said that through an overseas listing, the Jio can achieve a higher valuation while allowing its existing investors to exit.
Many investors see Jio as the upcoming top leader among e-commerce and business operator businesses in India. And just this month, Mukesh Ambani made $10 billion through many investors who invested in Jio. Top companies like Facebook Inc., Silver Lake Partners, General Atlantic, KKR & Co have made massive investments in Jio, this year.
Jio from its inception in 2016, has worked on various strategies to build the dominance of Jio in Indian Consumer Markets. Jio had spread its 4G network across the nation and then offered free calling and data services acquiring huge customers. It has been successful in badly hurting businesses of the Telecom Industry’s old established leaders and its major rivals as they were not able to make the same kind of offers without losing money. Jio is currently India’s largest wireless carrier. As per Bloomberg report of 2017, Ambani was weighing an IPO of Reliance Jio after a $31 billion investment spree, three years ago.