Reliance Industries Gets Regulatory Approval for Jio Platforms IPO

MT Newswires Live08-31

Reliance Industries said Friday that its Jio Platforms subsidiary received regulatory approval from the Securities and Exchange Board of India for its proposed initial public offering.

Jaadhu Holdings, an affiliate of Meta (META), holds a 9.98% stake in Jio Platforms, while Google International (GOOG) and Saudi Arabia's Public Investment Fund have 7.73% and 2.31% equity in the company, according to an IPO prospectus filed in June.

According to the prospectus, the company could sell up to 270 million shares.

Jio Platforms is expected to raise 377 billion Indian rupees ($3.96 billion), making it the country's biggest IPO, according to media reports.

Neither Meta nor Google is expected to sell shares in the IPO, according to Jio Platforms' IPO documents.

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