Mukesh Ambani preparing to launch India's biggest IPOs
Mumbai: Reliance Industries Ltd (RIL) chairman Mukesh Ambani is set to launch initial public offerings (IPOs) for Reliance Jio and Reliance Retail Ventures, media reports said.
Ambani is likely to make the announcement at the next Annual General Meeting (AGM), according to the reports.
With this, Ambani wants to separate initial shares for his telecom venture Reliance Jio Platform (RJPL) and subsidiary Reliance Retail Ventures Limited (RRVL) to raise Rs 50,000 crore to Rs 75,000 crore each, according to the Hindu Business Line report.
The target amounts will make both the IPOs India's biggest ever IPOs.
The government will garner around Rs 21,000 crore through the LIC IPO, while Paytm had raised Rs 18,300 crore in 2021, followed by Coal India in 2010 at nearly Rs 15,500 crore and Reliance Power in 2008 at Rs 11,700 crore.
The shares of Reliance Jio may be also listed on the US stock market, Nasdaq.
Reliance Retail Ventures Limited will be listed first on the bourses followed by Reliance Jio Platform likely in December 2022.