Jio Platforms, the telecom services unit of Indian conglomerate Reliance Industries (NSE:RELIANCE, BOM:500325), has filed draft papers on Friday for its long-awaited initial public offering, according to a same-day filing to the Indian stock exchanges.
The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, BSE, and the National Stock Exchange of India, to issue up to 270 million shares through its IPO.
While the document does not provide specifics on the timing and size of the public offer, local media reports estimate the IPO could be worth around 350 billion Indian rupees to 400 billion rupees.
Jio Platforms plans to use the proceeds from the IPO to pare the debt of its subsidiary, Reliance Jio Infocomm, which has nearly 524.4 million customers in India as of March 31.
Reliance owns over 66% stake in Jio Platforms, while Google International owns 7.7%, and Meta Platforms owns nearly 10%, as per the DRHP.
The company's shares were up over 2% in Monday's trade.