Mukesh Ambani prepares Facebook-backed entity for overseas IPO

Mukesh Ambani prepares Facebook-backed entity for overseas IPO

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Reliance Industries chairman Mukesh Ambani (file photo)

new Delhi: Reliance Industries Ltd After the unit attracted more than $ 10 billion in investment a month, people familiar with the matter have worked with banks on initial preparations for overseas listing of their digital and wireless business.
Supported by group Mukesh Ambani, The richest man in Asia, preparing Jio Platforms Ltd for one First public offer (IPO) Outside India, people said. The offering could take place in the next 12 to 24 months and the company has not decided on a listing site, one of the people said. There is no final decision on time and size, according to the people, who asked not to be identified as discussed, because it is private.
KKR & Co became the latest investor in Jio Platforms after a deal with Ambani last week Facebook inc, Silver Lake Partners and General atlantic recently. A foreign listing could potentially give the digital business greater valuation and allow existing investors to exit, the people said.
A representative for Reliance Industries Declined to comment.
Jio Platforms combines its wireless carrier, Reliance Jio Infocomm Ltd, with its wireless carrier, Reliance Jio Infocomm Ltd, aimed at becoming a top e-commerce and payment operator in India’s vast consumer market.
Investors are betting on Jio’s access to India’s vast consumer market and its traditional industries in the country – from retail to education and payments – with its technology. India is the only major open internet market where foreign technology giants such as Amazon.com Inc, Walmart Inc and Google’s parent Alphabet Inc can compete for market share.
Started in 2016, Reliance Jio is now India’s largest wireless carrier. The operator stormed past rivals by building a nationwide 4G network, then offering free calling and data services at prices that established competitors with the old network could not match without losing money. Bloomberg reported in 2017 that Ambani was weighing Reliance Jio’s IPO three years ago after a $ 31 billion investment race.

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