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Mukesh Ambani, Chairman and Head Director of Reliance Industries Ltd., performs at the Mumbai event, India, March 30, 2024.
Indranil Adjita | Nurphoto | Gets the image
The richest person in India Mukesh Ambani on Friday announced the plans to list the largest telecommunications operator, Reliance Jio Infocomm, until the first half of 2026.
Speaking to the shareholders on the video conference on Friday, Ambani said the total Jio users’ base, which started activities in 2016, had transferred 500 million.
“Just a week later, Jio will enter into his 10th year in the country. Looking back, these years were the most glorious in the digital history of India,” Ambani said.
Reliance Industries, which is controlled by Ambani, has 66.5% shares in Jio Platforms Ltd, which in turn belongs to all Reliance Jio Infocomm.
In the near future, Ambani said Jio is seeking to expand its activities outside India. He did not offer terms.
Ambani also announced a two affiliate relationship AI: one of the Google, aimed at providing services to developers, startups and businesses. The second agreement is a 100 million joint venture that will build and scale AI solutions for enterprises.
The mother of all Indian IPO
Last month, Bloomberg Reliance Industries is reportedly seeking to sell 5% shares in Jio – lacking a regular 25% float in India. Such a move can raise $ 6 billion, making it the largest initial public proposal in India since $ 3.3 billion in Hyundai India last October.
The closest rival Reliance Jio, Bharti Airtel, has a market value of $ 128.7 billion and trades by the cost of a profit ratio of 31.92, according to LSEG. A recent Bofa Global Research report is estimated at $ 115 billion, based on forecasted cash flow while assessing Bharat Airtel’s Cell Business in India worth $ 124 billion.
On August 21, the Indian market regulators proposed to mitigate the rules of mega. The changes would allow companies estimated at Rs 1 trillion and 5 trillion to make a mandatory offer of only 2.75%and 2.5%respectively, compared to the current minimum requirement of 5%.
IPO, which exceeds $ 6 billion, can be too big to have the Indian market to absorb. Hyundai Motors India has been signed more than twice, mostly institutional investors, while retail demand was not impressive.
