Finance

Mukesh Ambani is preparing for Overseas IPO For Jio and digital business

Reliance Industries Ltd. is currently working with banks on preparations for an overseas market listing of its digital and wireless business, people who have an knowledge of this matter said, after the unit attracted more than $10 billion of investment in a month.The capital which was backed by Mukesh Ambani, Asia’s richest man, is preparing Jio Platforms Ltd. for an initial public offering outside of India, the people said. The offering could happen in the next minimum of 1 year to 24 months and the company hasn’t decided on a listing venue, one of the people said. This was not discussed about timeline and size, according to the people, who asked not to be identified as the discussions are private.Recently, KKR & Co. became the latest investor in Jio Platforms after Mr Ambani started deals with Facebook Inc., Silver Lake Partners and General Atlantic recently. An overseas listing could potentially give the digital business a higher valuation and allow existing investors to exit.

Jio Platforms combines Reliance’s digital assets with its wireless carrier, Reliance Jio Infocomm Ltd., into a holding company aimed at becoming a top e-commerce and payments operator in India’s vast consumer market.

Investors are thinking on Jio’s access to India’s huge consumer market, and its potential to join hands with traditional and local 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.

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