Reliance Partners with Six Banks for Jio Platforms' Planned IPO

Reliance Industries Ltd. is collaborating with six investment banks, including BofA Securities, Goldman Sachs, and Morgan Stanley, to prepare the initial public offering (IPO) of its telecom unit, Jio Platforms Ltd. The IPO, potentially India's largest, aims to raise around $4.3 billion based on a proposed valuation of $170 billion. This move follows recent government approval allowing large issuers to dilute as little as 2.5% equity. Final terms and timelines are yet to be confirmed, with the draft prospectus expected to be filed with the Securities and Exchange Board of India.