Mukesh Ambani is preparing to launch initial public offerings (IPOs) for Reliance Jio and Reliance Retail Ventures, according to a report. The Reliance Industries Ltd (RIL) chairman may make an important announcement in this regard during the company's annual general meeting (AGM), Trend reports citing India Today.
Mukesh Ambani's mega plan involves separate initial share sales for his telecom venture Reliance Jio Platform (RJPL) and subsidiary Reliance Retail Ventures Limited (RRVL).
Both companies will be eyeing raising a staggering amount of Rs 50,000 crore to Rs 75,000 crore each through IPOs, according to the Hindu Business Line report.
The target amounts will make both the IPOs India's biggest-ever initial share sales.
Till date, Paytm IPO in 2021 was the largest ever IPO in India at Rs 18,300 crore, followed by Coal India in 2010 at nearly Rs 15,500 crore and Reliance Power in 2008 at Rs 11,700 crore.
Life Insurance Corporation of India's (LIC) IPO is all set to eclipse Paytm and become India's largest-ever initial share sale.
At the upper end of the price band, the government will garner around Rs 21,000 crore through the LIC IPO.
Even after the reduced size of about Rs 20,557 crore, the LIC IPO is going to be the biggest initial public offering ever in the country.
Shares of Reliance Jio may also be listed on the US stock market, Nasdaq. Nasdaq is the world's largest share market for tech majors.
The Reliance Jio IPO may be launched after the shares of Reliance Retail Ventures Limited hit the market, likely in December 2022.