Reliance Said to Seek Small Float in Jio IPO, Raising $6 Billion

Reliance Industries Ltd. is planning to sell a small portion, around 5%, of its Jio telecommunications unit in an initial public offering (IPO). The proposed IPO is expected to raise more than $6 billion, according to people familiar with the matter. Jio, Reliance's digital services business, has experienced significant growth since its launch in 2016. The company has become one of the largest telecom operators in India, with a strong subscriber base and a focus on digital services. The decision to float a small portion of Jio is part of Reliance's strategy to unlock value and attract investors to the rapidly growing business. The IPO is expected to provide Jio with additional resources to further expand its operations and strengthen its position in the highly competitive Indian telecom market. While the details of the IPO, such as the timeline and the final offering size, are yet to be finalized, the news has generated significant interest in the market, as investors seek to capitalize on the growth potential of Jio.