Indian billionaire Mukesh Ambani-owned Reliance Jio Infocomm Ltd, the country’s premier telecom operator, is likely planning a mega IPO, foreign brokerage CLSA said.
“2022 will be big events after the 5G spectrum auction and possible mega initial public offering (IPO)/reliance Jio’s separate listing from RIL, including a 33% IPO stake sale to 13 investors, including 10%. In 2020, Facebook and 8 percent Google,” CLSA said in a research note. The Economic Times said.
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Consolidating its leadership in the telecom market, Jio gained 54.6 lakh users in June 2021 as its mobile subscriber base increased to 43.6 million during the month.
Last year, India’s youngest but largest telecom firm Jio and Jio Platforms, which includes applications, raised funds with Facebook, Google, General Atlantic, KKR, Mubadala, ADIA, TPG, and Intel Capital, Qualcomm Ventures, among others.
“It is likely that the Jio IPO will be a sector valuation catalyst,” the brokerage said.
(With information from the agency)
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