India’s largest IPO in the making: How Jio Platforms is set to reshape the stock market landscape
Reliance Jio is officially setting the stage for India's largest initial public offering (IPO) in history, with a size projected between Rs 30,200 crore and Rs 37,700 crore. Significantly, all proceeds from the offering represent new capital flowing directly into Jio and not to existing shareholders selling out. According to the red herring prospectus, proceeds will go toward prepaying borrowings of Reliance Jio Infocomm, the telecom subsidiary, and general corporate purposes. Moreover, the Jio Platforms IPO is set to be much larger than LIC and Paytm. Upon its market debut, Jio is projected to sit comfortably among India's top four…