An overseas listing may be on the cards for Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries (RIL). According to sources aware of the development, work in this regard may commence soon after RIL sells 20-25 per cent in Jio Platforms and the government issues direct listing guidelines.
In the past one month, five global players have picked up a 17.12 per cent stake in Jio Platforms for a total consideration of Rs 78,562 crore, valuing the company at Rs 4.91 trillion (or $73 billion).
Highly placed sources said once the new guidelines for direct international listing were announced by the government, the company would look at various global stock markets. On May 17, Finance Minister Nirmala Sitharaman had said Indian companies might be allowed direct overseas listing, without a simultaneous listing in the Indian market. Detailed guidelines are still in the works.
While RIL hasn’t zeroed in on its options yet, Nasdaq, the sought-after stock exchange for technology companies in the US, is being considered as the preferred destination for the listing.
E-mail queries sent to RIL remained unanswered till the time of going to press.

Morgan Stanley is likely to be appointed the lead banker to manage the overseas listing, while Bank of America Merrill Lynch and Citibank may also be roped in for the IPO, another source informed.
In April last year, RIL had said it would list Jio in the next five years. RIL struck its first major deal with US social media giant Facebook on April 22, to acquire 9.99 per cent in Jio Platforms. Later, RIL sold a 7.24 per cent stake to various private equity players such as Silver Lake, Vista Equity Partners, General Atlantic, and KKR, which have taken minority stakes of 1.15-2.32 per cent each so far in Jio Platforms.
Investors such as Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Company are also likely to pick up similar minority interests in Jio Platforms, though these transactions may fructify in the next one to two months, sources said.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
SUBSCRIBE TO INSIGHTS
What you get on Business Standard Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
-
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
-
26 years of website archives.
-
Preferential invites to Business Standard events.

Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU