These include Goldman Sachs, Morgan Stanley, JPMorgan Chase, HSBC, Jefferies, BNP Paribas and Citi, among foreign banks. Kotak Mahindra Capital, Axis Capital, JM Financial, SBI Capital Markets, ICICI Securities, IIFL Capital and DAM Capital Advisors are among the domestic firms handling the issue, the people said.
“The IPO documents will be filed with the December results,” said one of the people.
Emails sent to Reliance Industries did not elicit a response.
The Jio IPO, expected to be India’s largest, is likely to offer about 2.5% to 2.7% of the company’s equity. The decision to go ahead with the IPO comes hot on the heels of the government’s approval allowing companies valued at more than ₹5 lakh crore to list with a minimum public shareholding of 2.5%, subject to a phased increase.
Under the revised framework, companies with post-issue valuations exceeding ₹5 lakh crore can list with a 2.5% public float, compared with the earlier 5%, with a glide path to 25% over time.