Jio IPO: Akash, Isha and Anant Ambani to lead IPO process, says Mukesh Ambani

Reliance Industries Chairman Mukesh Ambani announced on Friday that the company’s board has approved the much-awaited draft red herring prospectus (DRHP) of Jio Platforms IPO, and his children Akash Ambani, Anant Ambani and Isha Ambani Piramal will lead the IPO process.

The industrialist said the company will file its DRHP with SEBI later today. This comes after he announced Jio’s IPO plans at the company’s previous AGM last year.

What Mukesh Ambani said about Jio IPO

Speaking at the company’s 49th Annual General Meeting (AGM) on Friday, Mukesh Ambani said, “This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth.”

The industrialist added that the proposed listing of Jio will show the world that India can build technology companies of global scale, global capability, and global value. “I assure you, and all prospective new investors, that a brighter future awaits Jio,” he further said.

Mukesh Ambani announced that Reliance Jio Infocomm Chairman Akash Ambani, Reliance Retail Ventures Executive Director Isha Ambani Piramal and Reliance Industries Executive Director Anant Ambani will lead the IPO process.

“The Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. Today, Jio is not merely integrating technology. It is creating original technology,” Mukesh Ambani said.

Also read: Reliance Jio to file IPO DRHP today, plans fresh issue of up to 27 crore shares

Here’s what Akash Ambani said

Reliance Jio Infocomm Chairman Akash Ambani said that the telecom major’s user base has crossed 524 million, while its 5G user base has crossed 268 million, the largest for any single-country operator outside China. “Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India, while also partnering with leading global constellation providers. Jio is also building its own ground station infrastructure in India – strengthening India’s atma nirbharta in space,” he added.The proposed Jio IPO is expected to overtake NSE’s nearly Rs 30,000 crore and Hyundai Motor India’s Rs 27,870 crore (about $3.3 billion) public offering to become the country’s largest-ever IPO. The listing plans, however, have undergone multiple changes over the past year.Also read: LIVE updates from RIL AGM

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