Jio Platforms eyes net debt-free status after ₹30,213-crore IPO
What Happened
Akash Ambani said Jio Platforms is heading towards becoming net debt-free, with proceeds from its ₹30,213-crore IPO largely going towards reducing borrowings. Up to ₹27,500 crore is earmarked to repay or prepay debt at Reliance Jio Infocomm. He said Jio has already made substantial investments in its 5G network and proprietary technology infrastructure, creating the foundation for its next phase of growth. The company plans to focus on mobility, home broadband, enterprise services and monetising its end-to-end technology stack.
Key Takeaways
The IPO is an entirely fresh issue with no offer-for-sale, meaning the proceeds will go to Jio Platforms rather than existing shareholders. At the upper price band, the company plans to issue 27 crore shares at ₹1,119 each, raising ₹30,213 crore.