Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries, is likely to be listed in Nasdaq next year. Morgan Stanley may be appointed the lead banker to manage the overseas listing.
In the past one month, five global players including Facebook have picked up a 17.12 per cent stake in Jio Platforms valuing the company at $73 billion.
Once the new guidelines for direct international listing were announced by the Indian government, the company would look at various global stock markets, Business Standard reported.
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.
Works for the overseas listing may commence soon after Reliance sells 20-25 per cent in Jio Platforms and the government issues direct listing guidelines.
The company may consider Nasdaq, the sought-after stock exchange for technology companies in the US, as the preferred destination for the listing. Bank of America Merrill Lynch and Citibank may also be roped in for the IPO, the report said.
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 in the next one to two months.
Taylor Jones, Vinit Thakkar and Kyran Jones join forces to launch THG Indiagetty images
Taylor Jones and Vinit Thakkar come together to launch THG India getty images