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Jio Platforms Limited (JPL), the digital and telecom arm of Reliance Industries, on Friday announced that its board approved the Draft Red Herring Prospectus (DRHP) for filing with market regulator SEBI. 

The DRHP is set to be filed with the Securities and Exchange Board of India (SEBI), along with BSE Limited and the National Stock Exchange of India (NSE), it said in its exchange filing.

Jio Platforms plans to raise capital through a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each.

The final issue price will be determined through the book-building process in accordance with SEBI regulations.

“The Board of Directors has approved the DRHP to be filed with SEBI, BSE Limited and NSE in connection with its proposed IPO by way of a fresh issue of up to 27,00,00,000 (twenty seven crore) equity shares of face value of Rs 10 each at an issue price to be determined through the book building process in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (IPO),” it said in its filing.

Announcing the development, Reliance Industries Chairman and Managing Director Mukesh Ambani described the approval of the DRHP as a deeply emotional moment for the Reliance Group and its millions of shareholders.

“The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth - a commitment deeply personal to Dhirubhai Ambani and equally sacred to Mukesh Ambani,” he said.

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Mukesh Ambani added.

The Reliance chairman also highlighted the role of the next generation of leadership, stating that Akash Ambani, Isha Ambani and Anant Ambani are leading the Jio IPO process and will spearhead future value-creation opportunities for the company.

“I assure you, and all prospective new investors, that a brighter future awaits Jio,” Mukesh Ambani mentioned.