Jio Platforms plans $3 billion debt reduction from IPO proceeds

Jio Platforms filed draft documents for its long-awaited IPO, offering up to 270 million new shares. Around 275 billion rupees (about 2.9 billion dollars) of net proceeds will be used to prepay existing external commercial borrowings of Reliance Jio Infocomm, which total 300.6 billion rupees across dollar and yen facilities from lenders including ANZ, BofA, Barclays, BNP Paribas, and Citibank. The deleveraging is aimed at reducing servicing costs, improving future fundraising capacity, and funding 5G expansion, broadband, AI, and cloud services.