Rs 35,000 crore Jio IPO may not be a jackpot for Reliance investors. Here's why

Reliance Industries announced that Jio Platforms' board approved the DRHP at its AGM, paving the way for an IPO sized around Rs 35,000-40,000 crore, the largest ever public issue in India. The fresh issue of 270 million shares will see about Rs 27,500 crore used for debt repayment, with the balance for general corporate purposes, leading to around 2.9% equity dilution for current shareholders. Brokerages are divided on the value unlock for Reliance shareholders, citing the holding company discount, Reliance's 66% stake in Jio, and the risk that much of the growth story is already priced in.