Jio IPO listing: Cannot comment on media speculation, says Reliance
Will Reliance Jio list its IPO in 2019? Here's what the oil-to-telecom major has to say.
- Jio was speculated to mull over IPO listing after $31 billion of investments
- It was speculated to be listed in late 2018 early 2019
- RIL has said it cannot comment on speculation.
Reliance Jio has refused to comment on news that the company is mulling over initial public offer or IPO listing in early 2019.
"With reference to your query regarding a media article published today on Jio’s IPO plans, we would like to state that the said article is speculative and as a policy, we do not comment on media speculation and rumours," Reliance Industries spokesperson said.
The Mukesh Ambani backed company was reported to have held internal discussions on listing of the Jio IPO soon, a report by Bloomberg said on Tuesday.
Investment bankers have also denied being approached by the company about an impending IPO listing, a report by ET said on Wednesday.
Securities and Exchange Board of India (SEBI) rules for listing of an IPO state that a company can list its IPO provided 75% of the issue is placed with institutional investors and the state of the promoters must be locked in for three years, the report quoted SEBI rules for IPO listing.
However, a company with IPO plans should earn a minimum Rs 15 crore as average 'pre-tax operating profit' in at least three years of the immediate preceding five years and have a net worth of at least Rs 1 crore in each of the preceding three full years, as per SEBI rules.
Jio entered the telecom business in September 2016 and wooed customers with its freebies and attractive offers on calling schemes. It had reported a loss of Rs 270.59 crore as on quarter ended September 30, 2017.
Jio reportedly had a subscriber base of 14.59 crore in October 2017, as per TRAI data and it was reportedly earning average revenue per user (Arpu) of Rs 156.40 per month.
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