Jio Platforms nears finishing line of pre-IPO fundraising target

Reliance Jio. Photo: Livemint

Reliance Industries Ltd shares reached an all-time high after its subsidiary Jio Platforms Ltd announced it has received another large investment. The latest to join the list of marquee investors in Jio Platforms is Mubadala Investment Company, the Abu Dhabi-based sovereign wealth fund.

Mubadala’s investment of 9093 crore for a 1.85% stake takes the total tally of funds raised to as high as 87655 crore ($11.6 billion at current exchange rates). It seems like it has already achieved its planned target ahead of an initial public offering of shares.

Recall that in its March quarter earnings presentation, Reliance had said it has achieved half of its targeted value unlocking in Jio Platforms. This was after Facebook, Inc. made a strategic investment of 43574 crore for a 10% stake in the company.

The Mubadala deal values JPL at an enterprise value (EV) of 5.16 lakh crore. This is broadly in line with the Street’s EV estimates for the business. But note that those pre-IPO deals assume that fair value is generally higher. On listing, therefore, the general expectation is that Jio Platforms will be valued much higher than what the Street had pegged its valuations at.

This article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.