The country’s biggest IPO is likely to enter the market this year — the much-awaited IPO of Reliance Jio. According to market experts, the company could raise as much as Rs. 50,000 crore through the initial public offering. In fact, the groundwork for the IPO was expected to have been completed already, but the process reportedly got delayed due to the ongoing tensions in West Asia. Meanwhile, the date for the highly anticipated Annual General Meeting (AGM) of Reliance Industries — an event closely watched by investors every year — has now been announced. The company officially confirmed that the AGM will be held on June 19. Market circles expect major announcements from the company during the AGM, including clarity on the much-awaited Jio IPO. Investors are also expecting updates on several key business initiatives.
Following the recent attacks on Iran by the United States and Israel, Reliance Industries shares have been facing some pressure in the stock market. While the company’s 52-week high stands at Rs. 1,611, the stock is currently trading around Rs. 1,350. On Wednesday too, the stock ended lower by Rs. 7 on the BSE. Apart from updates on the Jio IPO, Mukesh Ambani is also expected to make announcements regarding the expansion plans of Reliance Retail and investments in several major projects during the June 19 AGM.
At the same time, shareholders are expected to approve the previously announced dividend of Rs. 6 per share for the last financial year. There is significant excitement among investors over whether the company will officially announce the Jio IPO at the AGM. Market experts believe that once the Jio IPO process is completed, Reliance Industries may also move ahead with an IPO for its retail business. However, clarity on the timeline for that is expected only after the Jio IPO progresses further.