Jio Platforms’in ilk halka arzı yatırımcı paylarını yeniden yapılandırıyor: Reliance, Meta ve Google’ın payları nasıl değişecek

Kısaca

Jio Platforms’ın halka arzı Rs 30.000 crore üzerinde kaynak sağladı. Diminuye eden pay oranları Reliance ve ortaklarında yapılandırma getirir. Piyasa ve yatırımcılar için yeni değerlemeler izlenecek nokta olur.

Ana mesele

Jio Platforms’ın ilk halka arzı mevcut yatırımcı paylarını düşürecek ve toplam ortaklık dağılımını yeniden şekillendirecek.

Ne değişti?

Toplam hisse sayısı değişmeden kalırken pay oranlarının küçülmesi net şekilde görülecek.

Beni nasıl etkiler?

Yatırımcılar için değerlemeler ve ortaklık profilinin değişmesi önemli etkiler doğurabilir.

Ne oldu?

Jio Platforms, 27 crore hisse yeni ihraç ederek toplam özsermaye tabanını büyüttü; mevcut yatırımcı payları oran olarak küçüldü.

Neden şimdi?

2020’deki yatırım girişimleriyle faizlenen değerlemelerden farklı olarak, yeni sermaye dalgası pay yapısını değiştirdi.

Neden önemli?

Yatırımcı dağılımı netleşince, fiyatlama ve likidite dinamikleri etkilenir.

Kimler etkileniyor?

• Reliance Industries
• Meta Platforms
• Google International
• Public Investment Fund

Sektör ve piyasa etkisi

Piyasa odaklı etkiler, değerlemeler ve yatırımcı davranışları üzerinde belirgin

Riskler

• İlk halka arzı sonrası likidite baskısı
• Pay oranlarındaki değişimin yatırımcı güvenine etkisi

Takip edilmesi gerekenler

• İlk işlem günü performansı
• Payların açılışta nasıl dağıldığı
• Yeni sermaye bilançosunun bilanço etkisi

Haberin tamamı

The much-awaited Jio Platforms IPO is set to be a landmark event for India’s primary market, with the Reliance Industries subsidiary planning to raise over Rs 30,000 crore in what is the country’s largest-ever public issue.The fresh issue of 27 crore equity shares will also bring a change in the shareholding pattern, diluting the percentage stakes of existing investors even as the number of shares they hold remains unchanged.According to data from the red herring prospectus (RHP), Reliance Industries’ stake in its subsidiary will decline from 66.35% to 64.41% after the IPO.

However, its total shareholding will remain unchanged at around 593.7 crore shares.The same dilution will apply to other existing investors. Meta Platforms’ affiliate Jaadhu Holdings will see its stake fall to 9.68%, while its shareholding will remain unchanged at around 89.2 crore shares.Google International’s stake will stand at 7.49%, followed by the Public Investment Fund and KKR subsidiary Omicron at 2.24% each.

SLP Redwood will hold 1.83%, while Mubadala Investment’s MIC Redwood will have a 1.80% stake.Also read:Jio IPO to open on October 21: 10 things to know about the Rs 30,000 crore mega issueGeneral Atlantic’s stake will decline to 1.30%, followed by Abu Dhabi Investment Authority at 1.12% and TPG Capital at 0.90%.The key distinction is that the lower percentage stakes do not indicate that these investors have sold shares.

Instead, the fresh issue will expand Jio Platforms’ total equity base, reducing the proportion of the company owned by existing shareholders even though their individual share counts remain unchanged.Jio IPO detailsThe proposed IPO valuation places Jio Platforms at a premium to the levels at which most of its major private investors entered in 2020.

Several financial and sovereign investors invested at an equity valuation of around Rs 4.91 lakh crore, while Google's investment was made at a lower valuation of about Rs 4.36 lakh crore.

The IPO valuation is therefore more than double the level at which most outside investors initially invested in the company.At the upper end of the price band, Jio Platforms is expected to be valued at around Rs 10.3 lakh crore, potentially making it India's most valuable listed companies at the time of its market debut.

The Rs 30,213 crore offering would also overtake Hyundai Motor India's 2024 IPO, valued at Rs 27,870 crore, as the country's largest public issue.Also read: Akash, Isha Ambani's birthday to mark close of Reliance Jio's mega IPOJio Platforms houses Reliance’s digital and telecom businesses, including mobile services, broadband, cloud, entertainment, enterprise technology and artificial intelligence-linked platforms.

The IPO is being pitched as more than a telecom listing, with the company seeking to position itself as a broader consumer technology and digital infrastructure play.For Reliance Industries, the IPO will create an independent market value for its biggest growth asset.

RIL owns about two-thirds of Jio Platforms, and investors have long viewed a separate Jio listing as a key value-discovery event for the conglomerate.Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication.

The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Kaynaklar

• Economic Times - Markets