Jio Platforms IPO: Pankaj Pawar named as CEO ahead of planned $4 billion listing

As Jio Platforms moves towards its planned initial public offering, the company has replaced Kiran Thomas as chief executive officer with Pankaj Pawar, according to its draft IPO papers. The draft papers, submitted to capital markets regulator Sebi in June, said Thomas resigned as CEO on March 23, and Pawar took charge the next day, on March 24, news agency PTI reported.

Jio Platforms is seeking to raise about $4 billion (₹37,700 crore), valuing the company at around $137 billion. According to the draft red herring prospectus, the company plans to issue up to 27 crore new shares, representing about 2.9 per cent of its post-issue equity capital, in what would mark a major step for Reliance Industries as it seeks to unlock value from its telecom-to-technology business.

Pawar, 53, also serves as managing director of Reliance Jio Infocomm Ltd. The draft IPO papers said, "Pankaj Mohan Pawar, aged 53 years, is the Chief Executive Officer of the Company and also serves as the managing director of Reliance Jio Infocomm Limited. He has been associated with the Reliance Group since 2000, and has close to three decades of experience in building and scaling large consumer and digital services businesses."

Thomas, who previously served as president of Reliance Industries, does not feature among Jio Platforms' key managerial personnel in the draft prospectus, though he has been visible in the company's presentations at every annual general meeting since the launch of RIL's digital services arm. An email seeking comment from Jio did not receive a response.

According to the draft papers, Reliance Industries Chairman and Managing Director Mukesh D Ambani will be on the board of Jio Platforms as chairman and non-executive director. Manoj Harjivandas Modi will serve on the board as a non-executive director, while Akash Ambani will be the managing director of Jio Platforms. His siblings, Isha and Anant, will be on the board as non-executive directors.

The proposed IPO comprises a fresh issue of up to 27 crore shares with a face value of ₹10 each. The issue price will be determined through a book-building process in accordance with SEBI regulations. The company has not disclosed the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.

The IPO is aimed at unlocking value from Jio Platforms, whose businesses span telecommunications, digital services, enterprise solutions and emerging technology ventures. Its telecom unit, Reliance Jio Infocomm, is the world's second-largest mobile operator by number of subscribers within a single country, behind China's China Mobile. Meta and Google are among the company's largest foreign investors.

If successful, Jio's IPO would surpass Hyundai Motor India's ₹27,870 crore offering in 2024 to become the largest in the country's history. The National Stock Exchange, the country's largest bourse and the world's most active derivatives exchange, has also filed papers to raise as much as $3.3 billion through an IPO.

Jio Platforms had earlier attracted some of the world's largest technology and private equity investors. In 2020, it raised more than $20 billion from investors including Meta, Google, KKR, Silver Lake and General Atlantic in a fundraising round that valued the business between $57 billion and $65 billion. The draft papers show that the management change, board structure and share sale plans are now in place as the company prepares for its market debut.