Global law firm White & Case LLP has advised the book running lead managers (BRLMs) on the Rule 144A and Regulation S initial public offering (IPO) of Jio Platforms Limited, one of India's leading digital technology and connectivity platforms.
"This is a notable transaction not only because of its record scale, but also because it is an entirely primary offering that brings one of India's most significant digital platforms to the public markets," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The scale of the Jio Platforms offering, the participation of a 19-bank syndicate and the combination of Indian and international offering requirements made its successful execution particularly significant."
The IPO raised INR 302 billion (approximately US$3.1 billion), making it the largest IPO in India to date, valuing Jio Platforms at up to INR 10.3 trillion (approximately US$106-108 billion).
The syndicate of BRLMs comprised a total of 19 banks including Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited and 360 ONE WAM Limited.
Jio Platforms Limited is a technology platform, built on proprietary digital technology and pan-India digital connectivity as its foundational layer, driving digital transformation in India by democratising access to digital connectivity and digital services. A combination of mobile, fixed broadband and digital services across a unified platform, together with data and customer personalisation, positions it as a comprehensive digital gateway for accessing the internet, digital services and emerging technologies, including artificial intelligence.
The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore), with support from partner Steven Gee (New York), counsel Royston Tan (Hong Kong), and associates Tarang Nagar (London), Ji Yang Lim (Singapore), Yuning Zhou (Hong Kong), Daniel Park (New York), Hassan Said (Cairo) and Wassim El Mardini (Dubai).
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