Mukesh Ambani Mobilises 420,000 Reliance Employees for Jio’s $3.2 Billion IPO

Reliance has reached out to most of its nearly 420,000 employees across group companies, encouraging them to consider investing in the $3.2 billion IPO, the people said. They requested anonymity because the information is private. Employees were not given a reason for the early release of their salaries.

The initiative highlights the scale of Reliance’s efforts to ensure a successful listing, which is on track to become the biggest ever in India. After spending years building Jio into one of the country’s largest digital businesses, Ambani’s group is seeking to turn hundreds of thousands of employees, and potentially their families, into shareholders.

Reliance’s outreach has extended beyond informing employees about the proposed share offering. Teams have asked staff whether they or their family members hold the accounts required for electronic share trading. Those who do not have the necessary accounts have been encouraged to open them, according to the people familiar with the matter.

A representative for Reliance Industries did not immediately offer any comment on the initiative.

Reliance Industries has 419,911 employees, making it the second-largest workforce among India’s listed companies, behind Tata Consultancy Services Ltd., according to data compiled by Bloomberg.

Of Reliance’s total workforce, 74,822 employees work at Jio, according to the company’s website. These employees can apply for shares through the employee quota, while other Reliance workers can bid under the retail category. Employees who also hold shares in the parent company can apply through a portion reserved for eligible Reliance Industries shareholders, the people said.

Jio Platforms is targeting a valuation of up to ₹10.3 trillion ($108 billion) and plans to raise as much as ₹30,200 crore through the IPO. The offering comprises up to 270 million shares priced between ₹1,065 and ₹1,119 apiece.

The company has reserved shares worth as much as ₹500 crore for eligible employees, who are being offered a 5% discount, according to company filings. The IPO also includes a reservation of shares worth up to ₹2,500 crore for eligible Reliance Industries shareholders, the documents show.

The IPO is scheduled to open for subscription on October 21 and close on October 23, while the anchor book is set to open on October 19.

Jio has attracted bids worth more than $20 billion, and global investors, including Fidelity Management & Research, Allianz SE and Capital Group, have indicated interest in the offering, according to people familiar with the matter.

With Reliance encouraging employees to explore investment opportunities and facilitating access to the necessary trading accounts, the company’s workforce has become an important part of its broader effort surrounding the anticipated listing. The scale of employee participation could add another dimension to an IPO that is expected to become India’s largest ever.