Jio Offering Draws Sovereign Funds

MumbaiJio’s $3.2 billion offering drew nearly Rs 2.5 lakh crore demand.

Sovereign funds from Singapore, Norway, Abu Dhabi and Qatar want shares, people familiar said.

The listing gives Reliance’s subsidiary its own valuation, and India’s 10 largest mutual funds and 5 largest insurers want shares.

The offer opens in the coming week, and Jio will list separately from Reliance Industries.

Sources: MoneyControl, Bloomberg Business