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Investing.com -- Indian telecom and digital giant Reliance Jio Platforms has postponed its initial public offering (IPO) that was planned for this year, according to a Reuters report on Wednesday, citing two people familiar with the matter.
The company, led by billionaire Mukesh Ambani, is valued by analysts at over $100 billion. Jio aims to achieve higher revenues and expand its telecom subscriber base before going public, according to the report, explaining the rationale behind the delay.
The company also wants to grow its digital offerings portfolio to potentially increase its valuation before launching the IPO, it added.
Shares of parent company Reliance Industries (NSE:RELI) fell 1.5% in afternoon trading in Mumbai on Wednesday following the news of the delayed offering.
The postponement affects what would have been one of India’s most anticipated stock market debuts.
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