Reliance Industries preparing to bring IPO: IPO of Jio Financial Services may come by the end of October

Mukesh Ambani's Reliance Industries Limited may soon list its digital finance unit in the stock market. According to media reports, Reliance Industries is preparing to bring the IPO of Jio Financial Services Limited by the end of October.
The business group is in talks with Indian regulators to get the necessary approvals for the listing of Jio Financial Services. However, Reliance Industries has not officially given any information about it yet.
According to an exchange filing in March, a meeting of shareholders and creditors of Industries will be held on May 2. In this meeting, voting will be held to make Jio Financial Services Limited a separate entity.
Reliance Industries Limited appointed KV Kamat as the non-executive chairman of Jio Financial Services in November last year. If media reports are to be believed, Hitesh Sethia, one of the top executives of McLaren Strategic Ventures, may join Jio Financial Services Limited as CEO in the next few months.
Last year, Mukesh Ambani had announced to make Jio Financial Services a separate unit. He announced that Jio Financial Limited will be a technology-based business, which will offer financial products digitally by taking advantage of the availability of Reliance Industries across the country.
According to media reports, all shareholders of Reliance Industries will get one share for every share held at the time of Jio Financial's listing on the stock market.
Reliance Industries Limited (RIL) announced the results of Q4FY23 i.e. the fourth quarter (January-March) on 21 April. The company's year-on-year (YoY) net profit in Q4 grew by 19.10% to Rs 19,299 crore. This is the company's highest-ever quarterly net profit. At the same time, the net profit of Reliance Group's telecom company Jio (JIO) increased by 13% on an annual (YoY) basis to Rs 4,716 crore.