So the Jio IPO is transition from its hype to reality phase. And there’s going to be a lot of money involved. More than us normies can even imagine.

Meta and Google Among Companies to Invest in Jio IPO

Reuters reports that 13 foreign investors, including Meta and Google, may sell about 8% of their individual stakes.

Among the expected sellers are Meta, which holds a 9.99% stake, and Google, with 7.73%. Other major backers include Vista Equity Partners, KKR (which I first read about in this amazing book), and sovereign wealth funds such as the Public Investment Fund, Mubadala Investment Company, and the Abu Dhabi Investment Authority.

According to Reuters’ estimates, if each investor sells 8% of its holdings, the IPO would amount to roughly 2.5% of Reliance Jio’s outstanding shares, matching the company’s current plan. The offering is expected to be entirely an offer for sale, with the total stake sale likely between 2.5% and 3%. A final valuation has not yet been decided.

Separately, Bloomberg reported that Reliance Jio has hired six investment banks to manage the IPO. If it goes ahead as planned, it could become India’s largest-ever IPO.

All this is to say that Mukesh Ambani and his family are going to be massively richer than they are now. No hate.

And along with them, a few other rich people will become richer.

My first reaction to this news was that Jio will perhaps become majority foreign-owned – like Flipkart and (until recently) PayTM. But looks like that’s not the case – and not going to be the case after the IPO also. Still, a few years from now this IPO should be a case study in business schools (if we will continue to have business schools then) for how one company became one of the biggest companies ever in a very short time, raised an insane amount of money via IPO, and even bent the rules and (arguably) foreign investors to its will.

As an Indian, I’m not sure whether to be proud or disgusted. Maybe a little bit of both.

Headlines

• Micron’s $2.75bn chip fab facility in Sanand is operational. It was inaugurated in March but an important milestone was achieved last week – i.e. production is at desired capacity. Micron is one of the three “memory makers” in the world – i.e. makers of DRAM of which there is a global shortage that’s driving up prices. I wish they start making DRAM in Inida.
• Apple’s $38bn antitrust lawsuit in India has dragged on – because of Apple. The CCI states Apple has still not provided required financial information as ordered earlier, and has set a final date of May 21 for the hearing. Apple, which turned 50 this month, faces many such lawsuits over the world, primarily because of its monopolistic practices through its app store.
• IndieSemiC, an Ahmedabard-based chip design startup, partners with Nordic Semiconductor, a global heavyweight, on wireless modules. Nordic is huge, they basically set the standards for Bluetooth low energy and IoT. The partnership is to create a series of pre-certified wireless modules.
• Naver Corporation, a South Korean internet conglomerate (they operate the search engine Naver) has entered into a partnership with TCS for some AI and Cloud stuff. But the timing of this annoucncement – it was done at the Korea-India summit. Ah, the politics.

Sponsor

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Five Finds of the Week

This week’s theme is what I use to make content. One of you asked me to share what I use on a weekly basis, so here is my very simple setup to record my podcast and video every week:

• For video: the Sony ZV e10K. I know that the average smartphone is good enough to make videos, but if you can and want to make videos regularly, invest in a standalone camera.
• For video (accessories): don’t forget a good tripod. And memory card.
• For audio: I prefer a wireless lapel mic to the shotgun mic, because I sound better. Make sure to get one that’s compatible with your camera or phone.
• For audio (podcast): the Shure MV7.
• For audio (DAW): I’m a bit of a music nerd, so I use a Shure SM7B plugged into my Audient EVO4 digital audio workstation. Sometimes I plug my guitar into it too.

Disclosure: the sponsor and product links above are affiliate links and if you use them to make a purchase, I may be supported with some affiliate income. This does not in any way impact my independence and integrity. Read my code of ethics for more details and reach out to me if you have a concern.

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