Jio Platforms Replaces Kiran Thomas with Pankaj Pawar Before IPO

As Jio Platforms prepares for its planned initial public offering (IPO), the company has appointed Pankaj Pawar as its new chief executive officer, replacing Kiran Thomas, according to its draft IPO documents. It is reported that the papers, filed with capital markets regulator SEBI in June, state that Thomas resigned as CEO on March 23, with Pawar assuming the role on March 24.

Jio Platforms is aiming to raise around $4 billion (₹37,700 crore) through the IPO, valuing the company at approximately $137 billion. According to the draft red herring prospectus (DRHP), the company plans to issue up to 27 crore new equity shares, representing about 2.9% of its post-issue share capital. The listing marks a significant step in Reliance Industries' strategy to unlock value from its telecom and digital technology businesses.

Pawar, 53, also serves as Managing Director of Reliance Jio Infocomm. The draft IPO papers said, "Pankaj Mohan Pawar, aged 53 years, is the Chief Executive Officer of the Company and also serves as the managing director of Reliance Jio Infocomm Limited. He has been associated with the Reliance Group since 2000, and has close to three decades of experience in building and scaling large consumer and digital services businesses."

Kiran Thomas, who previously served as President of Reliance Industries and had been a prominent face of Jio Platforms at the company's annual general meetings, is no longer listed among the company's key managerial personnel in the draft prospectus.

According to the draft papers, Reliance Industries Chairman and Managing Director Mukesh D Ambani will be on the board of Jio Platforms as chairman and non-executive director. Manoj Harjivandas Modi will serve on the board as a non-executive director, while Akash Ambani will be the managing director of Jio Platforms. His siblings, Isha and Anant, will be on the board as non-executive directors.

The proposed IPO consists entirely of a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The final issue price will be determined through the book-building process in accordance with SEBI regulations. The company has not yet disclosed the price band or the final issue size, which will depend on pricing and regulatory approvals.

The IPO is aimed at unlocking value from Jio Platforms, whose businesses span telecommunications, digital services, enterprise solutions and emerging technology ventures. Its telecom unit, Reliance Jio Infocomm, is the world's second-largest mobile operator by number of subscribers within a single country, behind China's China Mobile. Meta and Google are among the company's largest foreign investors.