Reliance Jio Infocomm could file draft papers for ‌its ⁠expected $4 ⁠billion IPO within days and just before billionaire Mukesh ⁠Ambani‘s closely ‌watched annual speech ⁠on Friday to Reliance Industries‘ shareholders, the Financial Times reported on ‌Wednesday, citing sources.

Reuters could not immediately ⁠verify the report.

At last year’s AGM, Ambani had committed to listing Jio, India’s largest wireless operator, in the first half of 2026, making the upcoming filing a key milestone in that roadmap.
Jio now appears set to miss that timeline following a challenging year for Reliance Industries.
The conglomerate’s shares have declined about 15% in 2026, while net profit for the quarter ended March fell 13% year-on-year, weighed down by disruptions in its core refining business amid turbulence in the Gulf region.

The Rs 88.5 crore IPO of Leapfrog Engineering Services will open for subscription on Wednesday and will close on June 19. The company is expected to list on the BSE SME platform on June 24. Ahead of the issue opening, the grey market premium (GMP) stood at zero, indicating no expected listing gains based on unofficial market activity.

The IPO comprises a fresh issue of 3.46 crore shares aggregating Rs 79.6 crore and an offer for sale of 38.76 lakh shares worth Rs 8.91 crore. The company has fixed a price band of Rs 21-23 per share.

Investors can bid for a minimum of 12,000 shares and in multiples of 6,000 shares thereafter. At the upper end of the price band, the minimum investment for retail investors is Rs 2.76 lakh. High-net-worth investors are required to invest at least Rs 4.14 lakh for three lots.

The issue size totals 3.85 crore shares, of which the net offer to the public stands at 3.66 crore shares after accounting for the market maker portion. Retail investors have been allocated 60.07% of the net issue, while non-institutional investors have been allotted 38.9%. Qualified institutional buyers account for just over 1% of the net offer.

Incorporated in 2005, Leapfrog Engineering Services provides integrated engineering procurement, procurement and construction (EPCC) solutions across sectors such as oil and gas, pharmaceuticals, food processing and metals.

The company offers services spanning electrical engineering solutions, industrial automation, instrumentation, fire protection systems and building automation. It executes turnkey EPC projects and provides installation, commissioning and maintenance services.
Leapfrog Engineering plans to utilise the IPO proceeds primarily for expansion and working capital requirements. Around Rs 27 crore will be used to set up an assembling unit, while Rs 36.05 crore has been earmarked for working capital needs. The remaining funds will be used for general corporate purposes.Financially, the company reported revenue of Rs 137.37 crore and profit after tax of Rs 16.22 crore in FY25. For the nine months ended December 2025, it posted revenue of Rs 105.05 crore and profit after tax of Rs 14.18 crore.

The company cited its experienced management team, diversified project portfolio, global presence and strong order book as key strengths.

Finshore Management Services is the book-running lead manager to the issue, while Integrated Registry Management Services is the registrar. Anant Securities will act as the market maker.

The allotment is expected to be finalised on June 22, with refunds and credit of shares likely on June 23. The stock is scheduled to make its market debut on June 24.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The shares of Vishal Mega Mart will remain in focus on Wednesday after nearly 92.3 crore shares worth Rs 10,813 crore become eligible for trade as the IPO lock-in period expires today, according to Nuvama Institutional Equities.

However, it is important to note that the lock-in expiry does not imply that all these shares will be offloaded in the market immediately. It simply means that these shares can now be traded by the shareholders. At the previous closing price of Rs 117.15 apiece on BSE, the said number of shares that will free up for trade today is worth nearly Rs 10,812.95 crore.

Also read: JAL shares to delist from BSE and NSE on Thursday. What happens to its 6 lakh shareholders?

Vishal Mega Mart share price

Vishal Mega Mart shares made a strong market debut, listing with a 41% premium over the IPO price at Rs 110 on BSE in December 2024. Although the offer was entirely an OFS, Vishal Mega Mart’s maiden public issue received healthy demand from all sets of investors, especially from the QIB category, which bid more than 85 times its allotted portion.

The stock then fell over 10% to a record low of Rs 98.7 apiece in February 2025, before soaring 60% to a 52-week high of Rs 157.75 apiece in August 2025. The stock has since fallen nearly 26% from that level, closing at Rs 117.15 apiece on the BSE on Tuesday.

Also read: Elon Musk just made Warren Buffett’s entire net worth in a single day

Vishal Mega Mart Q4 Results

Vishal Mega Mart in May reported a consolidated net profit of Rs 167.92 crore for the fourth quarter of the financial year 2026, marking a nearly 46% year-on-year (YoY) jump from the Rs 115 crore net profit reported in the year-ago period. The firm’s revenue from operations meanwhile rose over 22% YoY to Rs 3,114 crore during the quarter under review.

“We look ahead at FY27 with excitement. We wish to be a strong contributor to India’s growing consumption story. India’s emerging retail landscape offers exciting and evolving opportunities across offline and digital commerce. With our extensive network and strong fundamentals, we are well-positioned to participate in these,” said Gunender Kapur, Managing Director and Chief Executive Officer of Vishal Mega Mart.
Also read: Vedanta to be removed from MSCI Global Standard Indexes from June 22

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The dollar eased on Wednesday ahead of the Federal Reserve‘s first policy decision under Chair Kevin Warsh, with lingering optimism over an interim U.S.-Iran peace deal underpinning risk appetite and dampening demand for the U.S. currency.

The yen found little respite against a weaker greenback and teetered further into intervention territory, after a well-telegraphed Bank of Japan (BOJ) rate hike delivered few surprises.

Moves in currencies were largely subdued in the early Asian session, with investors hesitant to take ‌on large positions ahead ⁠of ⁠the Fed’s rate outcome later in the day.

The euro steadied at $1.1611 while sterling was little changed at $1.3430.

The New Zealand dollar edged slightly higher to $0.5833.

The Fed is widely expected to stand pat on rates at Warsh’s debut meeting. The statement, economic projections and news conference, however, will be scrutinised for any signals of the Fed dropping its easing bias as officials grow more hawkish on inflation risks.
“The Fed is…likely to signal a neutral bias for monetary policy going forward,” said Erik Weisman, chief economist and portfolio manager at MFS Investment Management. “(Warsh) will ⁠face a ‌barrage of questions about how he expects to steer the Fed in the direction he has indicated over the years. It is early days yet. The new Fed Chair may still ⁠be gauging the mood of the committee that he has to carry to deliver successful policy. He may not want to make any statements without first forging consensus within the Fed.”

Against a basket of currencies, the dollar eased slightly to 99.53, unwinding some of its safe-haven gains made as details emerged of the U.S. and Iran’s interim agreement to end the war in the Middle East.

YEN ON TENTERHOOKS

The yen last stood at 160.43 per dollar, leaving traders on alert for any potential intervention from Japanese authorities to shore up the ailing currency.

The BOJ on Tuesday raised interest ‌rates to a 31-year high in a landmark step in its policy normalisation, signalling readiness to tighten further as it focuses on taming price pressures from the Iran-war-induced energy shock.

Policymakers offered few clues on the timing of ⁠the next rate hike, however.

“While the press conference…contained some optimistic signals regarding the outlook for the Japanese economy, it failed to move the needle much regarding market expectations around the timing of the next BOJ policy move,” said Jane Foley, senior FX strategist at Rabobank.

“Despite the significance of the BOJ’s decision to take its policy rate back to 1% today, the meeting was still overshadowed by that of the Fed.”

Elsewhere, the Australian dollar was flat at $0.7066.

The Reserve Bank of Australia held its cash rate steady at 4.35% on Tuesday, saying the economy was slowing in the face of tighter financial conditions but warning it might yet raise rates again if needed to control inflation.

Gold edged higher on Wednesday, extending gains for a fifth straight session, as optimism around the U.S.-Iran peace deal eased concerns over interest rate hikes, while investors awaited further details on the deal and the Federal Reserve’s policy meeting.

FUNDAMENTALS

Spot gold was up 0.4% at $4,348.93 per ounce, as of 0107 GMT. ‌U.S. gold futures ⁠for ⁠August delivery rose 0.3% to $4,368.40.

Details began to emerge of the U.S. and Iran’s interim agreement to end the war in the Middle East, with U.S. President Donald Trump saying it will rule out a nuclear weapon for Tehran and a U.S. official saying it allows Iran to sell oil upon signing.

The memorandum of understanding signed this ⁠week, though ‌yet to be made public, extends a tenuous ceasefire announced in April by another 60 days to allow the ⁠warring countries to negotiate a permanent truce.

Investors now await the Federal Reserve policy decision and remarks, the first under Chair Kevin Warsh, later in the day, with rates widely expected to remain unchanged.

A majority of Fed policymakers now feel they will need to keep U.S. short-term borrowing costs on hold all year, projections due out on Wednesday are expected to ‌show, with a small number seen penciling in a rate hike to stop a spike in inflation from getting entrenched in the economy.

A record ⁠45% of the reserve managers surveyed by the World Gold Council expect to increase their own institutions’ gold holdings over the next 12 months, the international organization said on Tuesday.
Spot silver rose 0.4% to $70.47 per ounce, platinum gained 0.9% to $1,819.45, and palladium was up 0.6% to $1,360.32.

DATA/EVENTS (GMT)

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0600 UK CPI Services MM, YY May

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1230 US Retail Sales MM May