Rajanna Rajyam - The new party from Jagan ?

Is "Rajanna Rajyam"  the name of the new political party floated by Jagan?
It sounds yes, by the advertisement of YV Subba Reddy on inviting the
people to join Rajanna Rajaym Partry.
YV subba reddy has been instrumental in getting the name for the newly formed
Jagan's party . This is the add that is posted in news papers today.