Mukesh Ambani’s Reliance Jio Platforms has revised its Mumbai IPO plans, shifting from a sell-off for foreign investors to a focused fundraising approach, according to sources.
Initially, the IPO would have allowed investors to sell 8% of their stakes, totaling 2.5% of the company, through an offer-for-sale.
However, this plan was dropped as investors preferred to remain invested long-term.
The IPO was delayed due to the U.S.-Israeli conflict impacting investor sentiment, with comparisons made to Indian fintech firm PhonePe’s IPO pause amid geopolitical tensions.
Reliance’s listing is part of Ambani’s vision to evolve Reliance into a comprehensive consumer and technology entity, with Jio valued at $180 billion.
Reliance has engaged 17 banks for the Mumbai listing, potentially aiming to raise around $4 billion.
Source: Reuters