Jio Platforms IPO Shifts to Fresh Fundraising as Investors Hold Stakes

Mukesh Ambani’s Jio Platforms has reportedly changed its planned Mumbai IPO strategy into a pure fundraising exercise, dropping earlier plans that would have allowed existing foreign investors to sell part of their holdings. Sources said investors such as Meta, Google and Vista Equity Partners prefer to remain invested in the company for the long term.

The company is now expected to issue fresh shares amounting to around 2.5% of its valuation instead of using the IPO as an offer-for-sale route. Jio Platforms’ listing is widely anticipated and could become India’s biggest-ever IPO. The company owns Reliance Jio, the world’s second-largest telecom operator by users after China Mobile.

The IPO filing, originally expected earlier this year, has reportedly been delayed due to market uncertainty linked to the U.S.-Israeli conflict with Iran, which has weakened investor appetite for new listings. Analysts estimate Jio Platforms could be valued at around $180 billion, while the IPO itself may raise up to $4 billion. The company has hired 17 banks to manage the Mumbai listing.

Pic courtesy: google/ images are subject to copyright