Reliance Is Said to Plan Offering All New Shares in Jio IPO

Reliance Industries Ltd. is gearing up to offer only new shares in the initial public offering of Jio Platforms Ltd., without selldowns by existing holders, according to people familiar with the matter, marking a U-turn in the preparation for what is slated to be India’s largest ever listing.

Jio’s IPO may fetch as much as $4 billion, people familiar with the matter have said, more than the $3.3 billion Hyundai Motor India Ltd.’s IPO raised. The company is aiming to file its listing paperwork this month, the people said, in an apparent delay on the back of a market downturn stemming from the Iran war.