Reliance Said to Revamp Jio IPO, Cutting Capital Flight Risk

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, reducing the risk of more international capital leaving India.

Jio’s IPO may fetch as much as $4 billion, people familiar with the matter have said. That would make it the country’s largest ever listing, more than the $3.3 billion Hyundai Motor India Ltd. 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.