Reliance to Offer All New Shares in Jio IPO in U-Turn, ET Says

Reliance Industries Ltd. is revising its plans for the initial public offering of Jio Platforms Ltd., potentially India’s largest ever, to issue new shares instead of an offering by existing investors, the Economic Times reported, citing unidentified people familiar with the talks.

The u-turn was triggered by some Jio shareholders pushing for a higher price band, while the Mukesh Ambani-led conglomerate favors a more conservative valuation to avoid listing-day losses for retail investors, according to the newspaper.