Jio Platforms shifts IPO strategy to pure fundraising, scrapping earlier plans for investor exits

Jio Platforms, owned by Mukesh Ambani and backed by Meta, Google, and Vista Equity Partners, will sell a 2.5% stake in its planned Mumbai listing as a fresh fundraising rather than an offer-for-sale that would have let existing investors exit.

The company had previously discussed having each foreign investor sell 8% of their individual holdings in the IPO, but reversed course because investors preferred to remain invested for the long term.

The listing supports Ambani's plan to transform Reliance from an oil-and-chemicals company into an "everything company" spanning consumer, retail, and technology.