Reliance Industries (NSE:RELIANCE, BOM:500325) plans to offer only fresh shares in the proposed initial public offering of Jio Platforms, without stake sales by existing investors, Bloomberg reported Monday, citing people familiar with the matter.
Jio Platforms could raise up to $4 billion through the offering, the people told Bloomberg. This would make it India's largest-ever IPO, surpassing Hyundai Motor India's $3.3 billion listing, the report noted.
The company aims to file draft papers for IPO this month, the report said. Market volatility due to the Iran war has already delayed timelines, it added.
A fresh issue structure would help reduce overseas capital outflows at a time when foreign investors continue to pull money from Indian equities, Bloomberg noted.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)