India to reduce IPO float requirement for large companies, paving way for Jio listing

MUMBAI: India’s government ‍has approved a cut to the minimum proportion of shares large companies ⁠looking to list must sell to 2.5% of their share capital from 5%, the markets regulator said on Thursday, paving the way for Reliance Jio Platforms’ highly-anticipated ‌IPO.

The Securities ‌and Exchange Board of India also agreed in principle to the National Stock Exchange’s ‌application to settle a legal dispute that has delayed the NSE’s initial public offering, SEBI Chair Tuhin Kanta Pandey said.