Jio IPO set to be fully fresh funding; no OFS

Mumbai|New Delhi: Reliance Industries (RIL) is reworking the listing structure of telecom and digital venture Jio Platforms from the previously planned offer for sale (OFS) to a fully fresh issue due to differences with existing investors over pricing, said three people involved in the process.

India’s largest telecom operator by market share, which is preparing for a mega initial public offering (IPO), has been locked in discussions for more than a month with global technology firms, sovereign wealth funds and private equity investors over the structure and pricing of the multi-billion-dollar issue.