Mukesh Ambani’s record IPO of Jio delayed by regulatory limbo

The Indian government’s delays in formalizing changes to listing rules are threatening to force Asia’s richest person, Mukesh Ambani, to miss the targeted timeline for an initial public offering of shares in Jio Platforms Ltd., the digital arm of his flagship company Reliance Industries Ltd.

Reliance is waiting for the government to formalize the changes backed by the regulator to appoint bankers formally and file a draft IPO prospectus, according to people familiar with the matter who asked not to be identified because the discussions are private. The company is now aiming to file the draft prospectus before April, depending on the government notification, they said.