Reliance Recasts Jio IPO as Pure Fresh Issue, Drops OFS Plan

Reliance Industries is restructuring the proposed IPO of Jio Platforms into a fully fresh issue, dropping the earlier offer-for-sale (OFS) component after disagreements with existing investors over valuation, according to reports by Economic Times, Reuters and Bloomberg.

Under the revised structure, all proceeds from the IPO will go directly to Jio Platforms as fresh capital, instead of allowing current shareholders to sell their stakes. The move marks a strategic shift from earlier plans that reportedly envisioned a largely OFS-driven public issue.

The IPO, expected to be among India’s largest ever, is part of Mukesh Ambani-led Reliance Industries’ broader plan to unlock value in its telecom and digital business. Jio Platforms owns Reliance Jio, India’s largest telecom operator with nearly 500 million subscribers.

Reports earlier suggested the company was targeting a valuation of up to $170 billion and was preparing to file draft IPO papers in 2026, though timelines have been impacted by delays in regulatory changes related to listing norms.

Reliance had previously appointed multiple investment banks for the offering, while Ambani had indicated that Jio’s listing could take place in the first half of 2026, subject to approvals and market conditions.