Mukesh Ambani's Reliance Jio Platforms has pivoted to a pure fundraising for its planned Mumbai listing, selling a 2.5% stake in the offering and dropping earlier plans that would have allowed some shareholders to exit, two sources said.
Indian billionaire Ambani's Jio Platforms, which owns the world's second-largest telecom company by users after China Mobile, counts Meta, Alphabet's Google and Vista Equity Partners among its investors.
"Investors were not keen to sell and wanted to stay invested for the long term," one of the sources said.
The firm earlier held discussions with its foreign investors for each to sell 8% of their individual holdings in the IPO, Reuters previously reported.
The IPO was earlier set to be an offer-for-sale, meaning no new fundraising was planned and only existing investors would have exited as the company went public.
The Economic Times was first to report on the company's plans to pivot to a fresh fundraising with the offering on Monday.
The listing is a key plank of Ambani's long-term vision to transform Reliance from an oil-and-chemicals giant into an "everything company" spanning consumer, retail and technology.
Jio Platforms did not respond to a Reuters request for comment.
