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Highlights
- Existing investors reportedly sought a higher IPO valuation to maximise returns.
- RIL is cautious about aggressive pricing amid concerns over weak listing performance.
- IPO proceeds under the revised structure will flow directly to Jio Platforms.
Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Reliance Industries Limited (RIL) is reworking the proposed listing structure of telecom and digital venture Jio Platforms, shifting from an offer for sale (OFS) model to a fully fresh issue following differences with existing investors over pricing, according to an Economic Times report by Himanshi Lohchab and Kiran Rathee dated May 11, 2026, citing people familiar with the matter.
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Investor Pricing Expectations Trigger Strategic Shift
Jio Platforms, India’s largest telecom operator by market share, has been in discussions for over a month with global technology firms, sovereign wealth funds and private equity investors regarding the structure and valuation of its multi-billion-dollar initial public offering (IPO).
Investors are understood to be seeking a higher price band for the issue to maximise returns. However, Reliance is said to be cautious about aggressive pricing, citing concerns over the possibility of weak post-listing performance that could impact retail investors.
“Shareholders want to price the IPO to perfection, by selling shares at a higher price band. However, RIL is of the view that this may hurt retail investors in case of a listing day loss, the people said, according to the report.
Retail Investor Protection at the Centre of RIL’s Approach
“There is an inherent conflict of interest, which is unique to Jio,” said one of the persons cited in the report. “Shareholders want to price the issue as high as possible. But that creates two risks. First, the issue could become too large for markets to absorb.”
This is “especially if it crosses $4 billion in the current environment. Second, there is a real possibility of a weak listing that impacts retail investors,” the person reportedly added.
A second person said Reliance Chairman Mukesh Ambani has consistently prioritised investor protection. “Mukesh Ambani’s priority from day one has been to protect retail investors,” this person reportedly said. “There must be room for upside in the stock price post listing. Therefore, Reliance now plans to let the market determine the price post listing and PE investors can later sell in the open market if they wish.”
