Reliance Industries is taking a different route with Reliance Jio's Rs 30,213 crore IPO, choosing to raise the entire amount through fresh equity rather than allowing existing shareholders to cash out. The decision stands out in a market where several of India's biggest public offerings have been dominated by offers for sale (OFS).
The fresh issue, which will be a record for domestic public markets, comes against a mixed performance of recent mega IPOs. While some delivered strong listing gains, several have struggled to hold those returns.
