Mumbai: Indian billionaire Mukesh Ambani's Reliance Jio Platforms has pivoted to a pure fundraise for its planned Mumbai listing, dropping earlier plans that would have allowed some shareholders to exit, two sources said.
"Given the uncertainty in markets due to the situation in West Asia, investors have chosen to stay invested in the company rather than use the IPO as an exit opportunity," one of the sources said.
Ambani's Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile, counts Meta, Google, and Vista Equity Partners among its investors.