BREAKINGVIEWS-Ambani backers face longer wait for so-so returns

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, May 12 (Reuters Breakingviews) - The tycoon will only offer new shares in Reliance Jio’s IPO. Even at a $140 bln valuation, KKR, Meta and others were facing mediocre gains on their six-year-old bet. The change means a bigger overhang of potential sellers once the company is publicly traded.

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CONTEXT NEWS

Reliance Industries is reworking the listing structure for its telecom and digital unit Jio Platforms, the Economic Times reported on May 11, citing three unnamed people involved in the process. The Indian group is now working towards an initial public offering only of new shares in Jio, as opposed to the previous plan of existing investors selling some of their stakes. A disagreement over pricing drove the change, the report added.


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