Reliance Industries Ltd. is revising the structure of Jio Platforms Ltd.'s planned initial public offering to issue new shares instead of selling existing investor holdings, the Economic Times reported, citing people familiar with the discussions. The shift marks a significant departure from earlier plans for what could become India's largest ever listing.

A primary offering—selling newly created shares—would allow Jio Platforms to raise fresh capital directly into the company, unlike a secondary sale where proceeds flow to current shareholders. The digital services giant has attracted billions in investment from global tech names including Meta, Google, and Silver Lake in recent years. This structural change signals Reliance's intent to fund expansion through the public markets rather than simply providing an exit for early investors.

The pivot to a fresh share issuance demonstrates Reliance's ambition to channel public market capital toward growth initiatives rather than merely offering liquidity to existing backers. Jio has built India's largest telecom subscriber base while expanding into digital services, fiber broadband, and technology ventures—all requiring substantial ongoing investment. The final IPO size and timing remain under discussion, but the structural shift indicates Reliance Industries is positioning Jio Platforms for a substantial capital raise through the public markets.