Overview
- Late May 2026, Reliance slowed work on Jio’s IPO and began a formal review of the deal structure while keeping global and domestic advisers engaged.
- The company is moving away from an offer-for-sale toward issuing only new shares to balance investor return demands with protection for retail buyers.
- Indian equities have weakened since the West Asia conflict, with benchmark indices roughly 9% below pre-war levels and elevated foreign investor outflows this year.
- Some large investors, particularly those based in West Asia, have grown hesitant about formal IPO steps, even as firms such as Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, JM Financial and Kotak remain involved.
- The pause raises the odds that the planned raise of around $4 billion and Mukesh Ambani’s target to list in H1 2026 will be scaled back or delayed, with wider consequences for India’s primary market and retail investor returns.