Jio Platforms’ $4 bn fresh‑issue IPO bars foreign backers from cashing out
Jio Platforms switched its blockbuster IPO to a fresh‑issue only offering, raising up to $4 bn. That structure means investors like Meta, Google, KKR and Vista Equity can’t sell their 2020 stakes because the original preferred‑share agreements and SEBI rules lock them in. The move underscores Reliance’s control and limits exit options for its biggest global backers.