Jio appoints 17 banks for IPO, to use OFS route

Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.

- Reuters

The IPO will be executed as a so-called “offer for sale” in India, three of the sources said, where only existing shareholders sell their shares to the public. Reliance did not respond to Reuters queries. “We don't need new money,” said a source.