First, it stalled. Then it shapeshifted.

After several months of delay, Jio Platforms finally filed its draft IPO papers with market regulator Sebi on 19 June. It’s just that it looks very different from what was expected.

If it was an offer-for-sale earlier, giving an exit path for the digital-services firm’s marquee foreign backers, it’s now a fresh issue-only offering. That is, instead of Jio’s existing investors selling their shares, the company itself will raise........

© The Ken