India Tweaks IPO Rule, Paving Way for Ambani Digital Arm Listing

The Indian government on Friday announced changes to listing rules, clearing the way for billionaire Mukesh Ambani to go for an initial public offering of Jio Platforms Ltd., the digital arm of his conglomerate Reliance Industries Ltd.

The government, via a gazette notification, allowed companies with a post-issue market value exceeding 5 trillion rupees ($54 billion) to dilute as little as 2.5% in an IPO, down from the current minimum of 5%. The change was approved by the Securities and Exchange Board of India in September and subsequently sent to the government.