How Ambani built Project Jupiter to launch India’s biggest IPO

Reliance Industries has filed the draft prospectus for the IPO of Jio Platforms after months of confidential planning under a project internally codenamed Jupiter. Key hurdles cleared include Sebi easing the minimum dilution rule for large IPOs in September, and existing investors like KKR, Meta, and Alphabet agreeing to dilute about 8 percent of their holdings on a pro-rata basis. The IPO structure was switched from an offer-for-sale to an all-primary issuance expected to raise about $4 billion, with 19 investment banks on the mandate.