Reliance Industries Ltd. is set to offer only new shares in the upcoming initial public offering (IPO) for Jio Platforms Ltd., potentially raising up to $4 billion. This strategic decision aims to prevent capital outflows as foreign investors have already withdrawn $21.6 billion from Indian markets in 2023, following a significant net outflow of nearly $19 billion last year. The IPO, which would be the largest in India, surpassing Hyundai Motor India's $3.3 billion listing, is expected to be filed this month. The decision to issue solely new shares, rather than including existing shareholders, is seen as a way to retain funds within the country, addressing concerns over the impact of the ongoing Iran war on India's foreign exchange reserves. Jio's investor base includes prominent entities such as Meta Platforms Inc., Alphabet Inc.'s Google, and various sovereign wealth funds. The IPO follows a recent regulatory change allowing large issuers to dilute as little as 2.5% of their equity, paving the way for significant capital raises.