Reliance Industries' reported decision to structure the proposed Jio Platforms IPO around a fresh issue of up to 27 crore shares, instead of a predominantly offer-for-sale (OFS), could change how investors view what is expected to be India's biggest-ever public offering.Most large IPOs in recent years have largely been exit opportunities for existing investors. In such issues, the company itself receives little or no capital, while promoters or early investors monetise part of their holdings.India's biggest consumer-facing IPOs in recent years, including Hyundai Motor India and LG Electronics India, largely followed this route. Although both attracted strong institutional participation, their post-listing performance failed to match the excitement that surrounded the offerings, reviving concerns about aggressive valuations and IPOs being used primarily for shareholder exits.Jio's proposed structure marks a departure from that trend.Instead of allowing existing investors to sell shares, the proceeds from the fresh issue would flow directly into Jio Platforms. According to an ET report, nearly Rs 25,000 crore could be used to reduce debt, while the remaining funds may be invested in expanding the telecom network, building artificial intelligence infrastructure and strengthening digital businesses.Paresh Bhagat, Chairman of Mangal Keshav Financial, said this structure is likely to be viewed positively by investors."A fresh issue means capital going directly into the business, unlike many IPOs, which are largely liquidity events for existing investors. That can improve investor perception because the market sees growth capital rather than shareholder exits," he said.Bhagat added that if the issue is priced reasonably, it could improve the market's ability to absorb large IPOs and set a healthier benchmark for future consumer technology and digital infrastructure listings.What changes for Reliance and existing shareholdersThe revised structure also changes the impact on Reliance Industries and Jio's existing investors.Reliance currently owns around 67% of Jio Platforms. Under a fresh issue, all shareholders would be diluted proportionately because new shares are created. In contrast, an OFS would have allowed only selling shareholders to reduce their stake while leaving the company's share capital unchanged.Analysts believe this approach could help investors assign a clearer standalone valuation to Jio, whose telecom and digital businesses have remained embedded within the broader Reliance conglomerate for years.Abhinav Tiwari, Research Analyst at Bonanza, said the structure could support stronger listing performance if valuations remain reasonable."In an OFS, money simply moves from new investors to old ones. In a fresh issue, every rupee raised goes into the business. That changes investor psychology. If valuation is realistic, it could lead to stronger listing sentiment," he said.Existing investors stay investedThe reported change follows weeks of discussions between Reliance and Jio's existing shareholders, including several global technology companies, sovereign wealth funds, and private equity firms.Jio Platforms counts Google, Meta, Saudi Arabia's Public Investment Fund, Vista Equity Partners, KKR, Silver Lake, General Atlantic, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital, and Qualcomm Ventures among its investors.Rather than using the IPO to cash out, these investors would continue holding their stakes after the listing, signalling continued confidence in Jio's long-term growth prospects.For retail investors, that could be one of the biggest takeaways. Instead of funding an exit for early backers, the IPO proceeds would be deployed to strengthen the business itself.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)