Explained: What record-breaking Jio IPO means for 44 lakh Reliance Industries shareholders

Mukesh Ambani is gearing up for Jio's mega IPO — tipped as the "mother of all IPOs" – but Reliance Industries' 44 lakh shareholders may be sidelined. Unlike the Jio Financial Services spin-off, this listing won't give them direct shares. Instead, they'll benefit indirectly via RILs 66.3% stake, which may face a holding company discount from investors seeking direct exposure.