Reliance Jio IPO will be executed as an offer for sale in India, three of the sources said, where only existing shareholders sell their shareholding to public.

Jio IPO in focus: Reliance-backed firm hires 17 bankers, unlikely to raise fresh funds via offer: Report

Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.

The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shareholding to public.

Reliance did not respond to Reuters queries.

Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

(This is a developing story. Check back for updates)