Mumbai | New Delhi: Global technology firms, sovereign wealth funds and private equity investors are set to offload 250-252 million shares or a total of nearly 2.8% stake in Jio Platforms Ltd’s upcoming initial public offer (IPO), people aware of the details told ET.

The IPO, estimated at a reported $4 billion, will be an offer for sale (OFS) that provides an exit for early investors rather than looking to raise fresh capital, said the people cited.

No Full Exits On Cards
Divestments in what’s expected to be one of India’s biggest IPOs will be proportionately spread across Jio’s 14 marquee investors, with each trimming roughly 8-8.5% of their holdings. None of the existing shareholders will make a full exit. “The company is looking to file the draft red herring prospectus (DRHP) on Friday depending on the timing of the legal vetting,” said one of the persons.

Promoter Reliance Industries (RIL) is not looking to cut its 67% holding in Jio Platforms, the holding company for India’s biggest mobile phone operator Reliance Jio Infocomm and other digital businesses, said the people cited. The majority of the shares will be sold by Mark Zuckerberg-led Meta Platforms, through its entity Jaadhu holdings, and Google, they being the larger outside stakeholders. After the offer, Meta is likely to see its stake reduced to 9.1% from 9.98% while Google may trim its stake to around 7% from 7.73%.
Jio, Google and Meta didn’t respond to queries.
The stakes of investors such as Saudi Arabia’s Public Investment Fund, Vista Equity, Omicron Asia Holdings, Silver Lake, General Atlantic, ADIA-backed Platinum Jasmine Trust, TPG, Intel Capital and Qualcomm Ventures will get lowered proportionately, said the people. Jio is said to have nudged investors to make partial exits. “All the investors wanted to stay and hence the company made a decision to trim stakes uniformly across the board,” one of the persons said.
The combined shareholding of outside investors will drop to about 30% from 32.9% after the IPO. Investment banks have pegged Jio Platforms’ post-IPO valuation at $133-180 billion. However, analyst estimates have fluctuated, depending on market conditions.

Rapid Expansion
In 2020, Jio Platforms raised more than ₹1.5 lakh crore ($20 billion) from 13 global investors in a rapid fundraising round.

A class action lawsuit filed against Fanatics, the NFL, NBA, MLB, their respective players associations and OneTeam, which serves as the commercial vehicle for the players associations, was dismissed by a New York federal judge on all counts Monday. 

The court granted Fanatics’ motion to dismiss the lawsuit, which involved five plaintiffs — Robert Scaturo, Scott Bubnick, Joseph Davidov, Steven Mardakhaev and Jonathan Madar. 

The suit accused the group of conspiring to monopolize the ever-growing trading card market for each of the sports leagues mentioned, increasing the price of cards for millions of consumers worldwide. 

It also largely followed an antitrust lawsuit by Panini, Fanatics’ trading card and memorabilia competitor, citing portions of it throughout. 

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Chief U.S. District Judge Laura Taylor Swain ruled that “none of the named plaintiffs adequately allege that they have overpaid or will imminently overpay for trading cards sold by defendants.”

“We said from the start that this was a baseless and fundamentally flawed lawsuit since Fanatics was being accused of raising prices on cards we didn’t even produce,” a Fanatics spokesperson told Fox Business after the ruling Monday. “The court agreed and ruled that the plaintiffs did not even have standing to sue. We are happy the court has now ruled the complaint legally deficient and dismissed it.” 

FANATICS COUNTERSUES PANINI AMERICA AFTER ANTITRUST LAWSUIT IN LATEST DRAMA WITHIN TRADING CARD INDUSTRY

Within its ruling, the court also recognized that, when the lawsuit was filed in March 2025, Panini held the licenses for NFL and NBA trading cards. Topps, which was acquired by Fanatics in 2022 for a reported value of about $500 million, had yet to produce NBA-licensed trading cards until October 2025. Additionally, the NFL license for trading cards won’t move to Topps until April of this year. 

“Not only did no named Plaintiff purchase such a trading card from Defendants prior to the filing of the FAC, but it was actually impossible for any consumer to do so,” Taylor Swain wrote in the court’s ruling. 

As for the price-gouging argument regarding MLB cards, the court found the plaintiffs failed to “explain whether the difference in prices was traceable to extraneous factors, such as production costs or quality differences, or whether the difference was traceable to Defendants’ anticompetitive conduct.” The plaintiffs provided a chart to compare prices of Topps’ licensed cards and Panini’s unlicensed products. 

The plaintiff’s attorney, John Radice, told The Athletic his clients are “assessing the court’s dismissal without prejudice and considering all options.”

While this class action lawsuit was dismissed, Panini remains fighting its own lawsuit against Fanatics, accusing it of anticompetitive behavior and monopolization of the sports card industry. This came after Fanatics acquired exclusive licensing rights from the NBA and NFL, which were previously held by Panini. After April 2026, Fanatics will have exclusive licenses to NBA, NFL, MLB, Premier League, F1 and WWE. 

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Fanatics denied Panini’s claims and filed a countersuit alleging its competitor set out on a “protracted, unlawful, and deceitful campaign of unfair trade practices, strong-arm tactics, and tortious misconduct” in an attempt to force Fanatics to pay a vast amount for Panini to end its licenses in 2022. 

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The 22 companies that got high marks across the board in the

Where You Work Matters List share several practices, from hiring people early in their careers to training them relentlessly and aiding their advancement.

The list, created by the Burning Glass Institute and the Schultz Family Foundation, seeks to evaluate how good companies are for early-career opportunities, career growth and job stability.

Oil prices edged higher on Thursday, recovering part of the previous session’s losses as markets reassessed the likelihood of de-escalation in the Middle East. Iran indicated it is still reviewing a U.S. proposal aimed at ending the conflict, which has disrupted global energy flows.

Even as it reviews the proposal, Iran has no plans to engage in talks to end the expanding conflict, its foreign minister said on Wednesday. Meanwhile, U.S. President Donald Trump warned that Washington would intensify pressure if Tehran does not accept that it has been “defeated militarily,” according to White House press secretary Karoline Leavitt.

Crude oil price on March 26

Brent crude futures gained $1.13, or 1.1%, to $103.35 a barrel by 0051 GMT. U.S. West Texas Intermediate crude rose $1.08, or 1.2%, to $91.40 a barrel. Both benchmarks had fallen more than 2% on Wednesday.Iran said U.S. outreach appeared significant, keeping oil markets highly sensitive to further developments in negotiations and military actions.

The reported 15-point proposal from Trump, delivered via Pakistan, includes demands such as eliminating Iran’s stockpile of highly enriched uranium, halting enrichment activities, restricting its ballistic missile programme and cutting funding to regional allies, according to three Israeli cabinet sources familiar with the plan.
The conflict has severely disrupted shipments through the Strait of Hormuz, a key route that typically handles around one-fifth of global crude oil and liquefied natural gas supplies. The International Energy Agency has described the situation as the largest oil supply disruption on record.
Iran has outlined a set of conditions for ending the conflict, stating that the first requirement is a complete halt to attacks and assassinations. It has called for firm guarantees to prevent any recurrence of war, along with a clear mechanism to assess and ensure compensation for war-related damages. Tehran also emphasised that hostilities must end not only against Iran but also against resistance groups across the region.
Additionally, it has demanded recognition of its sovereignty over the Strait of Hormuz. Until these conditions are met, Iran said its defensive operations will continue.

Further tightening supply concerns, about 40% of Russia’s oil export capacity remains offline following Ukrainian drone strikes, a disputed pipeline attack and tanker seizures, based on Reuters calculations using market data.

What lies ahead?

International brokerage Macquarie has said that even if tensions ease in the near term, oil prices are likely to find support in the $85–$90 range, with a gradual move back toward $110 until normal flows through the Strait of Hormuz resume. The note added that if disruptions persist through April, Brent could still climb to $150 per barrel.

Looking ahead, crude prices could move higher from current levels. According to Kayanat Chainwala of Kotak Securities, oil may rise to $120 per barrel in the near term and potentially touch $150 if the conflict continues.

Nuvama Institutional Equities echoes the same view. The continued closure of the Strait of Hormuz, which handles around 20 million barrels per day, could push crude prices to the $110–150 per barrel range.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Indian stock market exchanges NSE and BSE, will remain closed on Thursday on account of Shri Ram Navami. Trading activity is set to remain truncated in the coming days, with exchanges scheduled to be shut for two of the next eight seven due to a series of holidays.

The calendar features two shortened weeks, with next holidays being Mahavir Jayanti and Good Friday. The following week will have only three trading sessions, resulting in a long weekend. Markets will remain closed on Tuesday, March 31, for Shri Mahavir Jayanti, and again on Friday, April 3, for Good Friday.

Is MCX open?
India’s largest commodity exchange, the Multi Commodity Exchange of India (MCX), will remain shut for trading in the first session (9 am to 5 pm). Trading will resume in the evening session between 5 pm and 11:30 pm.MCX’s yearly calendar announces 16 trading holidays in 2026, during which the exchange will observe partial or full closures. The next holiday this month will be on March 31, 2026, for Shri Mahavir Jayanti. However, the market will be closed in the morning session only and will resume trading in the evening session.

The largest agri-commodity bourse, the National Commodity & Derivatives Exchange Limited (NCDEX), will remain closed in both sessions.
Stock market holidays in 2026
In total, there are 16 stock market holidays scheduled for 2026, of which three have already passed. After today and the two next week, trading will be suspended on 10 more occasions over the remaining nine months.Following Good Friday, the next holiday in April will be on April 14 for Dr Baba Saheb Ambedkar Jayanti, followed by Maharashtra Day on May 1 and Bakri Id on May 28.

In the second half of the year, trading will be suspended on Muharram on June 26, Ganesh Chaturthi on September 14 and Gandhi Jayanti on October 2. These will be followed by Dussehra on October 20, Diwali Balipratipada on November 10 and Guru Nanak Jayanti on November 24. The final market holiday for 2026 will be Christmas on December 25.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

U.S. oil prices rose in early trade on Thursday, recovering some of the previous day’s losses as investors assessed prospects for de-escalation in the Middle East and Iran reviewed a U.S. proposal ‌to ⁠end the ⁠war, which has disrupted energy flows from the Gulf.

U.S. West Texas Intermediate crude futures climbed more than $1 to $91.42 a barrel at the open and were up 93 cents, or 1%, at $91.25 a barrel as of 2225 GMT.

WTI ⁠lost 2.2% ‌on Wednesday.

Iran is still reviewing a U.S. proposal to end the war ⁠in the Gulf despite an initial response that was negative, a senior Iranian official told Reuters on Wednesday, indicating that Tehran had so far stopped short of rejecting it outright.

U.S. President Donald Trump will hit Iran harder if Tehran fails to ‌accept that the country has been “defeated militarily,” White House press secretary Karoline Leavitt said.

Iranian officials publicly scorned ⁠the prospect of any negotiations with the Trump administration. But an apparent delay in delivering a formal response to Pakistan, which delivered a 15-point proposal on behalf of Washington, appeared to signal that at least some figures in Tehran may be considering it.

The countdown is on to the 2026 Scottish elections – voters will be heading to the polls in just six weeks.

With a third of MSPs not seeking re-election, it will be a very different parliament to the last.

The BBC’s Scotland correspondent Lorna Gordon went to the Hamilton, Larkhall and Stonehouse constituency to find out some of the key issues on voters’ minds.

Filmed and edited by Morgan Spence

Produced by Paul Ward