Jio Platforms Ltd is preparing for an initial public offering (IPO) expected to raise around ₹37,700 crore ($3.8 billion to $4 billion), according to livemint.com. The IPO will involve up to 27 crore fresh equity shares, representing roughly 2.9% of the post-issue equity, and is set to price shares between ₹1,065 and ₹1,119 each.
The IPO will not include an offer-for-sale, meaning current investors will neither exit nor dilute their holdings. Reliance Industries Limited (RIL) remains the largest shareholder with 66.43% ownership. Other significant shareholders include Jaadhu Holdings, LLC, an affiliate of Meta Platforms, Inc., holding 9.98%, and Google International, among others. The company has 105 shareholders, with the top 10 holding at least 1% each of the paid-up share capital, per livemint.com.
This IPO is poised to be one of India's largest, marking a major milestone for Jio Platforms, which is part of Mukesh Ambani-led Reliance Industries. The involvement of global technology giants Meta and Google as substantial shareholders highlights the strategic partnerships fueling Jio’s growth. The fresh equity issuance without an offer-for-sale is notable, as it indicates confidence in the company’s expansion plans without existing investors cashing out.
The Draft Red Herring Prospectus reveals that Reliance Industries Limited holds 66.43% of Jio Platforms, while Meta’s affiliate owns 9.98%. The IPO pricing band is set between ₹1,065 and ₹1,119 per share, with the final pricing and listing dates yet to be announced, according to livemint.com.