Reliance Industries may control Jio Platforms, but Mukesh Ambani’s digital and telecom business is far from wholly owned by the conglomerate. The company’s draft red herring prospectus (DRHP) shows that Reliance Industries holds a 66.43% stake, while Meta and Google together own 17.71%, giving the two US technology giants a substantial financial interest in one of India’s largest digital businesses.
The shareholder structure is coming into focus as Jio Platforms prepares for a high-profile initial public offering (IPO) that could become India’s largest stock-market listing. The company’s prospectus identifies 105 shareholders, including global technology companies, sovereign wealth funds and private-equity investors that invested in Jio during its expansion into a major digital services and telecommunications platform.
The proposed IPO has attracted attention because of its potential scale, valuation and implications for Reliance’s digital business. Reuters reported on October 9 that Jio Platforms was targeting a valuation of approximately $106 billion, with a proposed price band of ₹1,065 to ₹1,119 per share. At the upper end, the issue could raise around ₹30,200 crore, according to the report. The final offer details remain subject to the company’s disclosures.
Who owns Jio Platforms? Meta, Google and global investors hold major stakes
According to the DRHP filed with the Securities and Exchange Board of India (SEBI), Reliance Industries is the largest shareholder, with 66.43% of Jio Platforms’ paid-up equity share capital.
Meta Platforms holds 9.98% through Jaadhu Holdings LLC, while Google International LLC owns 7.73%. Their combined holding of 17.71% makes them the two largest minority shareholders listed in the prospectus.
The other shareholders with stakes of at least 1% include:
- The Public Investment Fund of Saudi Arabia: 2.31%
- Omicron Asia Holdings II, an affiliate of KKR-managed investments: 2.31%
- VEPF VII AIV I, affiliated with Vista Equity Partners: 2.31%
- SLP Redwood Holdings, affiliated with Silver Lake: 1.88%
- MIC Redwood 1, a subsidiary of Mubadala Investment Company: 1.85%
- General Atlantic Singapore JP: 1.34%
- Platinum Jasmine A 2018 Trust, associated with the Abu Dhabi Investment Authority: 1.16%
These stakes reflect the participation of international investors in Jio Platforms’ growth. Meta and Google are strategic technology investors, while the other shareholders include investment firms and state-backed investment institutions.
The prospectus lists these holdings as pre-issue shareholding. Investors’ post-IPO percentages will depend on the final issue structure and the number of shares allotted.
Jio Platforms is the digital services arm of Reliance Industries, with businesses spanning mobile connectivity, fixed broadband, cloud services, entertainment, enterprise technology and artificial intelligence-related offerings. Its scale makes the IPO significant not only for Reliance shareholders but also for investors seeking exposure to India’s digital economy.
Jio Platforms IPO: Issue size, valuation and what investors should watch
The proposed listing could mark a milestone for India’s primary market. Reuters reported that Jio Platforms was targeting a valuation of about ₹10.3 lakh crore, or $106 billion, for the IPO. The reported price band of ₹1,065 to ₹1,119 per share implies a potential issue size of around ₹30,200 crore at the upper end.
The latest reported valuation is below the roughly $131 billion valuation expected when the company filed its draft papers in June. Reuters attributed the revised target partly to a broader market correction amid geopolitical tensions and higher crude oil prices.
The issue is expected to comprise newly issued equity rather than an offer for sale by existing shareholders, according to reports on the offering. That distinction matters: in a fresh issue, proceeds go to the company for its stated purposes, rather than directly to shareholders selling their existing stakes.
Reliance has indicated that proceeds will largely be used to repay or prepay borrowings of its telecom subsidiary, Reliance Jio Infocomm, alongside general corporate purposes. Reuters reported that up to ₹27,500 crore could be allocated towards those borrowings.
Investors will need to examine the final prospectus for the confirmed price band, issue size, subscription dates, valuation, use of proceeds and post-issue shareholding. The ownership data also highlights an important distinction: Reliance remains the controlling shareholder, but outside investors hold significant stakes in Jio Platforms and have a financial interest in its public-market debut.
The final terms and dates should be treated as provisional until formally confirmed in the company’s offer documents and exchange announcements.