Meta Platforms Inc. and Google could be sitting on a combined paper profit of nearly ₹1 lakh crore from their 2020 investment in Jio Platforms, based on the upper end of the proposed IPO price band. Neither is selling a single share.
Meta’s Jaadhu Holdings and Google International are together offering no shares in Jio’s planned ₹30,200 crore initial public offering. Instead, the issue will comprise 27 crore new shares, allowing the two global technology companies to retain their stakes while marking their investments at a substantially higher value.
Meta and Google were allotted Jio shares at ₹488.34 apiece in 2020, according to the IPO prospectus. At the upper end of the IPO price band, Jio is offering shares at ₹1,119. That represents a gain of ₹630.66 per share, or a return of about 129%.
Based on their current pre-issue holdings, Meta owns 89.23 crore shares. Its investment cost is estimated at ₹43,573 crore. At ₹1,119 a share, the holding would be worth ₹99,846 crore, implying a paper profit of approximately ₹56,272 crore.
Google owns 69.09 crore shares. Its estimated investment cost is ₹33,737 crore. At the IPO price, the stake would be worth ₹77,307 crore, translating into a paper profit of around ₹43,569 crore.
Together, Meta and Google invested approximately ₹77,310 crore in Jio at the 2020 allotment price. At the upper end of the IPO range, their holdings could be valued at nearly ₹1.77 lakh crore, generating a combined unrealised gain of about ₹99,841 crore.
The gains are mark-to-market estimates and would not be realised unless the investors sell their shares.
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A pandemic-era bet gets a public market valuation
Reliance Industries’ $20 billion fundraising for Jio in mid-2020, at the height of the pandemic, was an unprecedented transaction in India.
The fundraising attracted some of the biggest names in global business and finance. The participants included Silver Lake Management, Vista Equity Partners, Mubadala Investment Company, General Atlantic, the Public Investment Fund of Saudi Arabia, Abu Dhabi Investment Authority and TPG Capital.
The investment case was built around transforming India’s largest wireless operator into a broader digital services platform.
Meta and Google received their Jio shares at ₹488.34 apiece. Other investors, including the Public Investment Fund, KKR, Vista Equity Partners and Silver Lake, were allotted shares at ₹549.31 each.
At ₹1,119, those investors would be sitting on a gain of ₹569.69 per share, or approximately 104%.
Based on the holdings disclosed before the IPO, the named investors who bought shares at ₹549.31 could together be sitting on a paper profit of about ₹67,133 crore at the upper end of the IPO price band. This includes the Public Investment Fund, KKR, Vista Equity Partners, Silver Lake, Mubadala, General Atlantic and Abu Dhabi Investment Authority.
Jio targets India’s largest IPO
Jio’s book built issue is scheduled to open for subscription on October 21, 2026, and close on October 23. Allotment is expected to be finalised on October 26, with the shares tentatively scheduled to list on the NSE and BSE on October 28.
At ₹1,119 a share, Jio Platforms would command a valuation of around ₹10.3 lakh crore. The issue would raise approximately ₹30,213 crore, surpassing Hyundai Motor India’s ₹27,900 crore offering in 2024 to potentially become India’s largest-ever IPO.
Of the proceeds, ₹27,500 crore is earmarked for debt repayment or prepayment. The balance will be used for general corporate purposes.
The offering is entirely primary. Existing investors, including Meta, Google, the Public Investment Fund, KKR, Vista Equity Partners and Silver Lake, are not cashing out through the issue.
That structure is significant for two reasons. It gives Jio fresh capital while allowing early backers to retain exposure to the company’s future growth. It also means the IPO is not being used by existing investors to monetise their gains.
Reliance Industries currently owns 66.43% of Jio Platforms. Meta holds 9.98%, while Google owns 7.73%. Meta’s Jaadhu Holdings owns 892.28 million Jio shares, while Google International owns 690.85 million shares. Together, the two technology companies hold 17.71% of Jio’s pre-issue equity.
The IPO will dilute existing shareholders because the company is issuing new shares. However, their absolute number of shares will remain unchanged, unless they sell after the listing.
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A new benchmark for Jio
At a valuation of ₹10.3 lakh crore, Jio Platforms is set to become the fourth-largest listed company in India upon listing based on market capitalisation.
It would be larger than ICICI Bank, ICICI, Tata Consultancy Services, Life Insurance Corporation of India and Hindustan Unilever, while Reliance Industries has a market capitalisation of around ₹16.3 lakh crore.
For Reliance Industries, the IPO is expected to unlock value by giving the market a separate valuation for its telecom and digital businesses.
For Meta and Google, it offers a public market mark-up on a bet made during the pandemic. They invested when Jio was raising capital to expand its digital ecosystem. At the upper end of the IPO price band, that investment could be worth more than twice its original cost.
