Jio Platforms' IPO values it at 2.3x what Meta and Google paid in 2020

Markets No. 73 16 October 2026 · 2 min read

Jio Platforms opens its IPO on 21 October 2026 at ₹1,065-1,119 a share. It sells up to 27 crore new shares: ₹30,213 crore at the top of the band, valuing Jio at ₹10.3 lakh crore after the issue.

Its 2020 investors paid much less. Meta and Google paid ₹488.34 a share, valuing Jio at ₹4.36 lakh crore. Silver Lake, KKR, Vista, General Atlantic, Mubadala, ADIA, TPG, L Catterton, Saudi Arabia's Public Investment Fund, Intel and Qualcomm paid ₹549.31, a ₹4.90 lakh crore value. With no share split or bonus since, at ₹1,119 their shares are worth 2.3x and 2.0x what they paid, 6 years on.

There is no offer for sale, so all the money goes to the company. 91% of it will prepay dollar and yen bank loans of Reliance Jio Infocomm, the subsidiary that runs the network. ₹29,917 crore of those loans is outstanding, at 1.40% to 5.13% interest.

Jio's debt was already low. On 30 June 2026 it held ₹51,833 crore of cash and marketable securities against ₹61,372 crore of borrowings: net debt of ₹9,539 crore, down from ₹48,440 crore in March 2024. That excludes ₹1.05 lakh crore owed to the government for spectrum, payable over time. The prospectus says prepaying will cut net debt and interest costs.

Up to ₹2,500 crore of the issue is kept for individuals holding Reliance Industries shares on 14 October 2026, and ₹500 crore for employees, who also get ₹54 a share off. Reliance owns 66.43% of Jio at an average cost of ₹89.58 a share, so ₹1,119 is 12.5x its cost.

Meta and Google paid ₹488 a Jio share; IPO buyers pay ₹1,119

What each shareholder paid per Jio Platforms share, against the IPO price. The 2020 investors are sitting on about 2x their cost, and none sells.

Jio Platforms prospectus and abridged prospectus (SEBI); Reliance Industries price band filing (NSE) · Oct 2026

Where the ₹30,213 crore from Jio Platforms' IPO goes, all new shares at the top of the band: ₹27,500 crore prepays Reliance Jio Infocomm's loans, leaving ₹2,713 crore for general purposes and issue costs.

Jio Platforms' borrowings and cash and marketable securities, in ₹ crore: March 2024 54,349 and 5,909; March 2025 73,060 and 27,787; March 2026 70,781 and 43,202; June 2026 61,372 and 51,833. Net debt fell from 48,440 to 9,539.

Sources