Jio Platforms IPO: Meta and Google Could Gain Nearly ₹1 Lakh Crore At ₹1,119 Per Share

Mumbai, 18 October 2026: Meta Platforms and Google could record combined paper gains of nearly ₹1 lakh crore from their investments in Jio Platforms as Reliance Industries-backed digital services company prepares for its ₹30,213 crore initial public offering (IPO). At the upper end of the proposed price band of ₹1,119 per share, the two technology companies could see estimated returns of approximately 129% on their 2020 investments.

Meta holds approximately 10% of Jio Platforms through Jaadhu Holdings LLC, while Google International LLC owns a 7.73% stake. Neither company is selling its existing shares through the IPO, which consists entirely of a fresh issue of up to 27 crore equity shares. Consequently, the estimated gains reflect the increased value of their holdings rather than cash profits received from a sale.

Meta And Google’s 2020 Investments Could Generate ₹99,841 Crore in Paper Gains

Meta and Google invested in Jio Platforms in 2020, acquiring minority stakes in the digital services business backed by Reliance Industries Limited (RIL). Meta invested approximately ₹43,574 crore through Jaadhu Holdings LLC for a stake of around 9.99%, while Google committed approximately ₹33,737 crore for a 7.73% holding through Google International LLC.

At the proposed upper IPO price of ₹1,119 per share, Meta’s holding is estimated to be worth approximately ₹99,846 crore, compared with its original investment cost of around ₹43,574 crore. This implies an estimated paper gain of approximately ₹56,272 crore.

Google’s holding could be valued at approximately ₹77,307 crore at the same price, against its original investment of around ₹33,737 crore. The difference represents an estimated paper gain of approximately ₹43,569 crore.

Combined, the estimated gains amount to nearly ₹99,841 crore. These calculations use the original investment costs and the proposed IPO price to estimate the change in the value of the holdings. The final figures may differ depending on the precise shareholding, applicable adjustments and eventual market price.

Jio’s ₹1,119 IPO Price Implies a 129% Return on The 2020 Entry Price

The proposed upper price of ₹1,119 per share is approximately 129% higher than the original acquisition price of ₹488.34 per share used in the calculation. The difference is ₹630.66 per share, representing the increase in the implied value of each share between the two prices.

The percentage is calculated by dividing the difference between the proposed IPO price and the original acquisition price by the original price, then multiplying the result by 100. This provides a straightforward measure of the change in the share price used for the valuation.

However, the proposed price is not a confirmed post-listing market price. The estimated gains are based on the upper end of the IPO price band and do not represent cash profits already received by either company. The actual market value of their holdings after listing may differ from the amount implied by the IPO price.

₹30,213 Crore Fresh Issue Keeps Meta and Google’s Stakes Intact

Jio Platforms’ IPO comprises a fresh issue of up to 27 crore equity shares, with no offer-for-sale (OFS) component. Under this structure, the company issues new shares to public-market investors, and the proceeds go to the company rather than to existing shareholders selling their holdings.

At the upper end of the price band, the offering is expected to raise approximately ₹30,213 crore. The proceeds will primarily be used for the full or partial repayment or prepayment of certain outstanding borrowings of Reliance Jio Infocomm Limited, a material subsidiary of Jio Platforms, alongside general corporate purposes.

Because the issue does not include an OFS component, Meta and Google will not receive proceeds from the IPO through the sale of their existing shares. Their holdings will remain in place following the offering, subject to any subsequent changes in shareholding. The estimated paper gains therefore arise from the difference between their original acquisition costs and the implied value of their retained stakes.

The offering’s entirely fresh-issue structure is also notable in the context of large Indian IPOs. The reference material identifies Reliance Power’s 2008 IPO as the previous comparable example of an offering of this scale consisting entirely of a fresh issue.

Jio Platforms IPO Opens on 21 October with a ₹1,065–₹1,119 Price Band

The public subscription period for Jio Platforms’ IPO is scheduled to run from 21 October to 23 October 2026, with anchor investor bidding scheduled for 19 October 2026. The company has set the price band at ₹1,065–₹1,119 per equity share, giving applicants a defined range for bidding.

The minimum bid lot is 12 equity shares, each carrying a face value of ₹10. Applications must be placed in multiples of 12 shares, in accordance with the stated bidding structure.

At the upper end of the price band, the proposed issue size is approximately ₹30,213 crore. The final valuation and the value of existing shareholders’ holdings will depend on the applicable share capital and the price used for the relevant calculation.

The IPO provides a public-market valuation reference for Jio Platforms, while the subscription schedule and bidding requirements set out the terms for participation in the issue. The anchor bidding date precedes the opening of the public subscription period.

Also Read: Jio Platforms IPO Pre‑Apply Guide: How Investors Can Apply Before the IPO Opens 

₹10.3 Lakh Crore Valuation Could Reshape Reliance Group’s Market Capitalisation

At the upper end of the price band, Jio Platforms’ proposed valuation is approximately ₹10.3 lakh crore. The valuation places the digital services business among India’s largest proposed public offerings and provides a reference point for assessing the value of its existing shareholders’ stakes.

Reliance Industries Group’s combined market capitalisation could also change following Jio Platforms’ stock market debut. Reliance Industries chairman and managing director Mukesh Ambani’s group already has multiple listed businesses, and the addition of Jio Platforms as a publicly traded company would introduce another listed entity into that combined valuation.

For the two technology companies, the proposed valuation offers a benchmark against which their existing holdings can be assessed. Their estimated gains, however, remain separate from the IPO proceeds and from the combined market capitalisation of Reliance Industries Group.

Jio Platforms’ Digital Business Connects Telecom Services And Technology

Jio Platforms is the digital services arm of Reliance Industries Limited, an Indian conglomerate headquartered in Mumbai. Its business includes telecommunications, broadband connectivity, digital applications and technology services delivered through its subsidiaries, including Reliance Jio Infocomm Limited. The company has developed a large digital ecosystem around mobile connectivity and internet services, making it a significant part of Reliance Industries Group’s telecommunications and technology operations.

Jio Platforms’ IPO is scheduled for 21–23 October 2026, with a price band of ₹1,065–₹1,119 per share and a minimum lot of 12 shares. Meta and Google could record combined paper gains of nearly ₹1 lakh crore at the upper price, but these remain unrealised valuation gains rather than cash profits.