Reliance backed Jio Platforms Initial Public Offer (IPO), India’s biggest issue to raise Rs 30,200 crore, will open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. The IPO is wholly a fresh issue and will not include the Offer for Sale (OFS) segment. The reasons behind the fresh issue could be investors looking at long term valuation in the company, group alignment with operational synergies, and termination of private investor agreements.
Participation of global investors in Jio Platforms
In 2020, Jio Platforms raised Rs 1.52 lakh crore from 13 global technology giants and sovereign wealth funds.
| Shareholder / Investor | Equity Shares Held | Pre-IPO Shareholding |
| Meta / Jaadhu Holdings, LLC | 892,275,913 | 9.98% |
| Google International LLC | 690,854,775 | 7.73% |
| The Public Investment Fund (PIF) | 206,931,899 | 2.31% |
| KKR (Omicron Asia Holdings II) | 206,931,899 | 2.31% |
| Vista Equity Partners (VEPF VII AIV I) | 206,931,899 | 2.31% |
| Silver Lake (SLP Redwood) | 168,489,206 | 1.88% |
| Mubadala Investment Company | 165,545,519 | 1.85% |
| General Atlantic | 120,120,900 | 1.34% |
| Abu Dhabi Investment Authority (ADIA / Platinum Jasmine) | 103,465,950 | 1.16% |
| TPG Capital (India Markets Pte. Ltd.) | 82,772,760 | 0.93% |
| Other Investors (L Catterton, Intel Capital, Qualcomm Asia Pacific) | Minor Stakes | < 0.90% each |
None of these institutional investors, nor the promoter Reliance Industries Limited (RIL), are selling a single share in the IPO. This refrains from creating selling pressure and gives a signal to public market investors that the promoter and existing shareholders expect significant future upside from Jio’s growth trajectory.
Preserving promoter control
Secondly, pre-IPO, RIL holds 5,937,841,645 equity shares, representing 66.43% of Jio. Because no existing promoter shares are being sold, RIL’s share count remains the same post-IPO. This results in a minor percentage dilution across a larger post-issue capital base and leaving RIL with majority control.
Meta and Google’s SHAs stand nullified post listing
So, Google and Meta have special rights under Group A Shareholders’ Agreements (SHAs). What sets apart Google and Meta from the 11 private equity and sovereign fund investors is that Group A SHAs grants exclusive governance rights.
Meta and Google each hold the right to nominate one Director for an appointment with the Board of Directors of Jio Platforms. By comparison, RIL holds the right to nominate between five and nine Directors, while Group B investors have no board nomination rights.
On the other hand, Group B SHAs were executed with the 11 private equity and sovereign funds like PIF, KKR, Silver Lake, Mubadala, Vista, ADIA, TPG, etc.
Group B investors do not hold Board nomination rights. Instead, their Group B SHAs grant them specific customary protective rights, which includes information rights, tag-along rights, drag-along rights, right of first refusal (ROFR), pre-emptive rights, Veto/Voting rights on certain reserved matters.
Here is the interesting part. Under the contractual terms, both the Group A SHAs and the Group B SHAs stand automatically terminated upon listing on BSE and NSE, as per the Draft Red Herring Prospectus. The special rights conferred by the Group A SHAs are currently codified in Parts B and N of Jio Platforms’ Articles of Association (AoA). As a consequence of this termination, they automatically cease to have any effect and stand deleted.
Currently, neither Meta nor Google has an active nominee sitting on the Board of Directors. Previously, Meta’s representative, John William Hegeman, served as a Non-Executive Director before resigning from the Board on March 21, 2026.