Reliance Jio Platforms filed its Draft Red Herring Prospectus (DRHP) with the Sebi on June 19, revealing a shareholder list that includes some of the world's largest technology, private equity and sovereign wealth investors. The filing formally launches what is expected to be one of the largest IPOs in Indian market history.
The DRHP shows Reliance Industries holds a 66.43% stake and remains firmly in control of Jio. Among external investors, Meta affiliate Jaadhu Holdings is the largest shareholder with a 9.98% stake, owning 892.3 million shares. Google International LLC follows with a 7.73% holding, comprising 690.9 million shares.
The next tier of investors includes Saudi Arabia's Public Investment Fund, KKR-backed Omicron Asia Holdings II and Vista Equity Partners-backed VEPF VII AIV I, each holding a 2.31% stake. Singapore-based SLP Redwood Holdings owns 1.88%, while Mubadala's MIC Redwood 1 RSC holds 1.85%.
1 June 2026
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General Atlantic Singapore JP owns 1.34%, followed by Abu Dhabi Investment Authority-backed Platinum Jasmine A 2018 Trust with 1.16%. TPG-managed India Markets Pte. Ltd. rounds out the top shareholder list with a 0.93% stake.
What makes the IPO particularly notable is that none of these investors are selling shares in the offering. The issue consists entirely of a fresh issue of up to 27 crore equity shares, with no offer-for-sale component, meaning proceeds will flow directly to the company rather than to existing shareholders.
The absence of an offer-for-sale means these global investors are choosing to remain invested even as Jio enters the public markets. Instead of providing an exit to existing shareholders, the IPO is aimed at strengthening the company's balance sheet and funding future growth.
India's Largest-Ever IPO in the Making
Based on market estimates, the IPO could be valued at around $4 billion, or nearly ₹37,700 crore, at current market valuations, making it India's largest-ever public offering. If those estimates hold, Jio's share sale would surpass both the proposed National Stock Exchange IPO, expected at around ₹30,000 crore, and Hyundai Motor India's ₹27,870 crore offering in 2024, as per reports.
The filing marks a significant milestone for Reliance Industries, which has spent the last decade transforming Jio from a telecom operator into a broader digital platform spanning connectivity, broadband, enterprise technology, cloud services and artificial intelligence initiatives.
Reliance Industries Chairman Mukesh Ambani said Jio's proposed IPO would unlock significant value for existing shareholders while offering a compelling investment opportunity to new investors. Speaking at Reliance's 49th Annual General Meeting, he described the listing as an emotional milestone for the group and its shareholders.
"The relationship Reliance shares with its shareholders is founded on pride, trust, respect and shared growth," Ambani said, adding that the IPO would demonstrate India's ability to build technology companies with global scale, capabilities and value.
