Jio Platforms Ltd. has filed draft papers for an initial public offering, with the company’s offer set to include only a fresh issue of shares, according to reports referencing its draft red herring prospectus. Jio Platforms plans to issue up to 27 crore new (fresh) equity shares. The proposed size is described as up to about $4 billion, and the fresh issue is reported to represent roughly 2.9% of the company’s total equity base after the issue.
Reliance Industries Ltd. currently holds a controlling stake in Jio Platforms, with 66.43% of its paid-up equity share capital. The remaining 33.57% is held by other investors, including Meta and Google, which together hold 17.71% of the paid-up equity. The draft filings described the structure of the shareholding but do not indicate an offer of existing shares (i.e., no selling by current shareholders) in the reported accounts.
