Jio IPO: Meta, Google among 10 global investors that backed billionaire Mukesh Ambani’s digital giant
As Jio Platforms marches towards what is expected to be one of India's biggest stock market debuts, the company's draft red herring prospectus (DRHP) has
As Jio Platforms marches towards what is expected to be one of India's biggest stock market debuts, the company's draft red herring prospectus (DRHP) has offered a glimpse into the roster of global investors that backed billionaire Mukesh Ambani's digital ambitions years before the IPO.While Reliance Industries remains firmly in control with a 66.43% stake, the shareholder register reads like a who's who of global technology, private equity and sovereign wealth investors, including Meta, Google, Saudi Arabia's Public Investment Fund, KKR, Vista Equity Partners, Mubadala, General Atlantic, ADIA and TPG.What makes the IPO particularly noteworthy is that none of these investors are selling shares in the offering. Jio's proposed IPO consists entirely of a fresh issue of 27 crore shares, meaning the proceeds will flow directly to the company rather than existing shareholders.Also read: Jio IPO: Spectrum acquisition, among 7 risks investors need to know about India’s largest offerAmong 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 2.31% stake in the company.Singapore-based SLP Redwood Holdings owns 1.88%, while Mubadala's MIC Redwood 1 RSC holds 1.85%.
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.The absence of an offer-for-sale means these 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.What will Jio do with IPO proceeds?According to the DRHP, Jio plans to use Rs 27,500 crore from the issue proceeds to prepay borrowings at Reliance Jio Infocomm, its key telecom subsidiary, with the balance earmarked for general corporate purposes.The filing marks a significant milestone for Reliance Industries, nearly six years after Jio Platforms attracted more than Rs 1.5 lakh crore from global strategic and financial investors. Those backers are now set to become shareholders in a publicly listed company without reducing their stakes through the IPO.Read more: RIL AGM: Jio listing soon, but anybody's guess on Reliance Retail IPO. Here's what Mukesh Ambani saidJio in numbersThe listing comes at a time when Jio's operating performance remains strong.
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