Unrealised gains from Meta Platforms' and Google's stakes in Jio Platforms are estimated at close to ₹1 lakh crore in total, a figure that comes into focus as the Reliance Industries-backed digital services firm moves toward what analysts expect to rank as the largest initial public offering in the country's history.

Jaadhu Holdings LLC serves as the vehicle through which Meta Platforms holds a 10% ownership position, with Google International LLC carrying a separate 7.73% interest. No shares held by either existing investor are being offered for sale as part of the IPO.

Based on analyst estimates circulated through a LinkedIn post by a financial data platform on Friday, 16 October, the ₹1,119-per-share ceiling of Jio Platforms' IPO pricing range would translate into gains of around 129% for the two US technology companies on the capital they deployed in 2020.

All shares in the offering will be newly issued, with the total count reaching as many as 270 million equity units. Under the IPO structure, shares held by current investors are not being offered for sale to the public, and under the deal's framework, backers such as Meta Platforms and Google are holding onto their stakes rather than offloading shares through the offering.

Priced at the top of its offering range — ₹1,119 per share — the Jio Platforms public issue is projected to bring in around ₹30,213 crore in total proceeds. The share sale will channel new funding into the company while allowing those investors to retain their existing positions.

Uday Kotak, who founded Kotak Mahindra Bank, put forward the view on Thursday that once Jio Platforms lists on the stock exchange, the combined market capitalisation of Reliance Industries Group's publicly traded entities would place it ahead of every other conglomerate in India by that measure.

When a company opts for a fresh issue, it creates and allocates new shares directly to investors — a path that differs from an offer for sale, where the capital raised flows to existing shareholders liquidating their stakes. Any funds raised flow directly to the company itself, rather than being distributed to investors looking to reduce or exit their holdings.

Funds raised through Jio Platforms will go toward settling outstanding debt obligations — whether in full or in part — held by its principal operating unit, Reliance Jio Infocomm Ltd, with the remainder directed at broader corporate needs.

In a chart ranking the largest recent public offerings by issue size, Jio Platforms occupied the top position, with funds raised through its offering recorded at ₹30,213 crore. Accompanying that post was a graphic drawing comparisons among some of the largest all-fresh offerings ever recorded in the Indian market, with the platform pointing out that a fully fresh-issue public float at this scale had not been seen since Reliance Power came to market in 2008.

Subscription for the initial public offering runs from Wednesday, 21 October through to Friday, 23 October 2026. Bids from anchor investors are set to be taken on Monday, 19 October. Shares in the offering are priced within a band running from ₹1,065 at the lower end up to ₹1,119 apiece at the top. Investors placing orders are required to do so in a base lot of 12 equity shares — each carrying a face value of ₹10 — with any additional quantity structured in further increments of that same 12-share unit.