Reliance-backed Jio Platforms IPO: ₹1 lakh crore gains for Meta, Google in ₹30,213 cr issue by Mukesh Ambani firm?

What happened: Jio Platforms, backed by Reliance Industries, is preparing to launch what is set to become India's largest-ever IPO, entirely a fresh issue of up to 27 crore equity shares with no offer-for-sale component. Key numbers: Price band ₹1,065 to ₹1,119 per share. Why it matters: Neither Meta nor Google is selling shares in the IPO, so proceeds go to the company rather than exiting shareholders. Kotak Mahindra Bank founder Uday Kotak said Reliance Industries Group will become India's largest conglomerate by combined market capitalization of its listed companies after the debut.

Jio Platforms, backed by Reliance Industries, is preparing to launch what is set to become India's largest-ever IPO, entirely a fresh issue of up to 27 crore equity shares with no offer-for-sale component.

Neither Meta nor Google is selling shares in the IPO, so proceeds go to the company rather than exiting shareholders. Kotak Mahindra Bank founder Uday Kotak said Reliance Industries Group will become India's largest conglomerate by combined market capitalization of its listed companies after the debut.