11,983% profit! HFCL promoter’s Rs 10 Jio bet may turn into Rs 5,800 crore windfall (opens original article in a new tab)

Jio Platforms initiated its IPO process with a draft prospectus, revealing a 11,983% valuation increase for HFCL promoter Mahendra Nahata's shares, which are now worth Rs 5,800 crore. The IPO will be a fresh issue of 270 million shares with no existing shareholder sales. Reliance retains majority control, while Meta affiliate holds the largest external stake.

• Jio Platforms filed DRHP with SEBI for IPO, with 11,983% valuation jump for HFCL promoter Mahendra Nahata's shares
• Nahata's 0.54% stake in Jio, bought for Rs 47.87 crore in 2020, is now worth Rs 5,800 crore
• Jio's IPO will be a fresh issue of 270 million shares, with no OFS from existing shareholders
• Reliance retains 66.43% stake in Jio, while Meta affiliate holds 9.98% as largest external investor
• Nahata's initial Jio shares were acquired at Rs 10 each, far below prices paid by other institutional investors