Jio Platforms Ltd (JPL) has formally initiated its initial public offering (IPO) process by filing its Draft Red Herring Prospectus (DRHP) with SEBI, exposing a staggering 11,983% valuation leap for one of its earliest domestic backers. Mahendra Nahata, Founder and Managing Director of HFCL, is sitting on an approximate 121-fold return on an initial block of shares acquired at just Rs 10 each.
The draft prospectus reveals that the proposed IPO will consist entirely of a fresh issue of up to 270 million equity shares (face value of ₹10 each) to raise capital directly for the company, with no Offer-for-Sale (OFS) component from existing shareholders. Currently, no investor, including Nahata, plans to sell shares in the upcoming public issue.
