Jio Platforms Limited
Red Herring Prospectus dated October 14, 2026
Summary
Jio Platforms Limited is proposing a fresh issue of up to 27,00,00,000 new shares. The document does not yet state the price.
All the amounts stated for the objects go to prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL. The amount for general corporate purposes is not yet stated.
The review found 4 points to read closely and 10 worth checking.
Read closely
- Criminal proceedings against the company, its directors or individual promoters
- Regulatory proceedings or actions against the company or its directors
- A substantial portion of the fresh issue will repay debt
- Dependence on one customer
How the capital was built
- The last priced issue of shares was a fundraise in 5 allotments between 30 Sept 2020 and 21 Dec 2020: 1,87,03,33,197 shares, mostly to the promoters, at ₹488 each (5 allottees, including people linked to the promoters), 20.9% of the pre-issue capital, about 11% below the price of the previous issue 0 months earlier; it came about 6 years before this prospectus.
- Later allotments to employees or an employee trust (2, the latest on 4 Jan 2022 at ₹10 a share) are not counted as priced issues, since their price is set for staff rather than agreed with investors.
- From the first priced issue (15 Nov 2019, ₹10 in today's shares) to the last, the price per share rose 49 times over 1 years.
Conclusion
Of the 4 points to read closely, 2 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; regulatory proceedings or actions against the company or its directors), 1 concerns how the IPO money will be spent and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: group entities in the same business; guarantees given for group entities; finance and compliance heads are new or have turned over. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 33, 47, 116 and 464.