11,983% profit! HFCL Promoter Mahendra Nahata’s ₹10 Jio bet may turn into ₹5,800 crore windfall

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 ₹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.