8 May 2020 Net D:E Reliance Industries (RIL) Jio Platforms appears to be the new darling of the global investing community. In less than three weeks, on 8 announced a third equity stake sale in Jio Platforms to US-based investment firm Vista Equity Partners. Vista would invest INR113.7b in Jio Platforms for 2.32% equity stake at post-money equity value of INR4.91t (in-line). Once again, this deal reiterates global investors interest in Jio Platforms. Moreover, Jio Platforms is in a sweet spot currently. Further, Jio Platforms has turned virtually debt free through the recent capital reorganization, InvIT structure and now the stake sales. We value Jio Platforms assigning EV/EBITDA multiple of 13x on FY22E to arrive at a target price of INR855/share. RILs announcement states that Vista Equity Partners would invest INR113.7b in Jio Platforms for 2.32% equity stake at post-money equity value of INR4.91t and at enterprise value of INR5.