Reliance Industries Ltd (RIL) shares surged nearly 3 percent on Thursday, emerging among the top gainers on the Nifty 50 after its telecom and digital subsidiary Jio Platforms announced the price band for its upcoming Rs 30,213-crore initial public offering (IPO). The proposed listing, set to become India's largest-ever IPO, has also strengthened expectations of value unlocking and a potential re-rating of RIL, with brokerages maintaining bullish views on the conglomerate.
RIL shares climbed 2.8 percent to Rs 1,207 in late-morning trade, taking the company's market capitalisation to Rs 16.32 lakh crore. The gains followed Jio Platforms' announcement of a price band of Rs 1,065-1,119 per share for its IPO, which will open for subscription on October 21 and close on October 23.
At the upper end of the price band, Jio Platforms would raise Rs 30,213 crore through a fresh issue of 27 crore shares, surpassing Hyundai Motor India's Rs 27,859-crore IPO in 2024. The issue values Jio Platforms at approximately Rs 10.3 lakh crore, or $108 billion.
Unlike several previous mega IPOs, Jio's offering will comprise entirely fresh shares, with no offer for sale by existing shareholders. Of the net proceeds, up to Rs 27,500 crore will be used to repay borrowings of Reliance Jio Infocomm, the company's material subsidiary. Anchor investor bidding is scheduled for October 19, while the shares are expected to list on October 28.
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