Jio Platforms, the telecom and digital services arm of Reliance Industries, has finalised its initial public offering (IPO) issue price at Rs 1,119 per share, the upper end of its price band, following overwhelming investor demand for India's largest-ever public issue. The company is now set to make its stock market debut on Wednesday, October 28, with an implied valuation of approximately Rs 10.3 lakh crore.
The issue price was finalised on Monday, after Jio Platforms' Rs 30,188-crore IPO closed on Friday with an overall subscription of 22.2 times. The IPO attracted a combined demand across the public issue and the anchor book exceeded Rs 7.4 lakh crore, or approximately $78 billion. The number of applications approached 1.39 crore. The strong response sets the stage for Jio Platforms to enter the ranks of India's three largest listed companies by market capitalisation.
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Jio Platforms shares are scheduled to list on the BSE and NSE on Wednesday, October 28. At the final issue price of Rs 1,119 per share, the company commands an implied equity valuation of around Rs 10.3 lakh crore, potentially placing it among India's top three listed companies by market capitalisation. The listing is also expected to make Reliance Group India's largest listed business group by aggregate market capitalisation.
Unlike several previous mega IPOs, Jio Platforms' offering comprises entirely fresh shares, with no offer for sale by existing shareholders. The company had earlier earmarked up to Rs 27,500 crore of the net IPO proceeds for repayment or prepayment of borrowings at its subsidiary Reliance Jio Infocomm, with the balance intended for general corporate purposes.