Jio Platforms IPO: Jio Platforms, the telecom and digital services subsidiary of Reliance Industries, has fixed its IPO price band at ₹1,065– ₹1,119 per share. The offering is expected to mobilise ₹30,213 crore at the upper end of the price range, potentially making it the largest initial public offering in India.
The public issue will comprise a fresh issuance of up to 27 crore equity shares, each with a face value of ₹10. Subscription will open on Wednesday, 21 October, and close on Friday, 23 October. The anchor investor bidding window is scheduled for Monday, 19 October, according to Reliance Industries' regulatory filings.
The price band was approved by the IPO committee of Jio Platforms’ board at a meeting held on Wednesday. Eligible employees applying under the employee reservation category will be entitled to a ₹54 per share discount.
The issue also includes reserved allocations for Reliance Industries' employees and shareholders. Up to ₹500 crore worth of shares has been earmarked for eligible Jio Platforms employees, while eligible Reliance Industries shareholders have a reservation of up to ₹2,500 crore, the filing said.
Jio Platforms IPO GMP today, or grey market premium, is +218. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Jio Platforms share price was indicated at ₹1,337 apiece, which is 19.48% higher than the IPO price of ₹1,119.