Jio Platforms Ltd filed its red herring prospectus with the Securities and Exchange Board of India on Wednesday for an initial public offering (IPO) that is likely to raise around ₹30,200 crore, or about $3.2 billion, at the upper end of the ₹1,069-1,119 price band announced per share.
The company has not cut the number of shares on offer, with the IPO set still at 270 million new shares.
Jio Platforms, the digital services arm of Reliance Industries Ltd (RIL), houses its telecom, digital applications and technology businesses, including Reliance Jio Infocomm, India’s largest telecom service provider.
The revised issue size is about 14% lower than the roughly ₹35,000 crore that was proposed in the draft papers.
The subscription opens on 21 October and closes on 23 October. Shares are scheduled to begin trading on the exchanges on 28 October.