Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, has set a price band of Rs 1,065-1,119 per share for its initial public offering, which could raise Rs 30,213 crore at the upper end of the range, making it India’s largest-ever public offering.
The IPO, comprising a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each, will open for subscription on Wednesday, October 21, and close on Friday, October 23. Bidding by anchor investors will take place on Monday, October 19, according to regulatory filings by Reliance Industries.
The IPO committee of Jio Platforms' board approved the price band at a meeting on Wednesday. Eligible employees bidding under the employee reservation portion will receive a Rs 54 per share discount. The share sale includes two reserved portions: up to Rs 500 crore for eligible Jio Platforms employees and up to Rs 2,500 crore for eligible Reliance Industries shareholders, according to the filing.
Jio Platforms IPO could surpass Hyundai Motor India's record Rs 27,859 crore issue.
At the upper end of the price band, the IPO will surpass Hyundai Motor India's Rs 27,858.75 crore offering in 2024, which currently holds the record for India's largest IPO. The proposed issue is also around 47% larger than Life Insurance Corp. of India's Rs 20,557.23 crore IPO.