Reliance Jio IPO: The much-awaited mega issue Jio Platforms IPO is all set to open for subscription today, Wednesday, October 21 and will remain open until Friday, October 23. The shares are expected to list on the BSE and NSE on Wednesday, October 28. The allotment of shares of Jio Platforms IPO are likely to be finalised on Monday, October 26.
Jio Platforms has fixed its IPO price band at ₹1,065– ₹1,119 per share and is expected to raise approximately ₹30,213 crore through a fresh issue of 27 crore shares. At the upper end of the price band, the company’s valuation is estimated at around $108.3 billion.
The majority of the proceeds will be used to repay or prepay borrowings of Reliance Jio Infocomm, while the remaining amount will be allocated towards general corporate purposes.
Following the fresh share issue, Reliance Industries’ stake in Jio Platforms is expected to decrease from around 66.43% to approximately 64.4%. Despite the dilution, RIL will continue to retain majority ownership and control of its digital and telecom business.
The Jio Platforms IPO is witnessing a strong grey market premium (GMP) ahead of the opening of its subscription window, indicating positive sentiment among grey market participants.