Jio Platforms Ltd. has set its initial public offering (IPO) price band between ₹1,065 and ₹1,119 per share, targeting to raise approximately ₹30,200 crore. The IPO aims for a market valuation of up to ₹10.3 lakh crore ($107 billion). The public subscription is scheduled to open on October 21 and close on October 23, with trading expected to begin on October 28, according to thehindubusinessline.com.
The anchor book for the IPO will open on October 19, ahead of the public subscription. The telecom and digital services arm of Reliance Industries Ltd., led by Mukesh Ambani, is conducting the offering. While the price band and valuation are subject to change, the current plan positions Jio’s IPO as the largest in India’s history. A Reliance Industries representative declined to comment on the details.
This IPO is set to surpass Hyundai Motor India Ltd.’s ₹27,800 crore share sale in October 2024, which was the country’s biggest until now. The offering will test investor appetite for large share sales in India, one of the world’s most active equity markets. The valuation is slightly below some earlier expectations but still represents a significant capital raise for the telecom sector.
Jio’s IPO price band announcement comes ahead of the subscription opening on October 21, with the company aiming to list shares on the stock exchange by October 28. This timeline sets the stage for what could be India’s largest-ever IPO, according to Bloomberg calculations cited by thehindubusinessline.com.