Jio Platforms, the digital arm of Reliance Industries, is expected to fix its IPO price band at 1,065 to 1,119 rupees per share, Bloomberg reported on October 9, citing people familiar with the matter. At the upper end, the fresh issue of up to 27 crore shares would raise about 30,200 crore rupees, implying a market capitalization around 10.4 lakh crore rupees and surpassing Hyundai Motor India’s 27,870 crore rupee issue of 2024 as the country’s biggest IPO.
The issue has no offer-for-sale component, so all proceeds stay with the company. The plan is to use up to 27,500 crore rupees to repay or prepay borrowings of operating subsidiary Reliance Jio Infocomm, with the remainder for general corporate purposes. The IPO is expected to open October 21 and close October 23, with allotment around October 26 and listing on the NSE and BSE on October 28. SEBI issued its final observations on the draft papers in late August.
The float matters beyond its size. Jio Infocomm leads India’s telecom market with about 506 million mobile customers and 157.9 million fixed-line subscribers, and the shareholder register includes Meta Platforms affiliate Jaadhu Holdings at 9.98 percent and Google International at 7.73 percent. An unofficial grey-market premium around 182 rupees a share suggests expectations of a listing gain, though that market is unregulated and no guarantee of anything.