The initial public offering (IPO) of Jio Platforms, backed by Mukesh Ambani’s Reliance Industries Limited (RIL), is set to open for subscription on Wednesday, October 21. The ₹30,213-crore issue will remain open until Friday, October 23, giving investors three days to apply for shares.
Ahead of the public issue, Jio Platforms has attracted attention in the grey market, where its shares are reportedly commanding a premium. The IPO is expected to be one of the largest public offerings in India, with an issue size that would exceed Hyundai Motor India Limited’s ₹27,800-crore IPO from October 2024.
Here is a look at the IPO’s price band, issue size, grey market premium, minimum investment and important dates.
Also read: Reliance’s next chapter: Jio gears up for record IPO under Akash Ambani
Jio Platforms IPO grey market premium
According to Investorgain data on Tuesday, the grey market premium (GMP) for Jio Platforms shares stood between ₹148 and ₹250.
Based on the upper price band of ₹1,119 and a grey market premium of ₹248, the estimated listing price works out to ₹1,368 per share. This points to a potential listing gain of around 22.16%.
GMP reflects the premium at which the shares are traded in the unofficial market before listing. GMP can vary according to market conditions.
Jio Platforms IPO price band and issue size
Jio Platforms has set a price band of ₹1,065 to ₹1,119 per share, with a face value of ₹10 for each share.
The company plans to raise ₹30,213 crore through a fresh issue of 27 crore shares. These shares will worth approximately 2.93% of the company’s post-issue equity capital.
With this issue size, Jio Platforms’ IPO is set to surpass Hyundai Motor India’s ₹27,800-crore offering, which took place in October 2024.
What is the minimum investment for Jio Platforms IPO?
Retail investors can apply for the IPO in lots of 12 shares, with one lot being the minimum application size.
At the upper price band of ₹1,119 per share, investors will need ₹13,428 to apply for one lot. The minimum investment will be lower for applications made at the lower end of the price band.
Jio Platforms IPO: Important dates
The Jio Platforms IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23. The allotment is expected to be finalised on October 26, while the shares are likely to list on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on October 28.
Investors can check official notifications for further updates.
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What is an IPO?
An initial public offering, or IPO, is the process in which a company offers shares to public investors for the first time. It allows people to buy shares in the company and become shareholders of the company.
Through IPO companies can raise their fund by issuing shares to public.