Jio Platforms IPO to Open on October 21; Price Band Set at ₹1,065 – 1,119

The fresh issue could raise ₹30,213 crore at the upper end of the price band, surpassing Hyundai Motor India’s record IPO. Anchor investor bidding is scheduled for October 19, with listing expected on October 28.

Jio Platforms Ltd, the digital and telecom business of Reliance Industries Ltd (RIL), will launch its initial public offering (IPO) on October 21. The issue will remain open for subscription until October 23, 2026.

The company has set a price band of ₹1,065 – ₹1,119 per share. With a fresh issue of up to 27 crore equity shares, the Jio Platforms IPO could raise ₹30,213 crore at the upper end of the price range, making it India’s largest IPO by issue size.

The IPO is expected to surpass Hyundai Motor India’s ₹27,870-crore offering in October 2024. Other major public issues include the Life Insurance Corporation of India’s ₹21,008-crore IPO in 2022 and Paytm’s ₹18,300-crore offering in 2021.

Anchor investor bidding will take place on October 19, ahead of the public subscription period. The company has also reserved shares worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible RIL shareholders.

The Jio Platforms IPO represents a major development for India’s capital markets, given the company’s position in the telecommunications and digital services sectors.

Reliance Industries holds a 66.43% stake in Jio Platforms, while Meta Platforms and Google own stakes of 9.98% and 7.73%, respectively, according to the offer details reported by The Indian Express.

Jio plans to use ₹27,500 crore of the proceeds to repay debt, with the remaining funds allocated to general corporate purposes. The proposed issue will consist of newly issued shares rather than an offer for sale by existing shareholders.

Investors will be able to subscribe to the issue from October 21 to October 23. These shares will be listed on 28 October if the process and approvals for the IPO are completed.

What should investors look for? These are key metrics on the issue price range, issue size, and subscription dates to focus on when considering the offer. The final listing value will be determined by the issue and market price on listing.