Jio Platforms Sets IPO Price Band, Eyes Record $3.6 Billion Raise
Reliance's digital arm plans India's largest-ever IPO opening October 21 with a price band of Rs 1,065-1,119 per share.
KEY POINTS
- Price band set at Rs 1,065-1,119 per share; issue size up to Rs 30,213 crore at upper end
- Subscription opens October 21, closes October 23; anchor bidding on October 19
- Largest IPO in India to date, exceeding Hyundai Motor India's Rs 27,858.75 crore record
- Pure fresh issue of 27 crore shares — no offer-for-sale component; proceeds go to company
- Minimum lot size 12 shares (Rs 13,428); employee discount of Rs 54 per share; listing expected October 28
Jio Platforms, the digital and telecom subsidiary of Reliance Industries, has fixed a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering. At the upper end, the company could raise approximately Rs 30,213 crore, surpassing Hyundai Motor India's 2024 record of Rs 27,858.75 crore to become India's largest IPO to date.
The public subscription window runs from Wednesday, October 21, through Friday, October 23, with anchor investor bidding scheduled for Monday, October 19. The IPO committee of the Jio Platforms board approved the price band during a meeting on Wednesday, according to a regulatory filing by Reliance.
The offering will consist solely of up to 27 crore fresh equity shares with a face value of Rs 10 each, meaning all proceeds go directly to the company rather than to existing shareholders. This structure differs from both the Hyundai and LIC IPOs, which were entirely offer-for-sale transactions.
Investors must bid for a minimum lot of 12 shares, costing Rs 13,428 at the upper price band. Eligible employees bidding under the reservation quota will receive a discount of Rs 54 per share. The shares are expected to list on October 28.
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