Jio Platforms IPO likely to open between October 21 and 23, say sources

The much-awaited initial public offering (IPO) of Jio Platforms Limited, the digital holding company of Mukesh Ambani's Reliance Industries, is close to hitting the market. SEBI cleared it on August 28. Sources familiar with the matter said the company is preparing to bring it this month.

According to the sources, Jio's IPO could open for subscription between October 21 and 23. The anchor book is expected to open on October 19, before that. Shares could be listed on October 28. However, the company has not yet released any official information on this.

The likely dates at a glance: anchor book on October 19, IPO opening on October 21, IPO closing on October 23 and probable listing on October 28. The dates depend on market conditions and could change if financial markets shift.

One source said, "Jio is very close to bringing its IPO, but market conditions and global events will affect its timing. The regulatory process with SEBI is mostly complete and all the necessary approvals have been received." The sources also said the company has received an encouraging response from foreign institutional investors (FIIs) and domestic investors in recent meetings.

Jio has not yet announced the final size of the issue. Market estimates put the IPO at around Rs 37,700 crore. If that size is reached, the issue could surpass Hyundai Motor India's Rs 27,858.75 crore IPO and become one of the largest public offerings in the Indian market.

According to the IPO papers filed with SEBI, 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).

As per the DRHP, Jio Platforms plans to use about Rs 27,500 crore from the IPO proceeds to repay, in full or in part, or prepay the outstanding debt of its telecom subsidiary Reliance Jio Infocomm (RJIL).