Jio Platforms IPO opens on October 21, grey market premium at Rs 245
Mukesh Ambani's Jio Platforms opens its Rs 30,213 crore initial public offering on October 21, with a price band of Rs 1,065 to Rs 1,119 per share.
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The initial public offering (IPO) of Jio Platforms, the company of Mukesh Ambani, opens on October 21 and runs till October 23. It is among the most talked-about issues in the country, and investors have shown considerable interest since it was announced.
A rise in the grey market premium (GMP) has added to that interest. Before the issue opens, the GMP has reached about Rs 245. At the upper end of the price band, that works out to a premium of about 22 per cent.
The price band has been fixed at Rs 1,065 to Rs 1,119 per share. On that basis, the likely listing price at the upper end of the band is put at about Rs 1,364. The figures at a glance: upper price band Rs 1,119, current GMP Rs 245, likely listing price Rs 1,364, likely difference per share Rs 245, and indicated premium about 22 per cent.
The issue is worth about Rs 30,213 crore, and the company will issue 27 crore new shares. At this size it could become the biggest IPO in India so far. The previous largest was the Rs 27,856 crore IPO of Hyundai Motor India in October 2024.
For retail investors, one lot is 12 shares. At the upper price band, a minimum of Rs 13,428 must be invested for one lot.
Jio Platforms will use Rs 27,500 crore of the money raised to repay, or prepay, some of the debts of its main subsidiary, Reliance Jio Infocomm. The remaining amount may be used for general corporate purposes.
Jio's biggest strengths are its wide telecom network and its digital business. Besides mobile connectivity, the company also works in broadband, enterprise technology and digital services. Brokerage firm MK Global has advised investors to subscribe to the IPO. However, the company's business needs continuous investment, and it also carries risks related to cyber security and network security.
