Mumbai: Reliance Industries shares gained nearly 3 per cent on October 15 after Jio Platforms announced a ₹1,065–1,119 price band for an initial public offering that could become India’s largest.
Reliance climbed 2.85 per cent to ₹1,209.50 on the BSE. On the NSE, it rose 2.97 per cent to the same price during trading.
Jio Platforms, Reliance’s digital and telecom arm, could raise ₹30,213 crore at the upper end of the price band.
Jio IPO Dates and Minimum Investment
The public issue opens for subscription on October 21 and closes on October 23. Anchor investors can bid on October 19, according to Reliance’s regulatory filings.
Investors must apply for at least 12 shares and in multiples of 12 thereafter. At the upper price of ₹1,119, the minimum application amount works out to ₹13,428.
Eligible employees applying through the employee reservation portion will receive a ₹54 discount per share.
The IPO committee of Jio Platforms’ board approved the price band at its meeting on Wednesday.
Potential Record for Indian IPO Market
The offering comprises a fresh issue of up to 27 crore equity shares, each carrying a face value of ₹10.
At the offer price, the calculated issue size would exceed Hyundai Motor India’s ₹27,858.75 crore IPO by approximately 8 per cent.
Hyundai’s 2024 offering holds the record for India’s largest IPO. Jio’s proposed fundraising would also be roughly 47 per cent larger than Life Insurance Corporation of India’s ₹20,557.23 crore issue.
The final fundraising amount will depend on the offer price and the number of shares issued.
Fresh Capital Goes to Company
Unlike the Hyundai and LIC offerings, Jio’s IPO contains no offer-for-sale component.
Hyundai’s parent and the government sold existing shares through those public issues.
Jio’s offering will instead create fresh equity, with proceeds going to the company rather than selling shareholders. This structure distinguishes the record offering from its predecessors.
