Amid huge anticipation around Jio Platforms Limited initial public offering (IPO), fresh update has emerged regarding the IPO. The Mukesh Ambani-led telecom giant is set to price its shares at ₹1,065 to ₹1,119 apiece in its IPO, reported Bloomberg citing sources.
Jio Platforms is yet to announce official details including price range, valuation and timing. These details could change as deliberations are underway, reported Bloomberg. Livemint couldn’t independently verify the development.
Jio IPO price band details
Jio IPO price band is likely to be fixed at ₹1,065 to ₹1,119 apiece, as per Bloomberg report. The telecom giant is targeting a market value of as much as ₹10.3 trillion. At the Jio IPO’s upper price band, the issue is likely to raise around ₹30,200 crore, reported the news agency. With this, Jio IPO is on track to dethrone Hyundai Motor India Limited to become India’s largest-ever IPO.
Jio IPO timeline
Spearheaded by Chairman Akash Ambani, Jio Platforms’ IPO is planning to open for public subscription on Wednesday, October 21. Considering its opening date, IPO subscription will close on Friday October 23. The telecom and digital services giant’s anchor book is scheduled to open on October 19. Jio Platforms shares are likely to debut on Dalal Street post IPO on October 28, reported Bloomberg while adding that details linked to IPO price band and timeline could still change.
Jio IPO to surpass Hyundai Motors India
With the reported valuations, Jio IPO is now poised to surpass Hyundai Motor India Limited’s ₹27,800 crore IPO listing held in October 2024. Jio IPO will come weeks after the listing of the National Stock Exchange.
Jio IPO details
The telecom and digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd. filed its draft red herring prospectus (DRHP) in June this year. The telecom major had planned to offer as many as 27 crore new shares, which is equivalent to about 2.93% of its post-issue equity capital. Earlier, Jio IPO was eyeing at 11 trillion rupees valuation, as per Bloomberg report.
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