MUMBAI: Reliance Industries (RIL) on Wednesday said that the initial public offering (IPO) of Jio Platforms will open on Oct 21 and close on Oct 23. Jio Platforms, the holding company for the Mukesh Ambani-controlled group’s telecom and digital initiatives, will offer about 27 crore shares in the IPO at a per-share price band of Rs 1,065 to Rs 1,119, translating to fund mobilisation of about Rs 30,213 crore.This offer size will make the issue the largest IPO in India, surpassing the Rs 27,860-crore offer by Hyundai Motor India in Oct 2024.
With nearly 921 crore shares outstanding, at the upper limit of the price band, Jio Platforms will have a market capitalisation of about Rs 10.3 lakh crore.Going by current market cap ranking on BSE, this will make Jio Platforms the fourth most valued company in India, behind RIL (Rs 15.9 lakh crore), Bharti Airtel (Rs 11.2 lakh crore) and HDFC Bank (almost at Rs 11 lakh crore). In terms of market cap, Jio Platforms will be ahead of ICICI Bank, SBI and TCS, data from BSE showed.RIL is the main promoter of Jio Platforms with a 66.4% holding in the company. Global giants like Google, Meta (parent of Facebook), KKR, ADIA and General Atlantic are also among the minority shareholders of the company, IPO papers filed with Sebi showed.Unlike some of the largest issues in India in recent times, none of the existing shareholders in the company are selling any shares in the offer.On Wednesday, Jio Platforms filed the IPO papers with the Registrar of Companies, Gujarat, in Ahmedabad, RIL said in a disclosure to the exchanges. In the IPO, Rs 500 crore worth of shares are reserved for eligible employees of the company while Rs 2,500 crore worth of shares are reserved for eligible shareholders of RIL, it said. The anchor investor bidding date is Monday, Oct 19. The IPO will open for subscription on Wednesday, Oct 21 and close on Friday, Oct 23, the RIL disclosure said. In the IPO, investors can bid in lots of 12 Jio Platforms shares and multiples of the same. The company is slotted to be listed on the bourses on Oct 28.On Wednesday evening, the grey market premium (GMP) for Jio Platforms shares was at Rs 200, slightly down from Tuesday’s level of Rs 218 but much ahead of its Oct 4 level at Rs 148. GMP is the mark-up that speculators in the unofficial market for IPO-bound shares are willing to bid for when the shares are listed.