Jio Platforms IPO to List on NSE and BSE on Oct. 28
Reliance's Jio Platforms will debut on Indian stock exchanges on Oct. 28 after a heavily oversubscribed ₹30,213-crore offering, with grey-market premiums suggesting a potential price above the issue range.
Reliance Industries' Jio Platforms unit is set to begin trading on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Wednesday, Oct. 28, with the official listing scheduled for 10:00 a.m. after a pre-open session that runs from 9:00 a.m. to 9:45 a.m. During the pre-open, investors may place, modify or cancel orders, after which the opening price will be determined between 9:45 a.m. and 9:55 a.m.
The IPO, valued at ₹30,213 crore, was offered at a price band of ₹1,065-₹1,119 per share and was subscribed 22.19 times overall. Institutional demand was particularly strong, with qualified institutional buyers subscribing 70.55 times, while retail investors subscribed 2.72 times.
Grey-market activity on Oct. 27 showed a premium of ₹244 per share, implying an indicative listing price around ₹1,363, roughly 22% above the upper issue price. Analysts note that grey-market premiums are volatile and not official pricing, so the actual debut price could differ.
The offering consists entirely of a fresh issue of 27 crore equity shares, with proceeds of up to ₹27,500 crore earmarked to repay borrowings of Reliance Jio Infocomm Ltd. An employee share reserve of 46,94,835 shares includes a discount of ₹54 per share. Kotak Mahindra Capital Company Ltd. acted as the book-running lead manager, and KFin Technologies Ltd. served as registrar.