Mumbai There is big news for investors waiting for the IPO of Jio Platforms Limited (JPL), the telecom unit of Reliance Industries. Telecom unit Jio Platforms Limited (JPL) has fixed the price range for its initial public offering (IPO) opening on October 21. The IPO will open on October 21 and close on October 23. The company is preparing to raise about Rs 30,000 crore through this issue.
The share price band will be Rs 1,065 to Rs 1,119.
Reliance Industries told the stock market that the price range of shares under the IPO has been fixed at Rs 1,065 to Rs 1,119. There will be a discount of Rs 54 on shares reserved for employees. Investors will be able to bid for a minimum of 12 shares. After this, applications can be made in multiples of 12 shares. That is, investors will have to keep in mind the prescribed lot size while placing bids.
Will be able to bid from 21st to 23rd October
According to the company's red herring prospectus (RHP) filed with the Ahmedabad-based Registrar of Companies, the IPO will open on October 21 and close at the close of business on October 23. Before this, anchor investors will be able to bid on October 19.
Shares reserved for employees also
Shares worth up to a maximum of Rs 500 crore will be reserved for eligible employees of Jio Platforms. Shares worth up to Rs 2,500 crore have been reserved for eligible employees of Reliance Industries. The discount given to employees will give them the opportunity to buy shares at a lower price than the prescribed price range.
Company will invest in 6G and new technologies
27 crore new shares of face value Rs 10 will be issued in the IPO. The company expects to raise capital of about Rs 30,000 crore from this IPO, which will be used for 6G and other new technologies and expansion into new areas of business. It is noteworthy that the company has made an ambitious plan to move towards satellite communication service. He has also got the license for this.
Investors eye IPO
The proposed IPO of Jio Platforms is considered important for investors. The market will keep an eye on the company's expansion plans in digital services, telecom business and new technologies. However, investors should study the IPO documents, company's financial condition and risks before investing.