Mumbai: Jio Platforms inaugurated public bidding on Wednesday for India’s largest-ever initial public offering, targeting Rs 30,213 crore as parent Reliance Industries advances the public market monetization of its telecom and digital assets.
The primary subscription window runs from October 21 through October 23, with shares offered across an established price band of Rs 1,065 to Rs 1,119 each. At the Rs 1,119 ceiling, the digital infrastructure and connectivity powerhouse commands an equity valuation of Rs 10.3 lakh crore.
Institutional underwriting ahead of Wednesday’s retail and non-institutional opening signaled substantial institutional appetite. Jio Platforms secured Rs 8,110 crore in a pre-issue anchor placement on Monday. Allocations went to prominent sovereign and global asset managers, led by the Life Insurance Corporation of India (LIC), BlackRock, and Fidelity, alongside a broader contingent of foreign and domestic institutional funds.
In unofficial grey market trades leading up to the bell, shares changed hands at an estimated premium of Rs 270 over the issue band, reflecting an implied listing upside of nearly 24%. While market pricing models point to an indicative secondary market debut between Rs 1,364 and Rs 1,389 per share, market analysts caution that grey market indicators remain strictly informal, volatile, and non-binding prior to formal listing.
Proceeds from the public sale follow the completion of nationwide network infrastructure deployments. Moving past its peak capital expenditure phase in fifth-generation (5G) cellular networks, Jio Platforms is positioning its enterprise services, home broadband connections, artificial intelligence architectures, and cloud services as core commercial engines for its next phase of operating cash flows and margin expansion.