Ambani’s Jio said to set IPO price band at ₹1,065-₹1,119
The company is targeting a market value of as much as ₹10.3 lakh crore ($107 billion)
Jio Platforms Ltd. is set to price its initial public offering (IPO) shares within a range of ₹1,065 to ₹1,119 each, according to sources familiar with the matter. The company aims for a market value of up to ₹10.3 lakh crore ($107 billion), with the upper price limit generating approximately ₹30,200 crore in proceeds, based on Bloomberg calculations.
This would position Jio as India's largest-ever IPO, currently valued slightly lower than initial expectations but still surpassing a recent record of ₹27,800 crore set by Hyundai Motor India Ltd. in October 2024. Jio filed its draft prospectus in June, seeking up to 270 million new shares, representing around 2.93 percent of its post-IPO equity capital.
The shares will open to public subscription on October 21 and begin trading on October 28, with the anchor book scheduled to open on October 19. The banks involved in the share sale include 19 financial institutions, such as Kotak Mahindra Capital Co., Morgan Stanley, and Citigroup Inc.
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