Jio Platforms' grey market premium jumps to Rs 218 ahead of October 21 launch; price band set at Rs 1,065-1,119
Jio Platforms is experiencing a rise in grey market premium ahead of its initial public offering. The IPO is set to open on October 21 and will close on October 23. Reliance Industries has established a price band between ₹1,065 and ₹1,119 for the shares. Investors will be able to bid for a minimum of twelve shares and the issue size is approximately ₹30,213 crore.
Mumbai: Interest in Jio Platforms' upcoming initial public offering (IPO) is heating up, as the grey market premium (GMP) for the company's shares surged to Rs 218 per share on Tuesday, up from around Rs 148-180 last week, according to brokers in the unlisted market. Jio Platforms is set to announce its price band this Thursday.
Reliance Industries, Jio Platforms' parent company, disclosed the IPO price band of ₹1,065-₹1,119. Employees participating in the employee reservation will receive a ₹54 per share discount. Investors must purchase a minimum of 12 shares, with subsequent purchases in multiples of 12.
The IPO is slated to open on October 21 and close on October 23, with anchor bookings starting on October 19. Jio Platforms plans to list on exchanges on October 28, with a target issue size of 27 crore shares. At the higher end of the price band, the issue could raise approximately ₹30,213 crore. Analysts predict strong demand for Jio Platforms shares, with the potential for the stock to list above its issue price.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
