Reliance Industries shares climb 3% as Jio Platforms sets IPO price band
Jio Platforms plans to issue up to 27 crore equity shares with a face value of ₹10 each
Reliance Industries' stock experienced a 3% increase on Thursday following Jio Platforms Ltd's announcement of an IPO price range of ₹1,065 to ₹1,119 per share. This potential offering of up to 27 crore shares, valued at ₹10 each, could generate approximately ₹30,213 crore at the higher end of the band, positioning it as India's largest public offering.
The blue-chip stock surged 2.85% to ₹1,209.50 on the BSE, and 2.97% to the same price on the NSE. The IPO application window opened for subscription on October 21 and closed on October 23, with anchor investor bidding starting on October 19. The IPO committee approved the price band at a recent board meeting. Eligible employees bidding in the employee reservation portion receive a ₹54 per share discount.
Investors must purchase at least 12 shares, with subsequent purchases in multiples of 12. The company aims to raise up to ₹30,213 crore at the cap price, surpassing the previous record holders, Hyundai Motor India and Life Insurance Corporation of India. Jio Platforms' IPO differs from theirs by being solely an Offer for Sale, with proceeds going directly to the company rather than investors.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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