Reliance Industries shares rise 3% as Jio sets price band for possibly biggest-ever issue. What shareholders must know
Shares of Reliance Industries rose 3% after Jio Platforms announced its IPO, comprising 27 crore new shares anticipated to garner Rs 30,213 crore. With 35% of shares earmarked for retail investors and a cut-off date of October 14 for current shareholders, Jio Platforms is primed to enhance its foothold in the consumer tech and digital infrastructure sectors.
Reliance Industries' shares surged 3% to Rs 1,207 on the BSE following Jio Platforms' announcement of its potentially largest-ever initial public offering (IPO). The IPO will see the issuance of 27 crore shares within a price band of Rs 1,065 to Rs 1,119 per share, valuing the company at Rs 30,213 crore at the higher end. This surpasses the value of Hyundai Motor India's 2024 IPO, which was an Offer For Sale (OFS) at Rs 27,870 crore.
Retail investors will receive 35% of the shares, while 2.23 crore shares are reserved for existing Reliance Industries shareholders. The shareholder reservation is a significant aspect of the IPO, providing eligible RIL shareholders a separate pathway to apply directly for Jio Platforms shares. Jio Platforms, under Mukesh Ambani, encompasses various digital and telecom businesses, positioning the IPO as more than a telecom listing, aiming to portray it as a comprehensive consumer technology and digital infrastructure venture.
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.
