Reliance Shares Rally Nearly 3%, Jio Sets Stage for ₹30,213 Crore IPO
Mumbai: Reliance Industries shares gained nearly 3 per cent on October 15 after Jio Platforms announced a ₹1,065–1,119 price band for an initial public offering that could become India’s largest. Reliance climbed 2.85 per cent to ₹1,209.50 on the BSE. On the NSE, it rose 2.97 per cent to the same price during trading. Jio Platforms , Reliance’s digital and telecom arm, could raise ₹30,213 crore…
On October 15, Reliance Industries shares surged nearly 3% following Jio Platforms' announcement of a ₹1,065–1,119 price band for an IPO that could become India's largest. Reliance shares climbed 2.85% to ₹1,209.50 on the BSE and 2.97% to the same price on the NSE. Jio Platforms, Reliance's digital and telecom arm, could raise up to ₹30,213 crore at the upper price band.
The IPO opens for subscription on October 21 and closes on October 23, with anchor investors able to bid on October 19. Investors must apply for a minimum of 12 shares and in multiples of 12 thereafter. At the upper price, the minimum application amount amounts to ₹13,428. Jio Platforms' board approved the price band during a meeting on Wednesday.
The IPO, comprising a fresh issue of up to 27 crore equity shares, would surpass Hyundai Motor India's ₹27,858.75 crore IPO by approximately 8%. Hyundai's 2024 offering holds the record for India's largest IPO, with Jio's proposed fundraising also being roughly 47% larger than Life Insurance Corporation of India's ₹20,557.23 crore issue.
Unlike Hyundai's and LIC's offerings, Jio's IPO does not include an offer-for-sale component, as the proceeds will instead create fresh equity for the company rather than selling existing shares.
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