How can UAE residents apply for the Jio IPO?
Dubai: In what is being touted as India’s largest IPO, Jio platforms will be opening for subscription on October 21. The issue is looking to raise up to ₹30,213 crore or close to $3.2 billion (Dh11.8 billion) at a price range of ₹1,065 to ₹1,119 a share. If we are to consider the top of the band price range, it values Jio at up to $108.3 billion or Dh398 billion. Post the listing Reliance will…
UAE residents seeking to invest in Jio Platforms' initial public offering (IPO) can do so by following a few straightforward steps. The IPO is set to launch on October 21, with the aim of raising up to ₹30,213 crore or approximately $3.2 billion. The price per share is expected to range between ₹1,065 and ₹1,119. If the IPO's upper price band is realized, Jio's valuation could reach up to $108.3 billion.
Post-IPO, Reliance Industries will maintain a 66.43% stake in Jio Platforms, while the company will utilize the funds to settle its debt at Reliance Jio Infocomm. Jio chairman Akash Ambani emphasizes the responsibility of this listing, stating that the company's focus will shift towards growth and value creation for shareholders by 2025.
To apply, NRIs, PIOs, and OCI cardholders must utilize NRE or NRO accounts. Retail investors from other nationalities may face limitations as the IPO does not offer a separate NRI quota. Applicants can place bids as retail investors, with the option to bid up to ₹2 lakh in the non-institutional category for higher thresholds. A lot of 12 shares is priced at ₹13,428, equivalent to roughly Dh522.
To participate, ensure you hold the appropriate bank account – an NRE account allows for funds to be repatriated abroad, while an NRO account keeps money within India. Both account types require a PAN and KYC document. Open an NRI demat and trading account, as shares are credited electronically. Importantly, NRIs should skip the Portfolio Investment Scheme (PIS) account for the bidding process.
They can utilize UPI or net banking ASBA (Application Supported by Blocked Amount) for bidding. UPI is only applicable if the NRE or NRO account is linked to UPI.
Once the bid is placed, select Jio Platforms, choose the retail category, and enter at least one lot, ensuring the cut-off price is met. Approve the UPI mandate by 5 pm on October 23. Allotment will be communicated on October 26, with fund credits arriving on October 27. The shares will commence trading on October 28 on both the BSE and NSE.
Secondary market trading will have distinct requirements – an NRE PIS account is essential for repatriable trades, while an NRO non-PIS account covers non-repatriable funds. NRIs can trade equity delivery but cannot engage in intraday trading once listed. Finally, shares can be sold on the listing day, with proceeds credited to an NRE or NRO account after deducting taxes deducted at source (TDS).
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
