All eyes on Jio. What is grey market signalling?
Jio Platforms, a subsidiary of Reliance Industries led by Mukesh Ambani, is poised to debut on the market this week. Grey market signals indicate a positive outlook for the IPO allottees, with a gain of over 22%. Prior to listing, unlisted shares were trading at Rs 1,366 each in the unofficial grey market, marking a premium of Rs 247 per share or 22.07% over the upper limit of Rs 1,119 apiece.
Assuming a lot size of 12 shares, this could result in an indicative gain of Rs 2,964 per lot. However, it's crucial to remember that the grey market is unofficial, and the GMP doesn't guarantee listing-day performance. Premiums can change before listing, and the actual share price will depend on market demand and supply. Jio Platforms' shares will officially start trading on October 28 (Wednesday), following the finalization of share allotments on October 26 (Monday) and the release of refunds for unallotted shares on October 27 (Tuesday).
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