{
  "id": 16032715,
  "title": "Crypto traders price India telecoms company Reliance Jio's IPO at about $110 billion",
  "url": "https://urgent.news/2026/10/22/crypto-traders-price-india-telecoms-company-reliance-jios-ipo-at",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-22T10:18:28.000Z",
  "source": {
    "name": "CoinDesk",
    "slug": "coindesk",
    "url": "https://www.coindesk.com/markets/2026/10/22/crypto-traders-price-india-telecoms-company-reliance-jio-s-ipo-at-about-usd110-billion"
  },
  "original_language": "en",
  "account": "Crypto traders are placing a significant bet on the largest IPO in India's history: the upcoming offering of Indian telecoms giant Jio Platforms. The company's official three-day public subscription has begun, and JIoSUT perpetual contracts on the trading platform Bitget are trading near $12. For context, the company set a maximum bid price of 1,119 rupees ($11.79) per share. With an expected 9.21 billion shares outstanding after the sale, Jio Platforms could be valued at around 10.3 trillion rupees ($106 billion). Established by Reliance Industries, the Jio network began operations in 2016 and has since become the nation's largest mobile operator in terms of subscriber numbers. The IPO aims to raise approximately 302 billion rupees, surpassing Hyundai Motor India's 279 billion-rupee initial share sale in 2024 to become the biggest in India's history. The Bitget contract has been available since October 14, trading between $11.48 and $12.24, with a total volume of about 369,000 JIO or roughly $4.4 million, offering a live valuation for a stock yet to be listed. This isn't the first time an impending IPO has found a market on crypto platforms; similar perpetual contracts for SpaceX and Cerebras have also been traded on Hyperliquid. These contracts demonstrate how price discovery for big IPOs is beginning to take place on crypto platforms, even before the first share trades. However, these contracts are not always accurate; for instance, synthetic perpetual futures on Hyperliquid and Binance for SpaceX traded around $162-$165, suggesting a valuation of $2.2 trillion, while the company's official IPO valuation was almost 20% lower at $1.8 trillion. It's important to note that a pre-IPO contract is a perpetual future with no expiry date, tied to a company not yet on the stock market. Holders don't receive shares, votes, or dividends; they only gain exposure to the price. Traders post USDT, a dollar-linked stablecoin, as collateral for leveraged bets in the pre-IPO contract. Bitget states the contract is \"based on publicly available information, such as announced IPO pricing ranges or the final offering price.\" Bitget will convert the contract into a standard perpetual once shares list; however, the contract may shift sharply if the IPO is delayed, repriced, or canceled.",
  "summary": "The pre-IPO Jio contract on Bitget is trading near $12, a roughly 4% premium on the top price band, as India’s largest public offering remains open for subscription.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}