Circle your calendar: anchor investors get first swing on Oct. 19, and everyone else can subscribe from Oct. 21 through Oct. 23. The company plans to issue as many as 270 million fresh shares, according to a Wednesday exchange filing. The price range is set at 1,065 to 1,119 rupees per share, with the low end equating to roughly $11.2.
If demand holds, this could be India's largest-ever stock market debut.
The sale represents roughly 2.9% of Jio's equity after the new shares are issued, based on Bloomberg's math. Using the top of the price band, the implied market value lands near 10.3 trillion rupees (about $107 billion), while gross proceeds would come in around 302 billion rupees.
That would edge past Hyundai Motor India Ltd.'s 278 billion-rupee float from October 2024, currently the country's biggest. It is also a live check on how much appetite there is for jumbo deals in one of the busiest equity markets around.
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The allocation includes a dedicated pool of up to 5 billion rupees for Jio Platforms staff and another bucket of up to 25 billion rupees for Reliance Industries shareholders. Eligible employees bidding in their reserved portion get a 54 rupee per-share discount.
Investors have been kicking the tires on Jio's pricing hopes. Earlier talk had the company aiming for about 11 trillion rupees, and at one point informal estimates floated between $130 billion and $170 billion. A recent pullback in Indian equities has cooled expectations across several IPOs, and this one is no exception. The outcome will also be an early proving ground for Akash Ambani, Mukesh Ambani's eldest, who is steering a major Reliance deal solo for the first time.
Mukesh Ambani first floated the idea of listing Jio Platforms in 2019. During last year's shareholder meeting, he stated the goal was to list by June 2026. The company lodged its draft prospectus in June and received regulatory clearance in August. To run the sale, Jio tapped 19 banks, including Kotak Mahindra Capital Co., Morgan Stanley, Bank of America Corp., Axis Capital Ltd., BNP Paribas SA, and Citigroup Inc.
Big picture, this is a high profile gauge of demand for mega-cap listings in India. Watch where the final pricing lands in the band, how the employee and Reliance shareholder reservations fill, and whether post-listing trading confirms or questions that near 10.3 trillion rupee valuation.
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