Jio Platforms' ₹30,213-crore IPO lists today after 22.19x subscription
Jio Platforms makes its stock market debut on the NSE and BSE on Wednesday, 28 October, after a ₹30,213-crore initial public offering that was subscribed 22.19 times overall. Trading begins at 10 am, following the exchanges' special pre-open session from 9 am to 9:45 am, with the opening price determined between 9:45 am and 9:55 am.
Institutional demand drove the book. The qualified institutional buyers segment was subscribed 70.55 times, the non-institutional investors portion 14 times and the retail portion 2.72 times. The issue was priced at ₹1,065–₹1,119 a share, with a minimum lot of 12 shares, meaning retail applicants at the top of the band had to put in ₹13,428.
The grey market is pointing higher. The premium stood at ₹244 a share on 27 October, according to IPO tracking websites, which would imply an indicative listing price of about ₹1,363 — 21.81% above the upper issue price. On that basis, an investor allotted one lot of 12 shares would be looking at an indicative gain of ₹2,928. Grey-market premium reflects informal, unofficial trading before listing, is not an exchange-published price and may differ significantly from the actual listing price.
The offer consisted entirely of a fresh issue of 27 crore equity shares, with no offer-for-sale component. Jio Platforms plans to use up to ₹27,500 crore of the proceeds to repay borrowings at its subsidiary Reliance Jio Infocomm Ltd. Up to 46,94,835 shares were reserved for employees, who are eligible for a ₹54 discount per share. Kotak Mahindra Capital Company Ltd. is the book-running lead manager and KFin Technologies Ltd. the registrar.
For investors, the debut is a test of whether the grey-market premium holds once exchange trading begins. The pre-open session allows orders to be entered, modified or cancelled before matching sets the opening price, so the first traded level will be the clearest signal of where the market values the telecom and digital services arm.
