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The buzz in the market has intensified regarding the much-awaited IPO of Jio Platforms, one of the largest companies in the country’s telecom and digital services sector. According to a recent report by Bloomberg, the Mukesh Ambani-led company is preparing to create history in the Indian stock market through its mega IPO. The company is planning to raise huge funds through this issue, which can create a new record in the primary market of the country. Let us know all the important things related to this possible IPO of Jio.
Price band can be from ₹ 1,065 to ₹ 1,119
According to the report, Jio Platforms is considering setting a price band of Rs 1,065 to Rs 1,119 per share for its IPO. The company aims to raise approximately Rs 30,200 crore through this issue. If this IPO hits the market with this size, it will prove to be the biggest IPO in the history of India. Earlier, Hyundai Motor India’s Rs 27,800 crore IPO in October 2024 has been the country’s largest IPO. However, the price and valuation can also be changed by the company at the last moment.
Issue for subscription can open from October 21
Talking about the possible deadline, Bloomberg report states that this IPO of Jio Platforms will open for investors on October 21 and will close on October 23. At the same time, its booking for big and anchor investors is expected to start on October 19 itself. After allotment of shares among investors, its listing on the stock exchanges may happen around October 28. However, all these dates are still tentative and may be revised depending on the market situation.
Company valuation and plans for new shares
Jio Platforms had filed the draft prospectus for its IPO in the month of June this year itself. Under the plan, the company is preparing to issue a maximum of 2.7 crore new shares. According to experts’ calculations, these new shares will constitute about 2.93% of the total equity capital of the company after the issue. While earlier the total valuation of the company was being estimated at Rs 11 lakh crore i.e. about 130 to 170 billion dollars, in view of the current market conditions and selling pressure, the new valuation is estimated to be slightly lower i.e. about Rs 10.3 lakh crore (about 107 billion dollars).
Big banks have got responsibility and strong consortium
To successfully complete this historic IPO process, Jio Platforms has entrusted the responsibility to a total of 19 big banking institutions in the country and abroad. This strong consortium includes leading financial institutions like Kotak Mahindra Capital, Morgan Stanley, Bank of America, Axis Capital, BNP Paribas and Citigroup. Market experts believe that this IPO of Jio will completely change the direction of the Indian telecom and technology market and will prove to be a big investment opportunity for retail investors as well as institutional investors.