Reliance Industries shares jump 3% after Jio Platforms unveils record ₹30,213-crore IPO
What Happened
Reliance Industries shares rose nearly 3% to ₹1,209.50 after Jio Platforms fixed its IPO price band at ₹1,065-1,119 per share. The entirely fresh issue of up to 27 crore shares could raise ₹30,213 crore at the upper end, making it India’s largest IPO by issue size. Subscription runs from October 21-23, with listing expected on October 28.
Key Takeaways
The IPO is expected to value Jio Platforms at around ₹10.3 lakh crore at the upper end. Up to ₹27,500 crore of net proceeds is earmarked to repay or prepay borrowings of Reliance Jio Infocomm, while the separate listing will also give investors a direct market valuation for Reliance’s digital and telecom business.