Jio Platforms has opened its initial public offering, a Rs 30,213 crore share sale that stays open for bids until October 23.
The company has set a price band of Rs 1,065 to Rs 1,119 per share. At the top of that range, Jio Platforms would be valued at Rs 10.3 lakh crore. That would place it among the most valuable companies in India.
Grey market signal
The issue has opened with a grey market premium, or GMP, of 22%. The GMP is the unofficial premium at which shares change hands before they are listed. Investors often watch it as a rough sign of demand. It is not an official figure and does not guarantee how the shares will trade once they list.
What investors should know
– The offer is priced between Rs 1,065 and Rs 1,119 per share.
– The total size of the issue is Rs 30,213 crore.
– Bidding closes on October 23.
– The valuation of Rs 10.3 lakh crore is based on the upper end of the price band.
Investors who want to take part have until the closing date to place bids. Brokerages have been weighing in on the issue, and investors are also asking about their chances of receiving an allotment. Those chances depend on how heavily the offer is subscribed by the time bidding ends.
Because the issue is so large and the company would be valued so highly, the Jio Platforms offer is likely to be closely watched in the Indian market this week.