Jio Platforms Sets Stage For India’s Largest IPO At ₹10.3 Lakh Cr Valuation

What happened

Telecom giant Jio Platforms has set a price band of ₹1,065-₹1,119 per share for its IPO (the sale of a company’s shares to the public on a stock exchange), which is set to open for public subscription next week. The company is seeking to raise ₹30,213 Cr at the upper end of the price band, overtaking Hyundai Motor’s ₹27,870 Cr IPO in 2024 to become the largest public offering to hit the Indian equities market till date.

At the upper end of the IPO, RIL’s telecom arm is seeking a valuation of ₹10.3 Lakh Cr for the IPO. Jio filed its red herring prospectus (RHP) earlier today for its IPO comprising a fresh issue of up to 27 Cr equity shares.

The telco has reserved ₹500 Cr worth shares for eligible employees, who can avail a discount of ₹54 per share. Additionally, up to ₹2,500 Cr will be reserved for eligible shareholders of RIL.