Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, has announced a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering (IPO), which will open for subscription on October 21, next week.
At the upper limit of the price band, Jio Platform could raise about Rs 30,213 crore, making it India’s largest-ever share sale.
The Jio offering will be a fresh issue of 27 crore equity shares, and there will not be an offer for sale component, making it different from other biggest IPOs of Hyundai Motors India, LIC and the recently listed NSE.
Hyundai India’s Rs 27,858.75 crore IPO was a 100 per cent Offer for Sale of 14.22 crore shares by South Korea-based promoter Hyundai Motor Co. LIC’s share sale was an offer for sale worth 20,557 crore by the Government of India, and NSE’s Rs 22,562.71 crore IPO was an entire OFS from existing stakeholders.
The OFS proceeds do not go to the company, but to stakeholders offloading shares. On the other hand, the proceeds from the IPO-which is an entirely fresh issue-will go to the company and not to the selling shareholder.
Jio Platforms IPO Key Dates And Details
- The IPO will remain open for subscription between October 21 and October 23.
- The price band has been set at Rs 1,065 to Rs 1,119 per share.
- It is entirely a fresh issue of up to 27 crore equity shares of Rs 10 face value each.
- Bids for anchor investors will be on Monday, October 19
- Jio Platforms IPO is expected to be listed on October 28.
- The lot size should be 12 shares and in multiples of 12 thereafter, meaning a minimum investment of Rs 13,428 is needed to place a bid.
- Eligible employees will get a discount of Rs 54 per share.