Reliance’s digital arm is reportedly pricing shares at up to ₹1,220, and unofficial trading already points to a premium of about 15%.
Jio Platforms Ltd. hasn’t filed its final prospectus, but the market has already started pricing it. People familiar with the plan say the price band will be ₹1,150 to ₹1,220 a share.
Other market sources put the upper end at ₹1,200. In the unofficial grey market, where traders deal in IPO shares before they list, the premium has climbed from about ₹148 when trading began on 4 October to about ₹180 by 7 October.
At the top of the leaked range, a ₹180 premium implies a listing gain of roughly 15%. That is the number retail investors will focus on.
The issue is expected to open on 21 October and close on 23 October, with anchor investors bidding on 19 October and listing targeted for 28 October. Reports put the size at about ₹37,700 crore, or about $3.8 billion to $4 billion, though some suggest Reliance may trim it to around ₹33,000 crore. Either figure would overtake Hyundai Motor India’s $2.9 billion record from 2024.
Priced above Airtel
The range points to a valuation of about ₹11 lakh crore to ₹12 lakh crore, which would make Jio India’s third-most valuable company after Reliance Industries and Bharti Airtel. Reports suggest Jio wants a valuation premium over Airtel, its closest rival.
Airtel has earned more per user for years, and Jio has to argue that its subscriber base, home broadband business and digital services justify paying more for its earnings.
The offering is entirely new shares, up to 270 million of them, about 2.9% of the company after the issue. No existing shareholder is selling. Most of the money will repay up to ₹27,500 crore of debt at Reliance Jio Infocomm, the operating company, which serves 524.4 million subscribers.
Scarcity drives the bet
A float of less than 3% in a company this size creates scarcity. Index funds and large investors will need to own Jio, and the supply of shares will be limited.
The cost falls on the rest of the market. A sale of this size arriving soon after NSE’s ₹22,562 crore issue will draw money away from other large stocks as investors sell to raise cash. For Reliance, the first group IPO since Reliance Petroleum in 2006 will reveal how much the market values Jio on its own.
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