EconomyIPOs
Jio Platforms IPO opens today: minimum bid ₹13,428 and a quota for Reliance shareholders
Retail investors can bid for a minimum of 12 shares in India's largest share sale until Friday, with a separate category for Reliance Industries shareholders and a discount for employees.
Key points
- Bids open on Wednesday, 21 October, and close on Friday, 23 October.
- One lot of 12 shares costs ₹13,428 at the top of the ₹1,065-1,119 band.
- Reliance shareholders as of 13 October can bid in a reserved category.
The share sale of Jio Platforms, Reliance Industries’ telecom and digital arm, opens to the public on Wednesday, and for most individual investors the entry ticket is modest.
Bids can be placed in lots of 12 shares at a price band of ₹1,065 to ₹1,119 a share, so a single lot costs ₹13,428 at the top of the range. Small investors can bid for up to 14 lots. Above that, bids fall into the category for high net-worth individuals, which starts at 15 lots, or 180 shares.
The issue closes on Friday, 23 October. Shares are due to be allotted on 26 October and to list on the BSE and NSE on 28 October.
Two groups get special treatment. People who held Reliance Industries shares on or before 13 October can apply in a reserved shareholder category with bids of up to ₹2 lakh, and allotment in that category is proportionate. Jio employees get a discount of ₹54 a share.
The offer raises about ₹30,200 crore, all through new shares, which makes it the largest share sale in India. At the top of the band it values the company at about ₹10.3 lakh crore. Anchor investors, led by LIC, Capital Group and the Government of Singapore, took up ₹8,110 crore of shares on Monday at ₹1,119 each, after institutions bid more than 30 times the shares set aside for them.
Wednesday is the first trading session since that anchor book closed. The stock exchanges were shut on Tuesday for Dussehra.