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Jio IPO Grey Market Premium Soars
15 Oct
Summary
- Grey market premium for Jio Platforms IPO has risen significantly.
- The IPO is scheduled to open on October 21 and close on October 23.
- Reliance Industries has set a price band of ₹1,065 to ₹1,119 per share.
The grey market premium for Jio Platforms has seen a substantial increase, now ranging between ₹210 and ₹218 per share, a notable rise from previous weeks. This surge in premium indicates robust demand ahead of the company's Initial Public Offering (IPO).
Reliance Industries has officially set the price band for the Jio Platforms IPO at ₹1,065 to ₹1,119 per share. The IPO is slated to open for subscription on October 21 and will conclude on October 23. Eligible employees will receive a discount of ₹54 per share.
The total issue size is projected to be around ₹30,213 crore, with the IPO consisting of a fresh issue of 27 crore shares. Market observers anticipate a strong listing, with the stock potentially trading above its issue price upon debut.
Nomura has estimated Jio Platforms' enterprise value to be between ₹10.9 to ₹11.4 lakh crore, considering net debt and IPO proceeds. The brokerage noted that the company may need to demonstrate growth post-listing, with tariff hikes potentially driving future earnings.
