Shares of Reliance Industries rallied 3 per cent on Thursday after <a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-price-band-set-at-rs-1065-to-rs-1119-per-share-for-indias-largest-issue--23655163" target="_blank" rel="none noopener">Jio Platforms Ltd, the digital and telecom arm of the firm</a>, set a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering that could raise about Rs 30,213 crore at the top of the range, making it India's largest.
The blue-chip stock climbed 2.85 per cent to Rs 1,209.50 on the BSE. At the NSE, the stock rallied 2.97 per cent to Rs 1,209.50.
The IPO, comprising a fresh issue of up to 27 crore equity shares of Rs 10 face value each, opens for subscription on Wednesday, October 21, and closes on Friday, October 23. Anchor investor bidding is on Monday, October 19, according to regulatory filings by Reliance.
The IPO committee of Jio Platforms' board approved the band at a meeting on Wednesday, the filing said. Eligible employees bidding in the employee reservation portion will get a discount of Rs 54 per share.
Investors must bid for at least 12 shares and in multiples of 12 thereafter. At the cap price, one lot would cost Rs 13,428.
According to the <a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-key-hurdle-cleared-as-board-approves-drhp-for-27-crore-share-issue-in-ipo-23635923" target="_blank" rel="none noopener">Draft Red Herring Prospectus (DRHP),</a> the company plans to issue up to 27 crore equity shares with a face value of Rs 10 each. At the cap price, that works out to Rs 30,213 crore, by calculation. That is about 8 per cent above the record set by Hyundai Motor India, whose Rs 27,858.75 crore IPO in 2024 holds the top spot.
It is also roughly 47 per cent above the next largest, Life Insurance Corporation of India's Rs 20,557.23 crore offering.
Jio's offer, however, differs from those two in structure. Hyundai's issue was entirely an Offer for Sale (OFS) by its parent, and so was LIC's issue, by the government.
The IPO will offer a fresh issue only, with no Offer-for-Sale component, so the proceeds would go to the company rather than to selling shareholders.
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The stock edged up 2.85 per cent to Rs 1,209.50 on the BSE. On the NSE it advanced 2.97 per cent to Rs 1,209.50

Reliance Industries shares gain 3 per cent as Jio Platforms sets IPO price band

IMF backs India's GDP methodology; says currency pressure is not a sign of economic weakness

The blue-chip stock climbed 2.85 per cent to Rs 1,209.50 on the BSE. At the NSE, the stock rallied 2.97 per cent to Rs 1,209.50

Reliance Industries shares climb 3 per cent as Jio Platforms sets IPO price band

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