Jio Platforms, the telecom and digital arm of Mukesh Ambani's Reliance Industries, is set to list on the stock exchanges this week after India's largest-ever IPO, The Economic Times reported.
Key dates
- Allotment: likely to be finalised by Monday, October 26.
- Refunds for unallotted shares: to begin by Tuesday, October 27.
- Listing on the NSE and BSE: Wednesday, October 28.
How the IPO went
The ₹30,213 crore issue was subscribed more than 22 times over three days of bidding, according to NSE data. It overtook Hyundai Motor India's ₹27,870 crore offering from 2024 to become the country's largest IPO.
Institutional investors led the demand: the qualified institutional buyer portion was subscribed 70.55 times, the non-institutional portion 14 times and the retail portion 2.72 times.
The issue was fully subscribed within 100 minutes of opening and drew nearly 1.4 crore applications. It also set records for anchor investor demand and for institutional subscription among India's five biggest IPOs.
What the grey market suggests
Before listing, Jio Platforms shares were changing hands at ₹1,366 in the unofficial grey market, ET reported. That is a premium of ₹247, or about 22%, over the top of the ₹1,119 price band. For a lot of 12 shares, that would mean an indicative gain of ₹2,964.
The grey market is unofficial and unregulated, and its prices do not guarantee how a share will open. Premiums can change before listing, and the actual price will depend on demand and supply on the exchanges.
This article is for information only and is not investment advice.