Jio Sets Price Band for India's Biggest IPO, and Reliance Shares Jump

Reliance Industries shares climbed about 3 percent on Thursday after its digital arm, Jio Platforms, set the price band for what is set to be the biggest share sale in Indian market history.

The band is 1,065 rupees to 1,119 rupees a share, about $11.19 to $11.76, set out in a company filing on Wednesday. At the top of the band, a fresh issue of up to 270 million shares would raise about 30,213 crore rupees, near $3.2 billion. The filing said the band was approved by the board committee for the offering at a meeting on Wednesday.

A record in reach

The top-end total sits about 8 percent above the 27,858.75 crore rupees raised by Hyundai Motor India in 2024, which holds the current record, and about 47 percent above the 20,557.23 crore rupees raised by Life Insurance Corporation of India.

Jio's sale is built differently from those two. Hyundai's was a sale of existing shares by its parent, and the LIC sale was a sale by the government. Jio is issuing new shares only, with no offer-for-sale part, so the money raised goes to the company rather than to owners cashing out.

Dates and terms

The offering opens for subscription on Wednesday, October 21, and closes on Friday, October 23. Anchor investors bid earlier, on Monday, October 19. Bids start at one lot of 12 shares and rise in multiples of 12, so one lot at the top price costs 13,428 rupees.

Eligible employees who bid in the reserved part get a discount of 54 rupees a share. Shares worth up to 500 crore rupees are reserved for eligible employees, and up to 2,500 crore rupees for eligible Reliance Industries shareholders. At the top of the band, the offering values Jio Platforms at about 10.3 lakh crore rupees, near $108 billion.

The market liked it

Reliance shares rose 2.85 percent to 1,209.50 rupees on the BSE on Thursday and 2.97 percent on the NSE. Shares of telecom rival Bharti Airtel were also trading 3.3 percent higher, Reuters reported.

A decade after launch

Reliance Jio launched in 2016 with free voice calls and low-cost data offers that upended India's phone market. It has grown into the country's largest telecom operator, with more than 524 million subscribers as of March 31, and has since added broadband, cloud services and other digital businesses. Jio Platforms is the digital arm of Reliance Industries, the group controlled by billionaire Mukesh Ambani. The listing gives public investors a direct way to own a stake in that business for the first time.