StartupFeed Quick Take
- The Jio Platforms IPO is set to open October 21 and list October 28
- The issue is put at about $3.8 Bn, ahead of Hyundai Motor India’s $2.9 Bn in 2024
- Up to 27 crore fresh shares, 2.9% of post-issue capital, with Rs 27,500 Cr going to debt
Mumbai-based Jio Platforms plans to open its IPO on October 21 and list on October 28, Reuters reported on Monday.
Two people familiar with the plan put the Jio Platforms issue at about $3.8 Bn. That would pass Hyundai Motor India’s $2.9 Bn listing in 2024, the largest India has seen.
Reliance Industries has not confirmed the dates. Neither the price band nor the lot size is out yet.
What the Jio Platforms IPO filing actually confirms
Reliance Industries’ exchange filing of August 28 sets out the structure. Jio Platforms will sell up to 27 crore fresh shares, 2.9% of its post-issue capital, with no offer for sale.
Rs 27,500 Cr of the money goes to repaying Reliance Jio Infocomm’s debt. The rest is for general corporate purposes.
Reliance Industries keeps 66.43% of Jio Platforms after the issue. The opening date falls 54 days after SEBI cleared the draft prospectus on August 28.
Up to 50% of the issue goes to institutional buyers and at least 35% to retail. Reliance Industries shareholders and Jio employees have their own reserved portions.
A 19-bank syndicate is running the Jio Platforms sale. Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India and Axis Capital lead it.
Dates reported before a red herring prospectus is filed often move. Jio Platforms has not filed one. Treat October 21 as a plan, not a calendar entry.
What this means for you: If you hold Reliance Industries shares, the shareholder quota gives you a second shot at allotment. Make sure those shares sit in a demat account linked to your PAN before the record date, which the prospectus will set.
Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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