Jio Platforms Ltd, the digital services arm of Reliance Industries, is set to launch its initial public offering (IPO) on October 21, aiming to raise about $3.8 billion. The grey market premium (GMP) for the IPO has been rising steadily, reaching ₹160 as of Monday, up from ₹145 and ₹120 in the previous sessions, signaling strong investor interest, according to livemint.com.
The increase in GMP follows Jio Platforms' recent investor meetings across the US, UK, Dubai, Hong Kong, and Singapore. These sessions have helped build enthusiasm ahead of the IPO, which will issue up to 27 crore fresh equity shares. The company received regulatory clearance in August when the Securities and Exchange Board of India (SEBI) issued its observation letter on the draft red herring prospectus (DRHP), as reported by livemint.com.
Jio Platforms' IPO is poised to become India's largest listing, surpassing Hyundai Motor India's $2.9 billion IPO earlier this year and the National Stock Exchange of India's $2.3 billion debut last month. This marks the first IPO from the Reliance group in nearly two decades, highlighting the significance of the offering in the Indian capital markets landscape, according to livemint.com.
The IPO is scheduled to open on October 21, with the final price band to be set by merchant bankers after considering multiple factors. The grey market premium trends, while unofficial, suggest robust demand ahead of the public issue, which could set a new benchmark for Indian IPOs, livemint.com reported.