India's biggest IPO is here: Jio Platforms price band, GMP and listing details

Jio Platforms, the digital and telecom arm of Reliance Industries, has announced a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering (IPO), setting the stage for what is expected to be India's biggest-ever public issue.Ahead of the October 21 launch, the grey market premium (GMP) is signalling strong demand, with unofficial quotes pointing to a potential listing premium of nearly 20%.The Rs 30,213-crore IPO will open for subscription on October 21 and close on October 23. The allotment is expected to be finalised on October 26, while the shares are tentatively scheduled to list on the BSE and NSE on October 28. The issue comprises 27 crore fresh shares.According to the latest GMP figure provided by the grey market tracker, Jio Platforms was commanding a premium of Rs 223 per share as of 12:02 pm on October 15. At the upper end of the price band of Rs 1,119, this implies an indicative listing price of Rs 1,342, translating into a potential gain of 19.93%. However, the grey market premium is an unofficial indicator of investor sentiment and does not guarantee the listing price. Other trackers were reporting lower premiums earlier on Thursday, underlining how quickly these quotes can change.JIO PLATFORMS IPO: PRICE BAND, DATES AND KEY DETAILSThe IPO has a price band of Rs 1,065 to Rs 1,119 per share. Based on the upper price, the minimum retail investment for a lot of 12 shares would be Rs 13,428. The issue opens on October 21 and closes on October 23. The allotment is expected on October 26, followed by a tentative listing on October 28.The IPO is being managed by a group of investment banks, with Kotak Mahindra Capital among the book-running lead managers and KFin Technologies acting as registrar, according to the issue details provided.The issue is expected to surpass Hyundai Motor India's Rs 27,870-crore IPO in 2024, making it the largest public offering in India's history by issue size.JIO PLATFORMS IPO GMP TODAYThe latest grey market premium provided for Jio Platforms is Rs 223 per share. Based on the upper price band of Rs 1,119, this implies an estimated listing price of Rs 1,342.That would represent a potential listing gain of around 19.93% over the issue's upper price band. The grey market tracker also lists a subject-to-sauda rate of Rs 2,000 for retail applications and Rs 30,000 for small HNI applications.These figures should be treated cautiously. GMP transactions take place in an unofficial market, outside the regulated exchange mechanism, and premiums can move before the IPO opens, during subscription and ahead of listing. They are not a reliable substitute for analysing the company's valuation, financial performance and business risks.WHAT THE EXPERT SAYS ABOUT JIO PLATFORMSDr Ravi Singh, Chief Research Officer at Master Capital Services Ltd, said Jio Platforms should be assessed as a long-term business rather than simply as a listing-day opportunity.“Jio Platforms is a compounding story than a listing-day trade,” Singh said.He pointed to the company's FY26 revenue of Rs 1.47 lakh crore, EBITDA of Rs 76,255 crore and profit after tax of Rs 30,049 crore. EBITDA grew 17.8% during the year, while the company's EBITDA margin stood at 52%, rising to 53.3% in the first quarter of FY27, according to the figures provided by Singh.Singh also highlighted the company's plans to use a substantial portion of the IPO proceeds to repay debt at Reliance Jio Infocomm Ltd (RJIL). The proposed repayment of Rs 27,500 crore could reduce interest costs and provide greater flexibility for future investments.On the operating side, Jio had 533 million customers, including 285 million on 5G, and carried around 60% of India's wireless data traffic, Singh said.He added that Jio's average revenue per user (ARPU) of Rs 214 remained below Bharti Airtel's Rs 257, leaving room for growth through tariff increases and a shift towards higher-value services.The company is also expanding beyond mobile connectivity. Singh pointed to its home broadband business, which had 28.6 million JioFiber and AirFiber users, as well as opportunities in enterprise services, cloud computing and artificial intelligence.However, he cautioned that regulatory changes, tariff decisions and customer churn remain risks. In his assessment, the longer-term investment opportunity lies in the company's ability to convert its scale and expanding digital services into sustained earnings growth.The strong GMP suggests that grey market participants are anticipating a premium listing, but the actual outcome will depend on demand during the subscription period, the final allocation of shares and broader market conditions.Investors will also need to consider Jio Platforms' valuation, debt repayment plans, earnings growth and the potential for higher ARPU as 5G adoption and digital services expand.The IPO's size means it will attract significant attention from institutional and retail investors. But a large issue and a high grey market premium do not automatically make an IPO attractive at any price.For investors, the key question is whether the company's growth prospects and financial performance justify the valuation implied by the price band. GMP can offer a snapshot of informal market sentiment, but it should not be treated as a forecast of guaranteed listing gains.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends