Jio Platforms Ltd. is set to price its shares at ₹1,065-1,119 in what's shaping up to be India's largest initial public offering (IPO), according to people familiar with the matter.
The company is targeting a market value of as much as ₹10.3 lakh crore, the people said, asking not to be identified because the information isn’t yet public. At the upper end of the price band, the Jio IPO would raise about ₹30,200 crore, according to Bloomberg calculations. That would keep it on track to become India’s largest-ever IPO.
The telecom and digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd. plans to open public subscription on 21 October and close it two days later, the people said. The anchor book is scheduled to open on 19 October, with the shares expected to begin trading on 28 October, they said.
Deliberations are ongoing and details including the price range, valuation and timing could still change, the people said.
A Reliance Industries representative did not offer any immediate comments. On the sidelines of the India Mobile Congress in New Delhi Thursday, Chairman Akash Ambani said Jio Platforms aspires to deliver India's largest IPO.