The Jio Platforms IPO is now officially priced. The price band sits between ₹1,065 and ₹1,119 per share. At the upper end, the issue size hits ₹30,213 crore—firmly dethroning Hyundai Motor India’s 2024 listing of ₹27,870 crore as India’s largest equity offering. This is a complete fresh issue; there is no Offer for Sale (OFS) component, meaning every rupee raised goes directly into the company’s war chest for capex and debt servicing.
For Reliance Industries (RIL) shareholders, the mechanics are tight. A 35% retail quota is standard, but 2.23 crore shares (worth ₹2,500 crore) are reserved specifically for existing RIL shareholders. The eligibility cut-off is October 14. If you bought RIL shares on or before Tuesday, October 13, you can bid for this quota with a maximum limit of ₹2 lakh. Bought on October 14? You’re locked out of the shareholder bucket. No discount is offered to these shareholders, unlike the ₹54 per share perk given to eligible Jio employees.
Market sentiment around RIL remains stubbornly bullish despite recent weakness. As of the latest data, 30 out of 31 analysts tracking the stock maintain a 'Buy' recommendation. The lone 'Sell' is an outlier in a sea of conviction. RIL shares ended Wednesday at ₹1,174.6 on the NSE, up 0.7%. This marked the second consecutive day of gains after snapping a four-day losing streak. The stock recently touched a 52-week low, a dip that many long-term holders viewed as an accumulation window.
Thursday, October 15, will be the real test. With the price band now public, the focus shifts to subscription levels and the broader market’s appetite for a ₹30,000 crore mega-deal. RIL’s 44.72 lakh small retail shareholders (holding 7.16% of the company as of June 30) will be key to the retail quota’s fill rate. Watch the opening bell closely; liquidity could thin out as traders hedge against the IPO’s potential impact on RIL’s valuation multiples.