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The Economic Times
The Economic Times
Business
Kumar Gaurav

Jio IPO sparks investor buzz: GMP hits 20% as Reliance’s telecom arm announces price band, dates

IPO Jio Reliance Jio Platforms Hyundai Motor India India Reliance Industries

The grey market has responded positively to Jio Platforms’ announcement of the price band, issue size and timeline for its much-awaited initial public offering (IPO). The stock’s grey market premium (GMP) climbed to Rs 220 soon after the announcement, implying a premium of nearly 20% over the upper end of the price band at Rs 1,119.

Reliance Industries’ telecom and digital-services arm filed its red herring prospectus (RHP) on October 14, fixing the price band at Rs 1,065-1,119 per share. At the upper end, the company could raise around Rs 30,213 crore through a fresh issue of up to 27 crore equity shares, making it potentially India’s largest-ever IPO.

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