Grey market trading in Reliance Jio Platforms has picked up days before the likely launch of India’s biggest IPO, with unofficial prices quoting around Rs 170-180 per share higher than the reported price band, according to analysts tracking the shadow market. According to traders, the premium implies a gain of about 15-16% over the likely upper end. The official price band has not yet been announced, and the red herring prospectus is likely to be filed this week.
Reuters reported that Jio Platforms is likely to price its shares at Rs 1,065-1,119 apiece, valuing the company at about Rs 10.3 lakh crore, or $106 billion. At the reported upper price of Rs 1,119, a grey market premium of Rs 170-180 would imply an informal listing expectation of around Rs 1,289-1,299 if the current trends sustain.
