Jio Platforms sets IPO price band at Rs 1,065-1,119

Jio Platforms has set a price band of Rs 1,065 to Rs 1,119 a share for an initial public offering of up to 27 crore new shares, with subscription scheduled to open October 21 and close October 23. Reliance Industries disclosed the terms in a regulatory filing on October 14. The offering is a fresh issue, meaning proceeds will go to Jio Platforms rather than selling shareholders. At the upper end of the price range, the stated share limit implies proceeds of about Rs 30,213 crore. One report put the expected amount at Rs 37,700 crore, but the supplied information does not explain the difference. The offering’s final proceeds will depend on the terms and investor bids. Anchor investors are scheduled to bid on October 19. The IPO reserves up to Rs 500 crore for eligible Jio Platforms employees and up to Rs 2,500 crore for eligible Reliance Industries shareholders. The shareholder category is open to individuals and Hindu undivided families who held Reliance shares as of October 14, according to the filing. Eligible employees will receive a Rs 54-per-share discount, the filing said. Investors must bid for at least 12 shares and in multiples of 12 thereafter.