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

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.

According to unofficial grey market trackers, Jio Platforms’ IPO shares were quoted at Rs 1,339, implying a premium of Rs 220 per share over the upper price band. If the premium holds until listing, it would indicate a potential listing gain of nearly 20% for investors allotted shares at the upper end of the price band.


Also read: Jio IPO to open on October 21: 10 things to know about the Rs 30,000 crore mega issue

Jio IPO GMP has risen from Rs 148 on October 4 to Rs 220 in the latest reading, after touching Rs 218 on October 13, according to the sources tracking unofficial markets. The trend points to continued interest in the IPO ahead of the launch, although investors will be watching whether the premium sustains as the issue opening approaches. Grey market quotes can vary across platforms and update times.

It is worth noting that the GMP is an unofficial indicator of investor sentiment towards an IPO and is based on transactions in the unregulated grey market before shares are listed on the stock exchanges. While a rising GMP may indicate expectations of listing gains, it does not guarantee the actual listing price or returns investors may earn. Investors should therefore treat GMP figures as indicative rather than definitive and avoid making investment decisions based solely on unofficial grey market quotations.

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Jio IPO details

Jio IPO is a book-built issue comprising 27 crore equity shares, entirely through a fresh issue. The public issue will open for subscription on October 21, 2026, and close on October 23, with the allotment expected to be finalised on October 26. The shares are tentatively scheduled to list on the NSE and BSE on October 28.

At the upper end of the price band, Jio Platforms is expected to command a valuation of around Rs 10.3 lakh crore. The proposed Rs 30,213 crore offering would surpass Hyundai Motor India’s Rs 27,900 crore IPO in 2024, making it potentially India’s largest-ever public issue.

The proposed valuation is more than double the equity valuation of around Rs 4.91 lakh crore at which most financial and sovereign investors entered Jio in 2020. Google’s investment was made at a lower equity valuation of around Rs 4.36 lakh crore.

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Reliance Industries owns around two-thirds of Jio Platforms, and the IPO is expected to provide an independent market valuation for one of the conglomerate’s key growth assets. Jio Platforms houses Reliance’s digital and telecom businesses, spanning mobile services, broadband, cloud, entertainment, enterprise technology and artificial intelligence-linked platforms. The company is positioning itself as a broader consumer technology and digital infrastructure business rather than solely as a telecom operator.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here