Jio Platforms' grey market premium jumps to Rs 218 ahead of October 21 launch; price band set at Rs 1,065-1,119

Mumbai: The grey market premium (GMP) for Jio Platforms has risen ahead of its much-awaited initial public offering (IPO), climbing to ₹210-218 per share from around ₹148-180 last week, according to grey market brokers. Jio Platforms is expected to announce its price band on Thursday.

In an announcement to exchanges, Reliance Industries informed that the company has set a price band for ₹1,065-₹1,119 for Jio Platforms IPO. Eligible employees bidding under the employee reservation portion will received a ₹54 per share discount. Investors will have to bid for a minimum of 12 shares and in multiples of 12 thereafter.

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The IPO is scheduled to open on October 21 and close on October 23, with the anchor book opening on October 19. The company is expected to list on exchanges on October 28. The IPO will be a fresh issue of 27 crore shares. At the upper end of the price band, the issue size will be around ₹30,213 crore.

Traders in the unlisted market, who did not wish to be named, said demand for Jio Platforms shares was strong and that the stock could list above its issue price.

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Including FY26 net debt of around ₹1.4 lakh crore, comprising deferred spectrum liabilities of around ₹1 lakh crore and lease liabilities, and adjusting for the IPO proceeds, Nomura estimated Jio Platforms' enterprise value at ₹10.9-11.4 lakh crore ($113-118 billion).

This is around 11-15% below the brokerage's enterprise value target of $133 billion, based on 12 times June 2028 EBITDA.

Nomura estimated Jio Platforms' implied FY28 forward enterprise value-to-EBITDA multiple at 10.5-10.9 times, below its own and the Street's target multiple of 12 times. It said Jio Platforms would likely need to demonstrate growth to public-market shareholders after listing. With the period of easy subscriber gains likely ending, tariff hikes could become the primary driver of earnings growth, the brokerage said.