Stories
Jio Platforms IPO will be India's biggest IPO ever: Uday Kotak
- •The Initial Public Offering of Reliance Industries digital arm, Jio Platforms, is scheduled to open on Wednesday, October 21, and close on October 23.
- •Veteran industrialist Uday Kotak described the IPO as a historic moment, noting it will be India's largest IPO to date.
- •Kotak praised Jio's incredible growth, stating it transformed India into a data-rich nation with nearly 1 billion 4G and 5G subscribers.
- •He credited Akash Ambani and Isha Ambani for building new-age digital and retail businesses under Mukesh Ambani's guidance.
- •Kotak fondly recalled Dhirubhai Ambani and how Reliance's early public offerings inspired his own career in financial services.
Key Questions Answered
According to Reliance Industries' regulatory filing, the Jio Platforms IPO bidding date for anchor investors is set for Monday, October 19, while the public subscription will open on Wednesday, October 21, and close on Friday, October 23, with shares expected to be listed around October 28.
The Jio Platforms IPO consists of an issue of 27 crore shares with a price band set between ₹1,065 and ₹1,119 per share, allowing the company to raise approximately ₹30,213 crore at the upper price band and making it India's largest IPO to date.
Reliance Industries has filed the Red Herring Prospectus (RHP) reserving shares worth ₹2,500 crore specifically for eligible existing Reliance shareholders, alongside a quota of ₹500 crore set aside for company employees.
