Jio Platforms IPO: what we know so far about India's possible biggest-ever share sale

Jio Platforms, the digital and telecom arm of Reliance Industries, is preparing for what could become India's largest initial public offering. It is one of about a dozen companies, including Zetwerk, said to be lining up share sales this month.

What is confirmed

Jio Platforms filed its draft papers with the Securities and Exchange Board of India (SEBI) in June, and the regulator issued its final observations on August 28, clearing the way for the issue. The IPO will consist entirely of fresh shares, meaning the money raised goes to the company rather than to existing shareholders.

Half of the offer is reserved for institutional investors and half for retail and high-net-worth investors. Within that half, 35 per cent is earmarked for retail investors bidding up to Rs 2 lakh.

What is still tentative

Media reports suggest the issue could open for subscription from October 21 to 23, with an anchor book on October 19 and listing on the NSE and BSE around October 28. October 20 is a market holiday for Dussehra. These dates have not been officially announced.

Reports put the issue size at around Rs 37,000-38,000 crore, which would surpass Hyundai Motor India's Rs 27,870 crore IPO as the country's largest. The company has not yet finalised the size, price band or valuation, and a price band decision is expected soon. Part of the proceeds is reported to be earmarked for repaying borrowings at Reliance Jio Infocomm.

Before you invest

Investors should wait for the final red herring prospectus, price band and official dates, and read the risk factors before applying. Grey market premium figures circulating online are unofficial and can change quickly.