Jio Platforms’ grey market premium (GMP) has climbed to Rs 250 ahead of its much-awaited initial public offering (IPO), pointing to an indicative listing price of Rs 1,369 per share. The anchor investor bidding window opens on Monday, October 19, ahead of the public issue opening later this week.
At the latest recorded premium of Rs 250, GMP indicates a potential premium of 22.34% over the upper end of the issue price band of Rs 1,119. The estimated listing price of Rs 1,369 is calculated by adding the grey market premium to the upper price band.
The GMP is an unofficial indicator of investor sentiment and does not guarantee the price at which the shares will list.
The of Reliance Industries’ digital services arm will open for public subscription on October 21 and close on October 23. The company aims to raise Rs 30,213 crore through a fresh issue of shares, making it India’s largest-ever IPO if completed at the announced size.
GMP has strengthened over the past few days. It stood at Rs 206 on October 14 before rising to Rs 221 on October 15 and 16, and Rs 235 on October 17. The latest reading is Rs 250 on October 19.
The movement suggests improving sentiment in the grey market ahead of the IPO. However, these transactions take place outside the formal stock exchanges, and the premium can change before listing.
The estimated listing prices are based on the upper price band of Rs 1,119 and the corresponding GMP readings. The figures are indicative, not forecasts of the actual listing price.
For a retail investor applying for one lot of 12 shares at the upper price band, the investment would be Rs 13,428 before any applicable charges. At a GMP of Rs 250, the tracker indicates a notional gain of Rs 3,000 per lot. This is not a guaranteed return, and the actual listing price could be lower than the issue price.
Jio Platforms has fixed its IPO price band at Rs 1,065-1,119 per share. The minimum application size for retail investors is 12 shares, requiring an investment of Rs 12,780 at the lower end and Rs 13,428 at the upper end of the band.
The anchor investor bidding takes place on October 19, while the IPO opens for other investors on October 21. The issue closes on October 23, with allotment expected on October 26 and listing scheduled for October 28.
The issue comprises a fresh issue of up to 27 crore equity shares, with no offer for sale by existing shareholders. Of the proceeds, Rs 27,500 crore is earmarked for repayment, in full or in part, of certain outstanding borrowings of its material subsidiary, Reliance Jio Infocomm Ltd. The remaining proceeds will be used for general corporate purposes.
Jio Platforms operates across mobile and broadband connectivity, digital entertainment, gaming, cloud storage, smart-home services and artificial intelligence-enabled offerings. As of June 2026, it served more than 53.3 crore customers, including over 28.5 crore 5G users.
Its financial performance has also improved. Revenue from operations rose from Rs 1,09,558 crore in FY24 to Rs 1,46,885 crore in FY26, while profit after tax increased from Rs 21,423 crore to Rs 30,049 crore over the same period.
Religare Broking has assigned a “Subscribe – Long Term” rating to the Jio Platform IPO, citing the company’s scale, growth in digital services, opportunities in 5G and AI, and improving profitability.
However, investors should also consider the risks. The company depends heavily on Reliance Jio Infocomm for a significant share of its revenue and profits. Regulatory changes affecting telecom licences and spectrum, competition from satellite-based broadband services, and the pace at which new technologies are commercialised could affect future performance.
The may indicate strong unofficial demand, but it should not be the sole basis for an investment decision. Investors should assess the issue valuation, financial performance, use of proceeds and long-term growth prospects before applying.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)