Jio Platforms IPO opens tomorrow: Here's how to apply
What's the story
Jio Platforms, India's leading telecom company, is gearing up to launch its initial public offering (IPO) on October 21. The country's largest public issue, worth ₹30,213 crore, will close on October 23. Investors can apply for the issue through various categories including retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs). Jio Platforms has fixed its IPO price band at ₹1,065-1,119 apiece.
Quota details
Quota for Reliance Industries shareholders
Jio Platforms' IPO also reserves portions for eligible Reliance Industries shareholders and employees of Reliance Industries, Jio Platforms, and its subsidiaries.
The company has set aside ₹2,500 crore of its ₹30,213 crore issue for Reliance Industries shareholders.
Bids under this category can go up to ₹2 lakh with no minimum size required.
To apply under this quota, one had to own RIL shares by October 14.
Employee eligibility
For employees of Reliance Industries, Jio Platforms, and its subsidiaries
For employees of Reliance Industries, Jio Platforms, and its subsidiaries, a portion of ₹500 crore has been reserved in the IPO. However, other RIL group companies are not eligible to apply under this category.
Eligible employees can choose the employee category while applying as per the terms of the IPO.
Bids under this category can go up to ₹5 lakh with no minimum size required.
Bidding restrictions
Retail category is for bids under ₹2 lakh
The Securities and Exchange Board of India (SEBI) does not allow investors to bid in both retail and NII categories.
This means that investors have to choose between the two when applying for Jio Platforms's IPO.
The retail category is for bids under ₹2 lakh while the NII category is for those exceeding this amount.
Retail investors can apply for a minimum of 12 equity shares, requiring an outlay of ₹13,428 at the upper price band of ₹1,119 per share.