Reliance Industries advances October pay to fund Jio IPO investments
Reliance Industries is giving its employees a head start on the much-anticipated Jio Platforms IPO by paying October salaries in advance, so they have funds ready to invest.
The IPO runs from October 21 to 23, with shares priced between ₹1,065 and ₹1,119, and aims to raise a massive ₹30,200 crore ($3.2 billion).
Reliance employees get 500cr, shareholders 2500cr
419,911 Reliance staff, including 74,822 from Jio, are being encouraged to open trading accounts and join in.
Eligible employees get access to ₹500 crore worth of shares at a 5% discount, while eligible Reliance Industries shareholders have a separate pool of ₹2,500 crore in shares.
With investors like Fidelity Management & Research, Allianz SE, and Capital Group also indicating interest, this could help Jio hit an eye-popping valuation of up to ₹10.3 trillion ($108 billion).