Reliance shares rise after Jio sets ₹1,065-₹1,119 IPO band, ₹30,213cr
Reliance shares jumped nearly 3% on Thursday after Jio Platforms announced its IPO price range: ₹1,065 to ₹1,119 per share.
The company is aiming to raise a massive ₹30,213 crore, making this India's biggest IPO yet.
Reliance stock rose to ₹1,209.50 on both BSE and NSE.
Jio offering up to 27cr shares
Jio Platforms is offering up to 27 crore new shares (face value: ₹10 each), with bids in lots of 12 shares: one lot will cost up to ₹13,428 at the top end.
Unlike some past big IPOs, this one is a pure fresh issue, so all the money raised goes straight to Jio.
The IPO opens October 21 and closes October 23.
Eligible employees to receive ₹54/share discount
Jio is giving eligible employees a ₹54 per share discount in their reserved portion, a nice gesture that shows they're thinking about their team while raising capital.
The company already has the IPO committee of Jio Platforms's board approved the band at a meeting on Wednesday.