Reliance Jio IPO | Reliance shares: Reliance Industries Ltd (RIL) shares rallied more than 2.5% on Wednesday as investors turned their attention to the highly anticipated initial public offering (IPO) of Jio Platforms, the digital and telecom business backed by billionaire Mukesh Ambani. The public issue opened for subscription on October 21 and will close on October 23. Investors will find out their allotment status after the process is expected to be finalised on October 26, while the shares are scheduled to debut on the BSE and NSE on October 28.
With a potential fundraising of more than ₹30,000 crore, the offering is set to become India's largest IPO by issue size, surpassing Hyundai Motor India's ₹27,800-crore issue launched in October 2024. Jio Platforms has priced its shares between ₹1,065 and ₹1,119 apiece. At the upper end of the band, the company is valued at approximately $108.3 billion, or around ₹10.3 lakh crore.Stock Price TrendThe stock jumped as much as 2.6% to its day's high of ₹1,234.60 per share on BSE.
It is now 23% away from its 52-week high of ₹1,611.20, hit in January 2026. Meanwhile, it touched its 52-week low of ₹1,152.30 last week on October 13.It has shed 2% in 1 month, 6% in 3 months, 10% in 6 months and over 16% in the last 1 year. However, in the last 1 week, it has risen over 4%.Jio Platforms IPO GMP: Is a 24% listing gain possible?Unofficial grey market indicators point to strong demand for Jio Platforms shares ahead of their stock market debut.
According to Investorgain, the IPO's grey market premium (GMP) stood at ₹273 per share.Based on the upper price band of ₹1,119 and the reported premium, the implied listing price works out to approximately ₹1,392 per share. This translates into a potential gain of 24.40% for investors who receive shares at the upper end of the issue price range.However, the GMP is not an official exchange indicator and does not guarantee the listing price.
Actual listing performance will depend on market conditions, investor demand and trading activity when the shares begin trading. ₹30,213-crore IPO: Where will the money go?Jio Platforms plans to raise approximately ₹30,213 crore through a fresh issue of 27 crore shares. The offering represents around 2.9% of the company's post-issue equity capital, according to Bloomberg calculations.At the lower end of the price band, the issue could still generate approximately ₹28,700 crore, putting it ahead of Hyundai Motor India's record-setting public offering in 2024.The proceeds will primarily be used to repay or prepay borrowings of Reliance Jio Infocomm Ltd, the group's telecom subsidiary.
The remaining funds will be allocated to general corporate purposes.The fresh share issuance will dilute Reliance Industries' stake in Jio Platforms from approximately 66.43% to 64.4%. Despite the reduction, RIL will continue to hold a majority interest in the business, retaining control of its digital and telecom operations.Jio Platforms IPO: Employee discount, shareholder quota and bankersThe offering includes dedicated reservations for eligible employees and existing Reliance Industries shareholders.
Company filings indicate that the employee reservation is worth up to ₹500 crore, with eligible employees entitled to a discount of approximately 5%.A separate shareholder reservation of up to ₹2,500 crore has also been set aside for eligible RIL shareholders, giving them an opportunity to participate in the public issue subject to the applicable eligibility criteria.The size of the transaction is reflected in the 19 banks appointed to manage the offering.
The syndicate includes Kotak Mahindra Capital, Morgan Stanley, Bank of America, Axis Capital, BNP Paribas and Citigroup.For Reliance Industries investors, the IPO brings the group's digital and telecom operations further into focus. The fresh capital raised will support the repayment of borrowings at Reliance Jio Infocomm, while the listing will establish a publicly traded market valuation for Jio Platforms.
The stock's performance after listing will ultimately determine whether the optimism reflected in unofficial grey market indicators translates into actual gains for investors.Should you buy RIL?Reliance Industries' technical indicators point to improving momentum, while Religare sees potential value unlocking from the proposed Jio Platforms IPO. Anand Rathi and Religare have highlighted key levels and upside potential for the stock.Vipin Kumar, AVP-Research at Globe Capital Market, noted that the stock started a pullback rally from the price support zone of 1100- 1150.
The ongoing bounce-back rally might continue up to the 1290-1330 spot zone. A decisive close above 1330 spot levels could lead it towards a sustainable up move; any dip towards the price support zone should be taken as a fresh buying opportunity, he added.Meanwhile, Aditya Thukral, founder and analyst at AT Research and Risk Managers stated that Reliance Industries observed a reversal from the downtrend; however, the trend has not yet changed to an uptrend, as it requires a combination of higher highs and higher lows.
“The stock has just broken the lower high of a smaller degree, and the complete reversal in prices would only be seen above 13333. Till then, the rallies will be called corrective and continue to provide exit/shorting opportunities. However, if the structure changes to higher highs and higher lows in the coming days, the reversal in prices will be marked. And, currently, the stock is in a no-trading zone where it gave an exit signal for shorts by breaking above 1223.70,” he noted.No clear trading opportunity exists in the stock at the moment; however, the price action in the coming days remains important.
Also, 1333 remains the key level for a long-term trend reversal in the stock price, added the expert.Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
