Jio sets IPO price band for up to 270 million new shares
Image: Primary Jio Platforms has set an IPO price band of ₹1,065 to ₹1,119 per share for up to 270 million new shares, TechCrunch reported, citing a Reliance Industries stock exchange filing. The digital business is seeking to raise as much as $3.2 billion. Subscription opens October 21 and closes October 23, with anchor investor bidding scheduled for October 19.
Jio plans to use up to ₹275 billion of the proceeds to repay debt at Reliance Jio Infocomm, with the remainder for general corporate purposes. Its telecom business had more than 524 million subscribers as of March 31.
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