Jio share commands over 20% premium in grey market
Despite its mammoth size, shares of Jio Platforms Ltd, which is set to launch India’s largest IPO on October 21, are attracting strong demand in the grey market. The latest grey market premium (GMP) has surged more than 80% in two weeks to Rs 230 per share, implying a 20.6% premium over the IPO’s upper price band of Rs 1,119.
Jio’s IPO will open for subscription on October 21 and close on October 23. The billionaire Mukesh Ambani-led company has fixed the price band at Rs 1,065–1,119 per share, with the issue expected to raise around Rs 30,213 crore, making it India’s largest IPO.
