Jio Platforms Sets IPO Price Band at Rs.1,065-1,119, Targets Rs.10.3 Lakh Crore Valuation
BAC sits 17% above its 52-week low of $46.115 on light trading volume (0.3× avg).
Summary
Jio Platforms, the telecom and digital arm of Reliance Industries, has set its IPO price band at Rs.1,065-1,119 per share, targeting a valuation of up to Rs.10.3 lakh crore. The offering would raise about Rs.30,200 crore at the upper end, making it India's largest-ever IPO. Subscription opens 21 October and closes 23 October, with trading expected 28 October. Bank of America is one of 19 banks appointed to the share sale, alongside Morgan Stanley, Citigroup, and others. The valuation is below earlier expectations of Rs.11 lakh crore, reflecting a tempered pricing environment after a selloff in Indian stocks. This is the first report of the IPO pricing details; no prior news in the timeline covers this event.
At the time of this announcement, BAC was trading at $54.13 on NYSE in the Finance sector, with a market capitalization of approximately $378.5B. The 52-week trading range was $46.12 to $65.23. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Mint.