Jio IPO GMP at 20%: Grey market signals Rs 220 premium as brokerages say subscribe

Reliance-backed Jio Platforms is set to launch its IPO on October 21-23 at a price band of Rs 1,065-1,119 per share, with a grey market premium of around Rs 220 indicating an indicative listing price of about Rs 1,339. The entirely primary issue comprises 27 crore shares, with the company planning to use around Rs 27,500 crore of proceeds to repay or prepay borrowings, and a post-issue market capitalisation of approximately Rs 10.30 lakh crore. Emkay Global has recommended subscribing to the issue, citing Jio's market leadership with 533.3 million customers, 15.8% revenue CAGR between FY24-FY26, EBITDA growing from Rs 54,341 crore to Rs 73,382 crore, and profit after tax rising from Rs 21,422 crore to Rs 30,064 crore.