Jio Platforms Ltd is set to create history in India’s primary market with a Rs 30,213-crore initial public offering (IPO), overtaking Hyundai Motor India’s Rs 27,859-crore issue in 2024 to become the country’s largest-ever IPO by issue size.

However, the defining feature of Jio’s public offering is not just its size but also its structure. Unlike several previous mega IPOs, which largely enabled existing shareholders to sell their stakes, Jio Platforms’ IPO will comprise entirely of fresh equity shares, with no offer for sale (OFS) component.

The company has fixed a price band of Rs 1,065-1,119 per share for the IPO, scheduled to open for subscription from October 21 to October 23. At the upper end of the price band, the company will raise Rs 30,213 crore by issuing 27 crore fresh shares. The IPO values Jio Platforms at approximately Rs 10.3 lakh crore, or around $108 billion.

Anchor investor bidding is scheduled for October 19, while the shares are expected to list on October 28.

Since the IPO consists entirely of a fresh issue, the proceeds will go to Jio Platforms rather than existing shareholders looking to sell their holdings. Of the net proceeds, up to Rs 27,500 crore will be used to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm. The remaining amount will be allocated towards general corporate purposes.

The debt repayment allocation accounts for approximately 91 per cent of the IPO’s gross proceeds at the upper end of the price band. The proposed use of funds is expected to help strengthen the balance sheet of Reliance Jio Infocomm, the group’s telecom operating business.