Crypto traders price India telecoms company Reliance Jio's IPO at about $110 billion
Source: CoinDesk ·
From the source
The pre-IPO Jio contract on Bitget is trading near $12, a roughly 4% premium on the top price band, as India’s largest public offering remains open for subscription. Crypto traders are already betting on the largest IPO in India’s history, putting a $110 billion price tag on Indian telecoms giant Jio Platforms as its official three-day public subscription gets underway. The JIOUSDT perpetual contract on Bitget traded near $12 on Thursday. For comparison, the company set a maximum bid price of 1,119 rupees ($11.79) per share . The company is expected to have about 9.21 billion shares outstanding after the sale, valuing it at most around 10.3 trillion rupees ($106 billion). Jio Platforms is the telecom and digital business of Reliance Industries, one of India’s biggest conglomerates. Its Jio network started up in 2016 and a decade later is the largest mobile operator by subscriber numbers. The IPO, which seeks to raise about 302 billion rupees, is the largest in India’s history,…