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Listen to this article in summarized format Global investors including Fidelity, Allianz and Capital Group, along with other overseas and local institutions, have indicated interest in the offering, Bloomberg reported. The final list of anchor investors is likely to be decided in the coming days, though the process is still ongoing and no final decisions have been made. The strong interest comes even as Jio’s valuation has been reset from earlier, more aggressive expectations. After initial estimates had gone as high as $170 billion, Jio Platforms is now aiming for a valuation of up to Rs 10.3 lakh crore, or about $106 billion, Reuters reported earlier. Also Read: Reliance Jio IPO: GMP already seeing 'Ambani premium' ahead of record issue launch At the upper end of the expected price band, Jio’s IPO could raise about Rs 30,200 crore. That would put it ahead of Hyundai Motor India’s Rs 27,900 crore issue in 2024 and make it the largest IPO in Indian market history. Reliance Jio IPO: Tentative dates and listing The issue is expected to open next week on October and before October 30. The formal price band is yet to be announced. Reports indicate that Jio could price the issue at Rs 1,065-1,119 per share, implying a valuation of about Rs 10.3 lakh crore. The IPO is expected to be entirely a fresh issue. That means existing investors including Meta Platforms, Alphabet’s Google, Mubadala and Saudi Arabia’s Public Investment Fund are not expected to sell shares in the offering. The structure also means the proceeds will go to Jio Platforms, rather than to existing shareholders. Jio’s proposed listing has become the biggest event in India’s primary market this year. The company houses Reliance Industries’ telecom and digital businesses, spanning mobile services, fixed broadband, cloud, entertainment, enterprise technology and artificial intelligence offerings. It is led by Akash Ambani, managing director of Jio Platforms and son of Reliance Industries chairman Mukesh Ambani. Akash Ambani has been leading investor meetings across Hong Kong, London and New York in recent weeks, Bloomberg reported. Jio is being pitched as more than a telecom operator, with Reliance seeking to position it as a broader technology and digital infrastructure platform. But the market is likely to weigh its valuation against telecom cash flows, average revenue per user, 5G monetisation, broadband growth and the ability to build profitable digital services beyond connectivity. Grey market activity heats up Grey market activity has also picked up ahead of the launch. Unofficial trades have been quoting a premium of about Rs 170-180 per share, implying roughly 15-16% over the likely upper end of the reported price band. Grey market prices are unofficial and can change quickly once the price band, anchor book and final issue details are announced. The valuation also marks a sharp jump from Jio's 2020 private fundraising round. Most financial and sovereign investors entered Jio Platforms at an equity valuation of about Rs 4.91 lakh crore, while Google invested at an equity valuation of about Rs 4.36 lakh crore. The proposed IPO valuation is more than double those levels, though lower than the most bullish expectations that had built up earlier. Brokerages have broadly placed Jio's value around the Rs 10 lakh crore to Rs 11 lakh crore range. Motilal Oswal has estimated Jio Platforms' value around Rs 11 lakh crore, while Nomura has placed the IPO equity value in the Rs 9.8 lakh crore to Rs 10.3 lakh crore range. For Reliance Industries, the IPO could unlock value from its digital business and give public investors direct exposure to Jio’s telecom and technology platform. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) 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