As bookbuilding begins for Jio Platforms’ IPO, an equity-linked futures contract trading on Bitget has valued the company at about $110 billion.
According to CoinDesk, the JIOUSDT contract traded at around $12 on October 22. Based on the expected 9.21 billion shares outstanding after the IPO, that price implies a company valuation of about $110 billion.
Jio is the telecom and digital business arm of Reliance Industries, one of India’s largest conglomerates. While the company’s three-day bookbuilding period is underway, its shares are not yet trading on an exchange; the price on the crypto platform reflects investors’ expectations ahead of the IPO.
Preparing for India’s largest IPO
The maximum offer price in the IPO was set at 1,119 rupees per share. The company aims to raise about 302 billion rupees through the sale. That would surpass Hyundai Motor India’s 279 billion-rupee IPO in 2024.
The Bitget contract began trading on October 14. Since then, it has moved in a range of $11.48–$12.24, with approximately 369,000 JIO, or $4.4 million, in trading volume. The figure of about $110 billion is not the amount of money entering this market; it is the company valuation implied by the contract price.
How much guidance does pre-IPO pricing offer?
Shares have previously been priced on crypto platforms before they began trading, including those of SpaceX and Cerebras. However, expectations formed through these contracts do not always match the official IPO valuation.
According to the comparison in the report, SpaceX’s synthetic futures contracts pointed to a valuation of about $2.2 trillion, while its official IPO valuation was $1.8 trillion. This example shows that early pricing can differ significantly from the final sale price.
Buying the contract doesn’t make you a Jio shareholder
JIOUSDT is a perpetual derivative that allows investors to take leveraged positions using USDT as collateral. It does not provide share ownership, voting rights, or dividend rights; investors only hold a position tied to price movements.
Bitget says that publicly available information, such as the announced IPO price range or final offer price, is used in pricing. After the shares are listed, the contract is planned to transition into a standard perpetual futures contract. A delay to the IPO, a change in its price, or its cancellation could trigger sharp moves in the contract.
Not investment advice.