Reliance’s Jio Platforms IPO allotment on Mon, Oct 26: What happens to your money if you get none, one or many lots?
Jio Platforms’ IPO was subscribed more than 22 times, making allotment uncertain, especially for investors seeking multiple lots. Applicants allotted no shares will have their blocked funds released; those allotted one 12-share lot will be charged ₹13,428 at the upper price band.
For investors who receive allotment of a single lot, the exact amount required for one lot will be debited from your bank account. Jio Platforms IPO has fixed issue price band at ₹ 1,065 to ₹ 1,119 per share.
One lot consists of 12 shares of an issue. Hence, the minimum amount required by an investor to apply for a Jio IPO lot is ₹ 13,428 (considering its upper price band). Which means that an amount of ₹ 13,428 will be deducted from the bank account if one lot is allotted.
Jio Platforms IPO’s latest grey market premium (GMP) stood at ₹ 248 at 6:37 pm on Sunday, as per media reports. Considering its upper price band mark, Jio IPO’s estimated listing price is likely to stand near ₹ 1367 per share (which is the sum of upper price band and latest GMP). The issue is likely to be listed on exchanges on Wednesday, October 28.
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