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, overtaking Hyundai Motor India's 279 billion-rupee initial share sale in 2024.
The Bitget contract became available on Oct. 14. Since then, it has traded between $11.48 and $12.24. Volume over the period totals about 369,000 JIO, or roughly $4.4 million, providing a live valuation for a stock that has not yet listed.
This isn’t the first time that an impending IPO has found a market on crypto platforms. Perpetual contracts on SpaceX and Cerebras (CBRS), for example, traded on TradeXYZ, a platform on the Hyperliquid network, ahead of their stock market debuts.
The contracts show how price discovery for big IPOs is starting to take place on crypto platforms, even before the first share trades.
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