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.
Jio IPO allotment on October 26: Jio Platforms saw bumper response, with the issue subscribed more than 22 times. As the Mukesh Ambani's Reliance Industries Limited (RIL)-backed Jio IPO witnessed record bidding, let’s understand different possible allotment scenarios for investors who applied for more lots. What happens if you are allotted multiple lots, just one or none?
Jio IPO allotment scenario 1: What happens if you get zero lots? There are a lot of chances that investors may end up receiving no lots of Jio IPO, given its oversubscription. In case of allotment of zero lots, the entire amount blocked in your account for Jio IPO will be completely unblocked and no money will be deducted.
Jio IPO allotment scenario 2: What happens if you get 1 lot? 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 IPO allotment scenario 3: Receiving multiple lots It is very unlikely for investors to receive multiple lots of Jio IPO as the issue was oversubscribed by a significant number. Under the retail category, investors can apply for 14 lots, ie ₹1,87,992. Investors can also apply through Reliance Industries Limited (RIL) shareholders quota and employee quota too.Jio IPO GMP today 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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