The Jio Platforms IPO, worth Rs 30,213 crore, opens for subscription on October 21 and closes October 23 at a price band of Rs 1,065 to Rs 1,119 per share, and at the upper end would be India's largest IPO to date. The issue consists entirely of fresh shares, with up to Rs 27,500 crore earmarked for repaying borrowings of Reliance Jio Infocomm. Investors will also watch September-quarter earnings from banks such as ICICI Bank and HDFC Bank, along with crude oil prices, foreign investor outflows and the rupee. The Nifty 50 rose 2.8% to 23,146.15 and the Sensex gained 3.1% to 74,729.27 on October 16, as Indian equities posted their strongest weekly performance in six months, led by IT stocks. The RBI Monetary Policy Committee minutes are scheduled for October 21.
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