Crypto Traders Value Jio Platforms at $110 Billion
Bitget’s JIOUSDT contract is already putting a market value on Reliance Jio while subscriptions are open for India’s biggest IPO ever.
Key Takeaways
- Crypto traders are valuing Jio Platforms through a Bitget perpetual at nearly $110 billion, even before the official IPO.
- The JIOUSDT contract traded around $12, above the IPO’s maximum price of 1,119 rupees, or $11.79 per share.
- Jio Platforms’ IPO is expected to raise about 302 billion rupees and is the biggest listing in India’s history.
Crypto traders are already pricing Jio Platforms at nearly $110 billion (€97.9 billion), even before the Indian telecom and digital company officially goes public. On Bitget, a JIOUSDT perpetual contract is already giving a live valuation for the biggest IPO in India’s history, while the three-day subscription period has just started.
Bitget Puts Jio Higher
The contract traded around $12 (€11) on Thursday. For comparison, the maximum IPO bid price has been set at 1,119 rupees, or $11.79 (€10) per share. Based on about 9.21 billion shares outstanding after the sale, that puts the valuation at up to about 10.3 trillion rupees, or roughly $106 billion (€94.4 billion).
Trading in the contract started on October 14, and since then the price has moved between $11.48 (€10) and $12.24 (€11). During that time, about 369,000 JIO changed hands, worth around $4.4 million (€3.9 million) in volume. That already creates a price signal for a stock that is not even listed yet.
India’s Biggest IPO
Jio Platforms is the telecom and digital arm of Reliance Industries, one of India’s largest conglomerates. The Jio network went live in 2016 and is now the country’s largest mobile operator by subscribers. The IPO is expected to raise about 302 billion rupees, making it bigger than Hyundai Motor India, which raised 279 billion rupees in 2024.
Interest is strong. According to market data, more than $20 billion (€17.8 billion) in bids has already come in, even before the official listing. The company plans to use the proceeds to reduce debt at subsidiary Reliance Jio Infocomm and for general corporate purposes.
Why This Matters for Crypto Followers
Trading in a pre-IPO perpetual shows that price discovery around major listings no longer happens only in the stock market. For crypto followers, that matters because these contracts show how quickly speculation, liquidity, and public interest can come together on crypto exchanges, even before a stock is actually tradable.
That fits into a broader trend where crypto exchanges are copying more traditional markets. Crypto exchanges are expanding into stocks and commodities to keep users and capital on their platforms longer.
That said, these contracts do not give investors shares. They only give exposure to the price, while the outcome can change if the IPO is delayed, adjusted, or canceled.
