Bitget’s Jio Futures Contract Implies a $110 Billion IPO Valuation

A Bitget futures contract tied to Jio Platforms implied a value near $110 billion on Oct. 22, giving investors a derivatives-market gauge as the Indian telecom and digital-services company’s public offering approached its final day.

JIOUSDT, a Tether (USDT)-settled perpetual contract, traded around $12. Applying that price to Bitget’s estimated share count of 9.21 billion yields an implied value of roughly $110 billion. The estimate is a market signal from a derivative, not a price for Jio shares. Bitget lists the share count for reference and does not guarantee it matches the company’s eventual total.

The contract does not confer ownership in Jio Platforms. It allows leverage of up to 20x and trades around the clock, with funding fees settled every eight hours. Since its Oct. 14 launch, trading volume has totaled about 369,000 JIO, or roughly $4.4 million. Bitget introduced the contract ahead of the offering.

Jio’s IPO opened Oct. 21 and closes Oct. 23, with a price band of ₹1,065 to ₹1,119 per share. The company plans to issue up to 270 million new shares. By 8:24 a.m. ET (12:24 UTC) on Oct. 22, bids exceeded five times the shares available, and the retail portion was fully subscribed.

At the low end of the price band, the offering would surpass Hyundai Motor India’s 2024 sale, currently India’s largest IPO. Jio Platforms is the digital and telecom business of Reliance Industries. Its IPO terms and planned use of proceeds were set out ahead of the offering, which ends Oct. 23.