Reliance Industries chairman Mukesh Ambani is enlisting the help of millions of employees of the group to make the IPO of his telecom and digital company Jio Platform a success. To increase employee participation in the issue, which is going to be India’s largest IPO ever, the company has asked them to consider investing. Meanwhile, an ET report claims that Reliance also released the salary for the month of October almost 15 days earlier than the usual time. However, the reason for early payment of wages was not given to the employees.

According to the report, Reliance Group has reached around 4.20 lakh employees working across its companies. Employees are asked whether they or their family members have trading accounts required to buy shares. People who do not have this facility are encouraged to open accounts.

Separate quota for employees, benefit of 5% discount

According to Bloomberg data, Reliance Industries has a total of 4,19,911 employees. Of these, 74,822 employees work for Jio. Jio employees can apply under the quota reserved for employees in the IPO. At the same time, employees working in other Reliance group companies can apply under the retail investor category. A separate portion is also reserved for such shareholders of Reliance Industries who fulfill the prescribed eligibility conditions.

Shares up to Rs 500 crore have been reserved for eligible employees, according to documents filed by the company. They will also get a 5% discount on the offer price of the shares. For eligible shareholders of Reliance Industries Rs. 2,500 crore shares are also reserved.

The valuation could be up to Rs 10.3 lakh crore

Jio Platform IPO Rs. 30,200 crore is coming with a target of raising up to Rs. The valuation of the company is expected to be around Rs 10.3 lakh crore. The price band of the shares in the IPO is Rs. 1,065 to Rs. 1,119 has been fixed. Applications for investment in the IPO can be made from October 21 to October 23. Anchor Book will open for large investors on October 19. According to the report, Jio has received bids of over $20 billion and global investors like Fidelity, Allianz and Capital Group have also shown interest.