Reliance Jio’s $110 billion perp dress rehearsal comes with a catch: no shares

On Thursday, Oct. 22, 2026, the JIOUSDT perpetual contract on Bitget traded near $12, implying about $110 billion for India’s Jio Platforms as the company’s three-day public subscription got underway. The contract traded at a 3.8%, or roughly 4%, premium to the roughly $106 billion valuation implied by the IPO’s upper price band.

Jio set a maximum bid price of 1,119 rupees ($11.79) per share. With about 9.21 billion shares expected to be outstanding after the sale, that maximum bid values the company at most around 10.3 trillion rupees ($106 billion). The IPO seeks to raise about 302 billion rupees, making it the largest in India’s history and overtaking Hyundai Motor India’s 279 billion-rupee initial share sale in 2024.

Jio Platforms is the telecom and digital business of Reliance Industries, one of India’s biggest conglomerates. Its Jio network started up in 2016 and a decade later is the largest mobile operator by subscriber numbers.

Available since Oct. 14, the JIOUSDT contract has traded between $11.48 and $12.24. Volume has totaled about 369,000 JIO, or roughly $4.4 million, providing price discovery before Jio’s shares begin trading publicly. The perpetual contract offers leveraged price exposure but no shares, voting rights or dividends, has no expiry date and could swing sharply if the IPO is delayed, repriced or canceled.

Pre-IPO crypto contracts have appeared ahead of other stock listings. Perpetual contracts on SpaceX SPCX and Cerebras (CBRS) traded on TradeXYZ, a platform on the Hyperliquid network, before their stock market debuts. For SpaceX, synthetic perpetual futures on Hyperliquid and Binance traded around $162-$165, implying a $2.2 trillion valuation, while the company’s official IPO valuation was almost 20% lower at $1.8 trillion.