Crypto Traders Value Reliance Jio IPO at $110 Billion

Crypto traders are valuing Jio Platforms at around $110 billion through a pre-IPO contract on Bitget, which was trading near $12, approximately 4% above the company’s upper IPO price band as India’s largest-ever public offering opened for subscription.

The JIOUSDT perpetual contract on Bitget traded close to $12 on Thursday. Jio Platforms has set its maximum IPO price at 1,119 rupees ($11.79) per share. With an estimated 9.21 billion shares outstanding after the offering, the company’s implied valuation at the top of the price range stands at roughly 10.3 trillion rupees, or $106 billion.

Jio Platforms operates the telecommunications and digital services business of Reliance Industries, one of India’s largest conglomerates. Since launching its mobile network in 2016, Jio has grown into the country’s largest mobile operator by subscriber count. The company aims to raise approximately 302 billion rupees through its IPO, making it India’s biggest public offering to date and surpassing Hyundai Motor India’s 279 billion-rupee share sale in 2024.

Bitget introduced the Jio contract on Oct. 14. Since its launch, the instrument has traded between $11.48 and $12.24. Trading volume has reached approximately 369,000 JIO, equivalent to around $4.4 million, offering investors a market-based valuation before the company’s shares begin trading publicly.

Crypto Platforms Offer Early Price Discovery for IPOs

Jio is not the first anticipated stock-market debut to attract trading activity on cryptocurrency platforms. Before their planned market debuts, perpetual contracts tied to SpaceX (SPCX) and Cerebras (CBRS) also traded on TradeXYZ, a platform operating on the Hyperliquid network.

These instruments illustrate how crypto markets are increasingly providing an early indication of investor expectations for major IPOs before shares become available on traditional exchanges. However, their implied valuations can differ significantly from the final figures established during an actual listing.

For example, synthetic perpetual futures linked to SpaceX traded around $162–$165 on Hyperliquid and Binance, suggesting a valuation of approximately $2.2 trillion. The company’s official IPO valuation was nearly 20% lower, at $1.8 trillion.

How Pre-IPO Perpetual Contracts Work

Pre-IPO contracts are perpetual futures that allow traders to speculate on a company’s price without an expiration date, even before its shares are listed on a stock exchange. These derivatives do not provide ownership of the underlying company, meaning holders receive no shares, voting rights or dividends.

Traders use USDT, a stablecoin pegged to the U.S. dollar, as collateral to open leveraged positions. Bitget says its Jio contract draws on publicly available information, including announced IPO price ranges and the final offering price.

According to Bitget, the contract will transition into a standard perpetual futures instrument after Jio Platforms’ shares begin trading. However, any delay, revision to the IPO pricing or cancellation of the offering could trigger significant price swings in the contract.

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