Crypto traders are assigning Reliance Industries’ digital and telecoms arm, Jio Platforms, a valuation of roughly $110 billion through a Bitget perpetual contract, as the company’s three-day public subscription period begins in India. The implied value is above the valuation indicated by the IPO’s maximum price band, although the crypto instrument does not represent ownership of Jio shares.
Bitget contract prices Jio above IPO ceiling
The JIOUSDT contract was trading near $12 on Thursday. That compares with the maximum IPO bid price of 1,119 rupees, or about $11.79, per share. Based on an expected 9.21 billion shares outstanding after the offering, the top end of the IPO price range implies a valuation of approximately 10.3 trillion rupees, or $106 billion.
The crypto market’s price therefore represents a premium of about 3.8% to the valuation implied by the upper IPO price. The contract has traded between $11.48 and $12.24 since it was introduced on Bitget on Oct. 14. Trading volume during that period has reached about 369,000 JIO, worth roughly $4.4 million.
According to CoinDesk, the activity is giving traders a way to form a live valuation for Jio before its shares begin trading publicly. The IPO itself is seeking to raise approximately 302 billion rupees, making it India’s largest initial public offering. It surpasses Hyundai Motor India’s 279 billion-rupee share sale in 2024.
What the crypto instrument gives traders
JIOUSDT is a perpetual contract, meaning it is a leveraged price exposure product without a fixed expiry date. Traders post USDT, a stablecoin designed to track the US dollar, as collateral and take positions based on the anticipated price of Jio’s shares.
The contract does not give holders any equity in Jio Platforms. Buyers receive no shares, voting rights or dividend entitlement. Their position is instead linked to the contract’s price, which can move sharply as expectations around the offering change.
Bitget says the product is based on publicly available information, including an announced IPO price range or the final offering price. The exchange has also said it plans to convert the contract into a standard perpetual instrument once Jio’s shares are listed.
That structure creates specific uncertainty before the listing. If the IPO is delayed, repriced or canceled, the contract could experience a substantial move. The crypto-market price is consequently a measure of trading expectations rather than a formal valuation established by the listed equity market.
Jio’s place in the offering
Jio Platforms is the telecoms and digital-services business of Reliance Industries, one of India’s largest conglomerates. Its Jio network began operations in 2016 and, a decade later, is the country’s largest mobile operator by subscriber numbers.
The scale of the offering has attracted attention beyond traditional equity markets. Because the Bitget contract began trading before the company’s shares, crypto traders are participating in price discovery ahead of the official listing. Price discovery refers to the process through which buyers and sellers establish a market price based on available information and expectations.
Pre-listing crypto contracts have also been used for other anticipated offerings. Perpetual contracts linked to SpaceX and Cerebras traded on TradeXYZ, a platform on the Hyperliquid network, before those companies’ stock-market debuts. Such instruments can provide an early market signal, but their prices are not guaranteed to match the eventual public-market valuation.
The source material points to SpaceX as an example of that difference. Synthetic perpetual futures on Hyperliquid and Binance traded around $162 to $165, implying a valuation of $2.2 trillion, while the company’s official IPO valuation was almost 20% lower, at $1.8 trillion.
Current crypto market picture
Moneyiar market data recorded at 11:04 p.m. on Oct. 22, 2026, Tehran time, showed broad declines among the listed assets over the previous 24 hours:
- NEAR Protocol: $4.8564299456, down 8.12% in 24 hours and down 7.62% over seven days.
- Compound: $24.3287032339, down 4.66% in 24 hours but up 8.67% over seven days.
- Telcoin: $0.0014051671, down 5.22% in 24 hours and down 21.33% over seven days.
- OriginTrail: $0.3792486483, down 5.96% in 24 hours and down 12.29% over seven days.
These figures are Moneyiar data at the stated time and provide broader crypto-market context for the trading environment in which the Jio contract is being priced.
