Crypto traders are placing Jio Platforms’ potential valuation at approximately $110 billion through a pre-IPO contract on Bitget. The contract traded near $12, about 4% above the company’s maximum offering price, as subscriptions opened for what is set to become India’s largest IPO.
The JIOUSDT perpetual contract was trading around $12 on Thursday, compared with Jio Platforms’ upper IPO price limit of 1,119 rupees ($11.79) per share. Based on an estimated 9.21 billion shares outstanding after the offering, the company’s maximum implied market value stands at roughly 10.3 trillion rupees, or $106 billion.
Jio Platforms is the telecommunications and digital services arm of Reliance Industries, one of India’s largest business groups. Since launching its network in 2016, Jio has become the country’s largest mobile operator by subscriber numbers.
The company plans to raise about 302 billion rupees through its public offering. This would make the IPO India’s largest, surpassing Hyundai Motor India’s 279 billion-rupee listing in 2024.
Bitget Contract Tracks Jio’s Expected Valuation
Bitget launched the Jio-linked contract on Oct. 14. Since then, its price has fluctuated between $11.48 and $12.24. Trading volume has reached around 369,000 JIO, worth approximately $4.4 million, giving traders an early market-based indication of the company’s potential valuation before its shares debut.
Jio is not the first major company to attract pre-listing speculation on crypto exchanges. Perpetual contracts linked to SpaceX (SPCX) and Cerebras (CBRS) also traded on TradeXYZ, a platform built on the Hyperliquid network, before their anticipated stock-market debuts.
These products allow traders to form price expectations for companies before their shares become available on traditional exchanges. However, the valuations implied by crypto derivatives do not always match the figures established through official IPO processes.
For instance, SpaceX-linked synthetic perpetual futures on Hyperliquid and Binance traded between $162 and $165, implying a company valuation of approximately $2.2 trillion. SpaceX’s official IPO valuation was nearly 20% lower, at $1.8 trillion.
Pre-IPO Futures Carry Significant Risks
Pre-IPO perpetual contracts allow traders to speculate on a company’s price without an expiration date, even when the underlying shares have not yet listed. These contracts provide price exposure rather than actual ownership, so holders receive no equity, voting rights or dividends.
Traders deposit USDT, a stablecoin pegged to the U.S. dollar, as collateral to establish leveraged positions. Bitget says its Jio contract is priced using publicly available information, including the announced IPO price range and final offering price.
Bitget has said the instrument will convert into a conventional perpetual contract once Jio Platforms begins trading publicly. However, changes to the offering price, delays in the listing or a cancellation could cause substantial price volatility.
