Crypto traders price India telecoms company Reliance Jio's IPO at about $110 billion

Crypto traders are already betting on the largest IPO in India’s history, putting a $110 billion price tag on Indian telecoms giant Jio Platforms as its official three-day public subscription gets underway. The JIOUSDT perpetual contract on Bitget traded near $12 on Thursday. For comparison, the company set a maximum bid price of 1,119 rupees ($11.79) per share . The company is expected to have about 9.21 billion shares outstanding after the sale, valuing it at most around 10.3 trillion rupees ($106 billion). Jio Platforms is the telecom and digital business of Reliance Industries, one of India’s biggest conglomerates.