The IPO hasn’t even listed yet, but a crypto exchange has already put a price on it. Bitget’s pre-market perpetual for Jio, the Indian telecom company (JIOUSDT), traded at around $12 per unit on Thursday—implying a valuation premium of about 3.8% over the roughly $106 billion valuation at the top of the IPO price range (combined quote: ₹1,119 ≈ $11.79 per share; total shares: about 9.21 billion).
The company has serious heft behind it: Jio Platforms is Reliance’s telecom and digital business. Its IPO aims to raise about ₹302 billion (around $3 billion), surpassing Hyundai Motor India’s ₹279 billion offering in 2024 to become the largest IPO in Indian history. It is currently in its three-day public subscription period. Jio’s mobile network launched in 2016.
Since launching on October 14, the contract has fluctuated between $11.48 and $12.24, with cumulative trading volume of about 369,000 JIO contracts, worth around $4.4 million—effectively providing real-time price discovery for an unlisted stock. Previously, TradeXYZ, a platform in the Hyperliquid ecosystem, also traded pre-market perpetuals for SpaceX (SPCX) and Cerebras (CBRS).
But pre-market pricing isn’t always accurate: one contract traded at an implied valuation of $2.2 trillion, while the official IPO pricing came in nearly 20% lower, at just $1.8 trillion. The risks are worth spelling out: holders get price exposure only, with no shares, voting rights, or dividends; USDT collateral involves leverage; and an IPO delay, repricing, or cancellation could trigger sharp volatility. Bitget says the contract will convert to a standardized perpetual after the listing.
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