EN
Español
Português (Brasil)
Türkçe
Tiếng Việt
Bahasa Indonesia
Polski
Čeština
Română
Slovenčina
Magyar22 Oct 2026
A pre-IPO perpetual contract for Jio Platforms on Bitget is trading near $12, valuing the Indian telecoms company at about $110 billion, roughly 3.8% above the top of its IPO price band. The contract gives leveraged price exposure but no shares, and it could swing sharply if the IPO is delayed, repriced or canceled.
Crypto traders are already putting a price on what is set to be the largest IPO in India’s history. According to CoinDesk, the JIOUSDT perpetual contract on Bitget traded near $12 on Thursday, implying a valuation of about $110 billion for Jio Platforms as its three-day public subscription got underway.
How the pre-IPO price compares
Jio set a maximum bid price of 1,119 rupees, about $11.79, per share. With roughly 9.21 billion shares expected to be outstanding after the sale, the top of the price band values the company at around 10.3 trillion rupees, or about $106 billion. The Bitget contract therefore trades at a premium of roughly 3.8% to 4% over the upper band.
- The contract went live on October 14 and has traded between $11.48 and $12.24 since then.
- Total volume is about 369,000 JIO, or roughly $4.4 million.
- The IPO seeks to raise about 302 billion rupees, overtaking Hyundai Motor India’s 279 billion rupee share sale in 2024.
Jio Platforms is the telecom and digital arm of Reliance Industries. Its Jio network launched in 2016 and is now India’s largest mobile operator by subscribers.
A growing trend, with a mixed track record
Pre-IPO trading on crypto venues is not new. CoinDesk points to perpetual contracts on SpaceX and Cerebras that traded on TradeXYZ, a platform on the Hyperliquid network, before those companies listed. These markets offer early price discovery, but they are not always accurate. SpaceX synthetic perps on Hyperliquid and Binance traded around $162 to $165, implying a $2.2 trillion valuation, while the official IPO valuation came in almost 20% lower at $1.8 trillion.
How the contract works
A pre-IPO perp is a perpetual future with no expiry, tied to a company that is not yet listed. Traders post USDT as collateral to take leveraged positions. Holders get price exposure only, with no shares, voting rights or dividends. Bitget says the contract is “based on publicly available information, such as announced IPO pricing ranges or the final offering price,” and that it will convert it into a standard perpetual once the shares list.
What it means for traders
The Jio contract is a live signal of how crypto traders expect the listing to go, but with only about $4.4 million in volume it is a thin market and the premium can move quickly. The biggest risk is event risk: if the IPO is delayed, repriced or canceled, the contract can move sharply, and leverage amplifies that move in both directions. The SpaceX example shows that pre-IPO perps can overshoot the final valuation by a wide margin.
If you want to trade products like this, check how each venue handles margin, funding and liquidation before you size a position. Our exchange comparison lines up fees and derivatives features side by side, and our reviews of BingX, OKX and Bitget cover their futures offerings in detail. See how we test for our scoring method. This is not financial advice.
Related reviews
Sources
News is for information only and is not financial advice. More crypto news
Get crypto news first on our Telegram channel.
Join on Telegram