New Delhi, Oct. 14 -- Mumbai: When Jio Platforms Ltd announced the price band for its initial public offering on Wednesday, it was an honest nod to equity markets roiled by two wars.

It plans to raise around Rs.30,200 crore, or about $3.2 billion, at the upper end of the Rs.1,069-1,119 price band announced per share.

The company is seeking an IPO valuation of just over Rs.10 trillion, or about $107 billion, lower than its earlier expectations. Even so, Jio's proposed primary capital raise will rank among its India's largest IPOs yet alongside automaker Hyundai Motors and others.

Bharti Airtel Ltd, Jio's closest rival, closed trading on 13 October with a market capitalisation of about Rs.11 trillion on NSE. Vodafone Idea Ltd was valued ...