Platforms Ltd. 即将进行的历史性首次公开募股（IPO）已在加密货币市场开始交易，这让投资者在公司股票尚未登陆印度本地交易所之前，就能全天候对其估值进行押注。
Platforms Ltd.’s record-breaking upcoming initial public offering is already trading on crypto rails, giving investors a round-the-clock venue to bet on the company’s valuation even before its shares hit local Indian exchanges.
加密货币交易所 Bitget 于周三上线了一款 Jio 的 IPO 前永续期货合约——距离其正式公开上市仅剩数日——这似乎成为首个与印度公司相关的此类产品。该合约通过 Tether 的稳定币 USDT 进行结算，全天 24 小时交易，并支持高达 20 倍的杠杆。
Crypto exchange Bitget listed a Jio pre-IPO perpetual futures contract on Wednesday — days ahead of the official public debut — in what appears to be the first such product tied to an Indian company. The contract, which settles via Tether’s stablecoin USDT, trades 24 hours a day and allows leverage of as much as 20 times.
周四，JIOUSDT 合约的交易价格约为 11.93 美元。若以此价格推算 Jio 的全部股份，其估值将约为 1100 亿美元，略高于该公司在 IPO 价格区间上限时约 1070 亿美元的估值。Bitget 数据显示，该合约在过去 24 小时内实现了 140 万美元的 modest 成交量。
The JIOUSDT contract was trading around $11.93 on Thursday, a price that would imply a valuation of roughly $110 billion if applied across Jio’s shares, slightly above the approximately $107 billion the company would command at the top of its IPO price range. The contract had generated a modest $1.4 million in turnover over the preceding 24 hours, Bitget data show.
与有到期日的期货不同，永续期货没有到期日，多头和空头之间会定期支付资金费用，以维持价格与标的市场的一致性。尽管这类产品最初主要是加密货币圈内用于代币投机的一种工具，但其结构现已扩展至包括股票、大宗商品和 IPO 前公司在内的现实世界资产。
Unlike dated futures, perpetual ones have no expiry, with periodic funding payments between longs and shorts helping keep prices aligned with the underlying market. While it was once largely a crypto-native wrapper used to speculate on tokens, the structure has expanded into real-world assets including equities, commodities and pre-IPO companies.
Jio 是亿万富翁穆克什·安巴尼（Mukesh Ambani）旗下 Reliance Industries Ltd. 的电信和数字服务部门，也是印度最受关注的上市企业之一。这一永续期货市场为该公司创造了全新的价格发现机制。
Jio is the telecom and digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd. and one of India’s most closely watched listings. The perpetual futures market creates a new price-discovery mechanism for the firm.
Apollo Crypto 的投资组合经理 Pratik Kala 表示：“交易这些 IPO 前永续期货的投资者似乎掌握着大量信息，并且成功预测了许多国际 IPO 的发行价格——这表明越来越多经验丰富的投资者正在利用这些平台表达他们的观点。”
“Traders of these pre-IPO perpetual futures appear to be enormously informed and successful in pinning the IPO prices of many international IPOs — indicating more and more sophisticated players are using these platforms to express their views,” said Pratik Kala, a portfolio manager at Apollo Crypto.
与埃隆·马斯克的SpaceX、中国芯片制造商CXMT和机器人公司Unitree等私营企业相关的合约此前曾吸引了寻求接触原本难以进入公司的国际交易者。
Contracts tied to private companies including Elon Musk’s SpaceX, Chinese chipmaker CXMT and robotics firm Unitree have previously attracted international traders seeking exposure to companies otherwise difficult to access.
作为即将进行的IPO的一部分，Jio计划以每股1065卢比至1119卢比（约11.77美元）的价格发行最多2.7亿股新股。在该区间最高价位，此次发行预计将筹集约3020亿卢比（约31亿美元），有可能超过现代汽车印度有限公司2024年的交易，成为该国规模最大的IPO。公开竞标将于10月21日开启，两天后结束。
As part of its upcoming IPO, Jio is offering as many as 270 million new shares at 1,065 rupees to 1,119 rupees ($11.77) each. At the top of that range, the offering would raise about 302 billion rupees ($3.1 billion), potentially eclipsing Hyundai Motor India Ltd.’s 2024 deal as the country’s largest IPO. Public bidding opens Oct. 21 and will close two days later.
加密货币市场可能进一步扩大此次IPO前的发行规模。Trade.xyz的一位发言人表示，该公司是Hyperliquid上主要的真实世界资产永续期货部署方，计划本周推出Jio的IPO前合约。
The crypto market may broaden the pre-IPO offering further. A spokesperson for Trade.xyz, a major deployer of real-world-asset perpetual futures on Hyperliquid, said it plans to launch a Jio pre-IPO contract this week.