Crypto exchange Bitget has listed JIOUSDT, a perpetual futures contract linked to the pre-IPO valuation of Jio Platforms, the digital services arm of Reliance Industries. Bitget’s chief executive announced the launch and said it is the first pre-IPO perpetual contract tied to an Indian company on a global exchange. The product lets traders take long or short positions on Jio’s implied value 24 hours a day, ahead of its stock market debut. Jio Platforms is preparing an initial public offering expected to raise about $3.5 billion at a valuation of roughly $106 billion, which would make it India’s largest IPO on record, according to the announcement. The contract settles in USDT and does not give holders any ownership of Jio shares.

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