Jio Platforms, India’s largest telecom operator controlled by billionaire Mukesh Ambani, is launching a record IPO next week raising 302 billion rupees (approximately $3.2 billion) at a valuation of $108 billion, down from the $130 billion-plus mooted a year ago. Investors have pushed back on the company’s positioning as a technology firm rather than a traditional telecom operator, with Jio’s ARPU lagging behind competitor Bharti Airtel (214 rupees versus 257 rupees per month). Meanwhile, Elon Musk has accused Jio of monopolistic practices and blamed Ambani for delays in Starlink’s launch in India, intensifying the rivalry between the two businessmen over satellite connectivity in the country.
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