Ambani's Jio launches record $3.2 billion India IPO amid Musk feud

Jio Platforms, the digital arm of Indian conglomerate Reliance Industries, launched a potentially record-breaking initial public offering on Wednesday, testing billionaire chairman Mukesh Ambani's digital ambitions after a turbulent year marked by energy conflicts and clashes with Elon Musk.

The Mumbai-based telecom giant is seeking to raise up to $3.2 billion in what would be India's biggest-ever listing, with retail investors invited to participate until Friday. Shares are priced between 1,065 and 1,119 rupees ahead of a likely market debut on October 28, according to exchange filings. Most analysts expect gains when trading begins despite weak broader market performance this year.

Market disruption

Launched a decade ago, Jio's wireless service disrupted the Indian market with steep discounts that rapidly won customers from rivals Bharti Airtel and Vodafone, building a base of 533 million subscribers. The company's massive user base provides a "strong foundation for future growth," analysts at financial services firm Motilal Oswal said in a research note, though they cautioned that "monetisation of newer digital services" still needs to be "demonstrated at scale."

While Jio derives most revenue from telecommunications, it has expanded into artificial intelligence and is reportedly considering a low-orbit satellite constellation to provide internet services from space. The IPO comes seven years in the making and represents a critical step in Reliance's strategy to evolve beyond its traditional oil business, which still generates the bulk of the conglomerate's profits.

Geopolitical tensions

The listing coincides with a delicate diplomatic moment for Ambani, who is scheduled to meet US Secretary of State Marco Rubio on Wednesday in Jamnagar — home to Reliance's massive refinery complex — as Washington seeks to boost energy cooperation with India. Reliance's refining operations drew American anger last year when White House adviser Peter Navarro accused Indian tycoons of profiting from the Ukraine war through discounted Russian crude purchases, widely interpreted as a reference to Ambani despite no specific names being mentioned.

The billionaire also faces public attacks from Elon Musk, who this month accused unnamed Indian "oligarchs" of blocking Starlink's entry into the country and referred to Ambani as "Prime Minister Ambani" and the "real boss of India." Reliance responded by stating it had never "feared competition" and welcomed rival offerings in satellite communications, including Starlink, according to a company statement.