Jio Platforms Finishes Global Roadshows for ₹30,000 Crore IPO as Some Investors Question Valuation

Since the Jio Platforms price band was first reported at ₹1,065 to ₹1,119 per share, the story has moved from numbers to the sales pitch. The global roadshow is finished, and the Ambani family is now turning to the home market.

Four weeks, five financial hubs

The investor meetings ran over the past four weeks and covered Hong Kong, Singapore, Abu Dhabi, London and New York, according to Bloomberg. The tour also served as a formal introduction for investors to Akash Ambani, the 34-year-old managing director of Jio Platforms.

Akash and his siblings Isha and Anant have been slowly taking over Reliance Industries from their father, Mukesh Ambani, in recent years. Bloomberg reports this is the first time Akash has led a major Reliance transaction on his own.

People familiar with the matter told ET Markets that Akash and Isha Ambani personally met investors in the Americas, Europe and Southeast Asia, and traveled regularly to do it.

Backers reportedly want more

The same people said the offering is drawing strong interest from global and domestic investors. They also said some existing marquee backers want to increase their holdings rather than sell.

That fits the structure described in reporting on the deal. The issue is said to be an all-fresh offering of ₹30,000 crore. The expected range is ₹1,065 to ₹1,119 per share, targeting a valuation of about ₹10.3 lakh crore. Reliance would still hold about 66.4% after the listing.

The pitch leans on positioning. People familiar with the matter say Jio is being presented as a technology company, not merely a telecom business.

Valuation draws pushback

Not everyone is sold. Bloomberg reports the push for a record IPO has drawn investor skepticism over Jio's lofty valuation aspirations, providing an early test for Akash Ambani. Bloomberg's account does not name the skeptics or give their specific objections.

The backer-interest account and the skepticism account are not necessarily in conflict. Existing investors adding to a position and prospective buyers questioning the price can both be true at once. Only the final pricing and the book will show which view dominates.

What Akash Ambani is saying at home

Speaking to media on the sidelines of India Mobile Congress 2026, Akash Ambani called the proposed IPO the company's "biggest move" and a "huge responsibility" toward Indian shareholders. Jio recently completed 10 years of operations.

"The IPO is just the start of the journey," he said. He tied the group's focus on shareholder wealth to the philosophy of his grandfather, Dhirubhai Ambani, and said retail investors have always had a central place in the group's value system.

He said he is confident the issue will attract interest from both domestic and international investors. He also said the larger job is delivering sustained growth and long-term value, not just completing a listing or fundraise.

Bharti Airtel founder and chairman Sunil Bharti Mittal welcomed the plan. "Excellent, we are all looking forward to a very successful IPO," he said.

Beyond telecom

The listing comes as Jio expands into artificial intelligence, satellite communications, indigenous network solutions and next-generation digital services. At IMC 2026, the company showcased a range of technologies aimed at positioning India as a developer and exporter of digital infrastructure, including JioAirFiber, 5G infrastructure, JioVoiceAI and technologies linked to 6G development. Footage from the event showed Akash Ambani discussing Jio's indigenous technology with Communications Minister Jyotiraditya Scindia.

What comes next

After the global roadshows, the focus shifts to Indian investors, with the aim of building excitement for what could be India's biggest-ever IPO. Akash Ambani has signaled retail investors are central to that effort.

The open question is price. The ₹1,065 to ₹1,119 range and the ₹10.3 lakh crore target are reported expectations. How investors respond to that number, after the skepticism reported from the roadshow, will be the first real verdict on Akash Ambani's first solo deal.