Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, launches its initial public offering on Wednesday, marking India's largest-ever stock market listing.
The telecoms operator is targeting a valuation of more than $108 billion, with the share offer itself sized at $3.2 billion.
The listing arrives as an escalating dispute between Ambani and Elon Musk plays out publicly.
The SpaceX founder has accused Ambani of using monopolistic influence to keep Starlink out of the Indian market, a claim Reliance has denied, saying it has never feared competition.
Institutional demand has been strong regardless: the offer has drawn interest from GIC, BlackRock and Fidelity, with bids reportedly totalling nearly 30 times the quota set aside for anchor investors.
The timing is nonetheless sensitive.
Oil prices have climbed amid the Middle East conflict, weighing on global trading sentiment just as Jio prepares to test how far international capital is willing to back India's telecoms sector.
