By P R Sanjai, Rajesh Mascarenhas, Baiju Kalesh and Sangmi Cha Jio Platforms Ltd.’s push for a record initial public offering has drawn investor skepticism over its lofty valuation aspirations, providing an early test for Ambani heir Akash who’s leading a major Reliance Industries Ltd. transaction on his own for the first time.

The global set of meetings that spanned Hong Kong, Singapore, Abu Dhabi, London and New York over the past four weeks has also doubled as a formal introduction for investors to the 34-year-old managing director of Jio Platforms. Akash and his siblings Isha and Anant have been slowly taking over the reins of India’s most valuable conglomerate in recent years from father Mukesh Ambani, one of the country’s most powerful tycoons.

Their mission: convince funds and financial institutions that Jio, the telecom and digital services arm of Reliance, is more of a full-throttle tech giant than a traditional telecom operator — akin to a Meta Platforms Inc. or Alphabet Inc., rather than Verizon Communications Inc. or T-Mobile US Inc. According to people who attended the meetings, Akash and his team were pressed on the proposition. Investors asked why Jio merits a premium to Bharti Airtel Ltd., India’s second-largest wireless operator, and how the company — which monetizes only its core telecom offering — plans to eventually charge for the digital services and platforms it currently provides at no direct cost, the attendees said, asking for anonymity to discuss private meetings.

While valuation and IPO pricing is not yet confirmed, some fund managers told Akash that the company’s desired valuation appeared ambitious and would be hard for the market to absorb, the people said.

The tricky road that the Jio IPO is navigating shows the high stakes for powerful tycoon families as they implement corporate succession in an increasingly complex Indian economy.

Jio, which owns the market leader Reliance Jio Infocomm Ltd., is now seeking a valuation of about 11 trillion rupees ($114 billion) in its IPO, falling short of earlier expectations, people familiar with the matter said earlier. The figure may fall further amid a volatile macroeconomic backdrop and market turbulence, people familiar with the matter said, though it may still be the country’s largest-ever listing.

A Reliance representative did not respond to an email seeking comments. The company expects a lot of interest from global and domestic markets, Akash Ambani told CNBC-TV18 on Thursday.

The share sale is expected to open in the week of Oct. 19 and list before Oct. 30. Jio’s final valuation decisions will be taken in the coming weeks, with a board meeting slated next week to set pricing and the precise timeline, the people said.

According to investors who attended the meetings, Reliance executives said that Jio’s heavy capital expenditure cycle is nearing completion, clearing the way for satellite network deployment and new service lines. They also highlighted Jio’s decision to build its 5G infrastructure in-house, arguing the approach gives the company more flexibility to commercialize its full spectrum of offerings compared to legacy rivals.

Akash signaled that parts of its technology could eventually be exported with strategic partners and become a high-margin revenue engine.

After each international leg, Akash and his siblings held internal debriefs with their father and his longtime adviser Manoj Modi to assess investor appetite and adjust the pitch, the people added.

Jio’s listing extends a family pattern: each Ambani generation has taken one flagship business public through an IPO, from founder Dhirubhai Ambani’s first offering of Reliance to Mukesh’s Reliance Petroleum Ltd. debut, and now the third generation’s turn with Jio. Dhirubhai, Akash’s grandfather, is credited with spawning India’s equity culture.

The next push for the Ambani heirs is the domestic road show this and next week, where local funds have increasingly flexed their muscle to push down deal valuations.

The IPO itself has coincided with a volatile macro backdrop marked by geopolitical tension and market uncertainty. Indian deals have been hit hard — the National Stock Exchange of India Ltd. was forced to cut its valuation by 15%, and yet its shares are currently trading below the offer price.

None of Jio’s existing investors — including Meta, Alphabet, Saudi Arabia’s Public Investment Fund, Mubadala, ADIA, Silver Lake, KKR, Vista Equity Partners, and General Atlantic — are looking to exit during the IPO, as the offering is entirely a primary issue, according to the draft prospectus. Internal IPO teasers have been circulated to employees, with a reserved quota planned for staff participation, people familiar said.

The executives alongside Akash were key Reliance leaders including Pankaj Pawar, chief executive officer of Reliance Jio, Saurabh Sancheti, chief financial officer, and Anshuman Thakur, head of mergers and acquisitions at Jio Platforms, forming the core team that addressed queries as investors sought clarity on Jio’s longer-term growth narrative.