Reliance Industries Ltd. has started work on an initial draft prospectus for the listing of Jio Platforms Ltd., expected to be India’s largest initial public offering ever, people familiar with the matter said.

The company is informally talking to banks to prepare a prospectus that it plans to file with regulators as soon as possible, the people said, asking not to be identified as the process is private.

The draft prospectus filing and formal appointment of bankers will take place after the new rules on Indian IPOs come into effect, the people said. The Securities and Exchange Board of India has approved lowering the minimum dilution in IPOs to 2.5% for companies with a post-issue market capitalization of more than 5 trillion rupees ($55 billion), but the change has not yet been implemented.

Bankers are proposing a valuation of as much as $170 billion for Jio, people familiar with the discussions said earlier. That’s more than rival telecom company Bharti Airtel Ltd, which is valued at about $140 billion. Under the new listing rules, Jio could raise around $4.3 billion if it achieves the top end of that valuation and decides to go for minimal dilution.

Discussions are ongoing and details may change, the people said.

A Reliance representative did not respond to a request for comment.

Mukesh Ambani, who controls Reliance and is Asia’s richest man, said in August that Jio’s listing could happen in the first half of 2026.

India’s largest IPO to date was that of Hyundai Motor India Ltd., which raised $3.3 billion last year.