Jio tells bankers that it may file an IPO prospectus as early as March

India’s Reliance Industries Ltd aims to file a draft red herring prospectus for an initial public offering of its telecom unit, Jio Platforms Ltd, by the end of this month with financials in late December, according to people familiar with the matter.

The company on Tuesday formally started preparations for the IPO by appointing 17 bankers. Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. Among the nine global banks selected for advisory roles, the people asked not to be identified because the information is private.

Local advisors include Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd. and SBI Capital Markets Ltd., the people added.

Plans for the IPO have gained momentum after the government approved changes in listing requirements that allowed large issuers to dilute as little as 2.5% of their equity. The IPO could be India’s largest ever and the first IPO of a major unit in nearly two decades by billionaire Mukesh Ambani’s flagship company Reliance.

The proposed offering is expected to consist largely of secondary share sales by existing investors and could take place later this year. Details, including the size, structure and timing of the transaction, are still being finalized and are subject to change, the people added.

Representatives for the company and the banks did not immediately respond to requests for comment outside business hours.