Reliance Industries has started work on an initial draft prospectus for a listing of Jio Platforms, people familiar with the matter said, in what is expected to be India’s biggest-ever initial public offering, according to a Bloomberg report.

The company is informally speaking with banks to prepare a prospectus that they plan to file with the markets regulator as soon as possible, the sources told Bloomberg.

The draft prospectus filing and formal appointment of bankers will happen after new rules on Indian IPOs come into effect, the people said. Sebi has approved reducing the minimum dilution in IPOs to as low as 2.5 per cent for companies with a post-issue market capitalisation above ₹5 lakh crore ($55 billion), but the change hasn’t been implemented yet.

Bankers are proposing a valuation of as much as ₹15 lakh crore ($170 billion) for Jio, people familiar with the deliberations have said previously. That’s more than rival telecom firm Bharti Airtel, which is valued at about ₹12.5 lakh crore ($140 billion).

Under the new rules, Jio could raise about ₹38,000 crore if it achieves the top end of that valuation and decides to go for the minimum dilution.