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

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

The company formally kicked off preparations for the IPO on Tuesday by appointing as many as 17 bankers to handle the issue. Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. are among nine global banks selected for advisory roles, the people said, asking not to be identified as the information is private.

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

Plans for the IPO have gathered steam after the government approved a change 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 IPO and the first by a major unit of billionaire Mukesh Ambani’s flagship company, Reliance, in almost two decades.

The proposed offering is expected to comprise largely secondary share sale 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 banks didn’t immediately respond to requests for comment outside of business hours.