Mukesh Ambani's Reliance Industries has started working with banks to prepare an initial draft prospectus for the IPO of Jio Platforms, Bloomberg reported. The issue could raise around $4.3 billion, making it India's biggest-ever IPO. Bankers have proposed a valuation of about $170 billion for the company. Ambani earlier said Reliance plans to list Jio in 2026's first half.