New Delhi, Jan. 12 -- Reliance Industries Ltd. is preparing what could become India's largest-ever public listing, but with an unusually cautious approach. Its digital arm,Jio Platforms, is reportedly exploring a public issue of around $4 billion, achieved by selling just 2.5% of its equity, according to people familiar with the matter.

The move reflects both the sheer scale of Jio Platforms and Reliance's intent to preserve control while testing public market appetite. Rather than a broad dilution, the company is considering a tight float, one that could intensify demand and sharpen price discovery if regulatory approvals fall into place.

At the centre of the decision is a pending proposal to lower the minimum public shareholding requi...