India, Dec. 4 -- Months after chairman Mukesh Ambani disclosed Jio Infocomm's IPO plans, Reliance Industries (RIL) has reportedly begun preparing the draft prospectus for the listing.

According to Bloomberg, RIL has initiated informal discussions with investment banks as it looks to file the draft red herring prospectus (DRHP) with the markets regulator "as soon as possible". The report added that the IPO could potentially value Jio at around $170 Bn, making it the largest public offering in India's history by a wide margin.

The company is likely to file its papers after SEBI implements the new IPO rules cleared in September. The regulator had approved reducing the minimum dilution in IPOs to as low as 2.5% for companies with a post-iss...