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

The company is informally speaking with banks to prepare a prospectus that they plan to file with the regulator as soon as possible, the people said, asking not to be identified because the process is private.

The draft prospectus filing and formal appointment of bankers will happen after new rules on Indian IPOs come into effect, the people said. The Securities and Exchange Board of India has approved reducing the minimum dilution in IPOs to as low as 2.5% for companies with a post-issue market capitalization above 5 trillion rupees ($55 billion), but the change hasn’t b

See Full Page