Reliance Industries Ltd's (RIL) plan to list Jio Platforms, in what could be India’s biggest-ever initial public offering, has slowed as the company reviews the deal structure amid geopolitical tensions and market volatility, according to a report from Bloomberg, citing sources familiar with the matter.

The Mukesh Ambani-led company still plans to file draft papers and could move at any time, there is no firm date yet for the IPO, reported Bloomberg. The delay puts at risk Ambani’s earlier pledge to complete the share sale in the first half of the year.The war in Iran has complicated the plan on several fronts, worsening the slide in Indian equities, accelerating capital outflows.

At the centre of the issue is valuation. According to Bloomberg, the slump in Indian stocks has made it harder for Reliance to balance two goals: delivering the returns existing investors want and generating enough excitement around the stock at listing. The market weakness also raises the possibility of Jio being valued below rival Bharti Airtel Ltd, the people said.

Jio’s market debut would be the first public offering by a major Reliance unit in nearly two decades and a landmark event for India’s capital markets. The proposal received support in March when the government cleared changes to listing norms aimed at facilitating bigger deals. Bloomberg also reported that the company has shifted to a structure involving only new shares, dropping earlier plans for existing investors to sell part of their holdings. A Reliance representative did not immediately comment.

The IPO could raise as much as $4 billion, Bloomberg reported, which would top the $3.3 billion raised by Hyundai Motor India Ltd and make it the country’s largest listing. That would also provide a boost to a market where IPOs have raised about $3.5 billion so far this year, well below the record pace seen over the previous two years.

India has also been dealing with the wider economic effects of the war in Iran. The reported noted that Prime Minister Narendra Modi has urged citizens to curb fuel use and limit foreign travel, while the government has tried to protect foreign-exchange reserves and stem fund outflows as higher oil prices threaten to swell the import bill.

The tougher market backdrop could dent returns for Jio’s investors, including Meta Platforms, Google, Saudi Arabia’s Public Investment Fund, Mubadala, Abu Dhabi Investment Authority, Silver Lake, KKR, Vista Equity Partners and General Atlantic. Jio is working with Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, JM Financial and Kotak Mahindra Capital on the deal.