Reliance Industries Ltd. is likely to file draft paperwork for the initial public offering of Jio Platforms Ltd. in May, incorporating earnings for the full fiscal year, according to people familiar with the matter.

The Mukesh Ambani-led conglomerate had earlier aimed to submit the filing by the end of March using figures for the quarter ended December. The timeline was pushed back because of a market downturn stemming from the war in Iran, the people said, asking not to be identified as the information is private.

The listing could become India’s largest-ever IPO and mark the first public offering by a major Reliance unit in nearly two decades. Reliance is currently in a silent period ahead of its earnings release due next week, making any filing during this time unlikely, the people said.

The results for the fiscal year ending March 31 will present a more up-to-date picture of Jio’s performance, including recent subscriber growth and fresh numbers for the key measure of average revenue per user, the people added. This could help position the offering more favourably with investors, the people said.

Reliance formally kicked off IPO preparations last month, appointing as many as 19 banks to manage the issue. Kotak Mahindra Capital Co., Morgan Stanley, JM Financial Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, Bank of America Corp. and Citigroup Inc. are among those selected for advisory roles, people familiar with the matter have said.

Details including the structure and timing remain under discussion and are subject to change, the people said.

Representatives for Reliance and Jio didn’t immediately respond to requests for comment.

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Published on April 17, 2026