Mumbai, Oct. 18 -- Two traders have built large leveraged positions in Reliance Industries Ltd (RIL), an unusual development that analysts have termed "rarest of rare", ahead of the initial public offering (IPO) of its subsidiary Jio Platforms Ltd, set to be the biggest IPO in the country.

Exchange data shows that both have built positions exceeding 3% each of Reliance's marketwide position limit (MWPL) since early October. Both raised their positions over the past fortnight, trimming only marginally towards the end of last week.

The scale of the bets is virtually without precedent in Reliance's derivatives counter. Analysts say they cannot recall a single client holding more than 3% of the stock's MWPL-not even during Meta's investment...