New Delhi, April 17 -- 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 releas...