New Delhi, Oct. 17 -- Jio Platforms Ltd filed its red herring prospectus with the Securities and Exchange Board of India (Sebi) earlier this week, paving the way for what could become India's largest IPO by rupee value. The digital arm of Reliance Industries Ltd is offering 270 million fresh shares at a price band of Rs.1,069-1,119 apiece. At the upper end, the issue is valued at Rs.30,200 crore, or $3.2 billion.

The proposed offering is smaller than the roughly Rs.35,000 crore outlined in its draft papers, reflecting subdued investor appetite amid a prolonged market downturn. At the upper end of the price band, Jio Platforms would command an equity valuation of just over Rs.10 trillion, or about $107 billion, below the $133 billion valu...