New Delhi, March 25 -- Billionaire Mukesh Ambani-controlled Jio Platforms Ltd is targeting a valuation of $120 billion to $140 billion in its public offer, which will see some of its existing investors, including TPG, KKR, General Atlantic, and Silver Lake, sell shares, according to two bankers familiar with discussions.

Parent Reliance Industries Ltd is not expected to offload any shares, and the company is also not looking to issue new stock to raise capital, as it will be a standalone offer for sale by some of its shareholders, said the bankers, who didn't want to be identified as discussions were private.

Jio Platforms executives met with representatives of 17-19 investment banks this week before filing its draft papers with the reg...