New Delhi, June 19 -- Jio Platforms Ltd, the digital arm of Reliance Industries Ltd, on Friday filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) today, kicking off the process for what can potentially be the country's biggest initial public offering (IPO) so far.

The company is looking to raise capital through a fresh issue of 270 million equity shares. The face value of each share is Rs.10. The IPO will have no offer for sale from existing investors.

From the fresh issue, the telecom major plans to use up to Rs.27,500 crore to prepay certain borrowings availed by its material subsidiary.

Analysts at Morgan Stanley and Citi Research have pegged Jio Platforms' valuation at around $133 b...