New Delhi, Oct. 6 -- Jio Platforms Ltd. is likely to seek a valuation of about 11 trillion rupees ($114 billion) in its planned initial public offering, according to people familiar with the matter, falling short of earlier expectations for what may still be the country's largest-ever listing.

The telecom and digital services arm of billionaire Mukesh Ambani's Reliance Industries Ltd. has finished gauging demand for the offering and is likely to begin meetings with potential investors this week to discuss valuation and pricing, the people said, asking not to be identified because the information is private.

India's largest wireless operator is looking to open its IPO the week of Oct. 19 and list before Oct. 30, the people said. Delibera...