Bankers See Reliance’s Jio Value as High as $170 Billion (1)

Investment bankers are proposing a valuation of as much as $170 billion for Jio Platforms Ltd., according to people familiar with the matter, ahead of what could be a record-breaking initial public offering for Reliance Industries Ltd.’s wireless carrier.

A valuation that size would place Jio among the biggest two or three companies in India by market capitalization, ahead of fellow telecom firm Bharti Airtel Ltd., which is valued at about 12.7 trillion rupees ($143 billion). Reliance Industries, controlled by Mukesh Ambani, is far ahead at about 20 trillion rupees.

Talks with bankers are ongoing and ...