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 lakh crore ($143 billion). Reliance Industries, controlled by Mukesh Ambani, is far ahead at about ₹20 lakh crore.

Talks with bankers are ongoing and the proposals for Jio range as wide as $130 billion to $170 billion, the people said, asking not to be identified because the discussions are private.

Ambani, Asia’s wealthiest person, said in Augu

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