Jio Platforms has filed, or was set to file, a draft initial public offering with SEBI, India’s securities market regulator, in the formal first step toward a public listing. Mukesh Ambani said the company would submit the filing, while a newer account said Jio Platforms filed for an IPO targeting $3.8 billion. The offering has been described as potentially India’s largest, with Meta, Alphabet and KKR among its backers and an estimated post-IPO valuation of $130 billion to $180 billion if completed on those terms.