Report: India's largest mobile network operator Jio is said to be seeking a valuation of about $114 billion in its IPO.

Jio Platforms Ltd. may seek a valuation of about 11 trillion rupees in its planned initial public offering, below market expectations. The company had been expected to become India's largest-ever IPO. The telecom and digital services unit of billionaire Ambani's Reliance Industries Ltd. has completed gauging demand for the offering and is expected to begin meeting potential investors this week to discuss valuation and pricing, according to people familiar with the matter.