Reliance Industries is looking to list just 5 per cent of its mobile unit in India, arguing the market isn’t in a position to handle a higher percentage, Bloomberg reported.

An IPO at that level is likely to raise more than $6 billion, the news agency wrote. The size of the listing and the timing have yet to be confirmed.

Standard IPOs typically offer between 10 per cent and 25 per cent of a company’s equity to the public.

Reliance Industries hasn’t appointed bankers for the IPO but is holding initial talks with stock market officials, sources told Bloomberg.

Reuters reported in early July Reliance Industries chair and MD Mukesh Ambani (pictured) wanted to delay the IPO of Jio Platforms until next year, waiting for its subscriber base and revenue to continue to grow.

Jio Platforms is the holding company of Reliance Jio, which launched mobile service in 2016 and now is the largest player in India with nearly 500 million mobile subscribers.