According to Sina Finance, India’s largest wireless carrier, Jio Platforms Ltd., may seek a valuation of about 11 trillion rupees, or $114 billion, in its planned initial public offering. The valuation is below earlier market expectations, but the deal could still become the largest listing in India’s history.

According to Sina Finance, people familiar with the matter said the telecom and digital services company owned by billionaire Mukesh Ambani’s Reliance Industries has completed an initial assessment of IPO demand and is expected to begin meeting potential investors this week to discuss valuation and pricing. The company plans to launch the IPO in the week of October 19 and list by October 30, though the final date, valuation and other details could still change.

According to Sina Finance, if priced at that valuation, Jio would become India’s third-most valuable listed company after its debut. Reliance Industries currently has a market value of about $169 billion, while Jio’s main telecom rival Bharti Airtel Ltd. is valued at about $116 billion. Jio filed a draft prospectus in June and plans to issue up to 270 million new shares, which would equal about 2.93% of its post-offer share capital. Earlier market discussions had put the valuation as high as $130 billion to $170 billion.