NEW DELHI: Oil-to-telecom behemoth Reliance Industries is mulling an initial public offering for its telecom arm Jio after $31 billion of investments, ETNow said quoting agencies.The country's biggest company in terms of market capitalisation is said to discuss Jio IPO in late 2018 or early 2019, according to the report.Reliance Industries is also said to hold internal talks on preparing Jio for IPO.For the latest quarter ended September 30, 2017, Reliance Jio Infocomm posted a net loss of Rs 270.59 crore on revenue of Rs 6,147 crore. However, the telecom firm said it had recorded a positive earnings before interest and tax, helped by strong user additions and cost efficiencies.Reliance Jio Infocomm (Jio), a wholly-owned subsidiary of Reliance Industries, was officially launched by Mukesh Ambani in September last year.The subscriber base of the company stood at 138.6 million at the end of at September 30, 2017.Shares of Reliance Industries closed 0.29 per cent up at Rs 918.60 on Tuesday, whereas benchmark index BSE Sensex settled 227.80 points, or 0.68 per cent, down at 33,227.99.Shares of other telecom majors including Bharti Airtel and Idea Cellular settled 1.46 per cent and 2.40 per cent down at Rs 524.75 and Rs 93.45, respectively.“Since now we have just three players -- Idea-Vodafone, the Bharti Airtel and Jio -- it would be a very-very well received paper. Given the wall of liquidity, a good paper will always find a lot of people who will benefit from it,” Sanjiv Bhasin, EVP-Markets & Corp Affairs, India Infoline told ETNow.“It is a very-very appropriate step. First you will get the real value of what Reliance is actually valued at aside from the GRMs and the pet-chem business. You will also get a true value of what Jio is,” Bhasin added.According to the company’s second quarter report, since commencement of services on September 5, 2016, Reliance Jio has become the fastest growing technology company in the world.“It crossed 100 million subscribers in 170 days, adding at an average rate of 6 lakh subscribers per day. Jio continues its rapid ramp-up of subscriber base and as of 30th September 2017, there are 138.6 million subscribers on the network,” said the report.Jio is present in all 29 states of India with direct physical presence in more than 18,000 urban and rural towns and over 2,00,000 villages.“It (IPO) seems a little early to me, but again telecom is a business where things can move pretty fast. By mid next year or end of next year they will close with a subscriber base market share of 20 per cent. At that time they would be in a decent position to start looking at monetising that. The IPO would be more from a value unlocking point of view than probably monetisation aspect,” said Naveen Kulkarni, co-head Research at PhillipCapital told ETNow.“With reference to your query regarding a media article published today on Jio’s IPO plans, we would like to state that the said article is speculative, and as a policy we do not comment on media speculation and rumours,” Reliance Industries' spokesperson said.