Jio Financial Services made its entry, into the stock market on August 21st starting at a price of Rs 265, which was quite close to its discovered price of Rs 261.85. Alongside its activities in NBFC and credit markets, the company has plans to venture into insurance, digital payments, and asset management. The demerger resulted in the allocation of one JFS share for every Reliance share held sparking optimism, for growth opportunities.
Jio Financial Services made its debut on the stock exchanges on August 21, with a listing price of Rs 265, closely aligned with the discovered price of Rs 261.85. Trading commenced with Rs 262 on the NSE and Rs 265 on the BSE. At listing, the non-banking financial company (NBFC) held an estimated market capitalization of Rs 1.66 lakh crore.
A special pre-open session was held on July 21 by the exchanges for the demerged entity. This session revealed a stock valuation of Rs 261.85 and an implied market capitalization of Rs 1.65 lakh crore. The stock will be under the trade-to-trade segment’s purview for the next ten sessions.
Jio Financial Services’ core focus resides within the NBFC and credit market sectors. Strategic expansion plans encompass insurance, digital payments, and asset management verticals. In accordance with the demerger, holders of Reliance shares received one share of Jio Financial Services per Reliance share.
In the arena of transforming India’s digital financial landscape, Mukesh Ambani, Chairman, and Managing Director of Reliance Industries, articulated the company’s position. The 2022-23 annual report conveyed Ambani’s belief in Jio Financial Services’ unique position to harness the potential of the financial services sector’s growth.
Jio Financial Services holds the 51st position on the Nifty 50 and the 31st position on the Sensex. The stock is slated to exit both indices on August 24, three days from its listing.
Nuvama Alternative & Quant Research projects that Nifty 50 index passive trackers could divest approximately 9 crore JFS shares, while Sensex index trackers might sell 5.5 crore shares. The stock will continue to be included in FTSE indices, and it is scheduled to join the MSCI Global Standard Index on August 23.
