Jio Financial Services to Be Listed on Indian Stock Markets
On August 21, shares of Jio Financial Services (JFSL), which recently demerged from parent company Reliance Industries (RIL), will be listed on stock exchanges. Shares of the NBFC were credited to eligible RIL shareholders' demat accounts last week in a 1:1 ratio, which means that for every RIL share held as of the record date of July 20, shareholders received one share of JFSL.
According to the BSE, the scrip will be traded in the Trade-for-Trade segment for 10 trading days and will begin trading on August 21 under the symbol JIOFIN.
As part of a special price discovery session held on the record date, the stock's pre-listing price came out to be Rs 261.85 per share, which was much higher than the brokerage estimate of around Rs 190 and RIL's cost of acquisition of Rs 133.
As a result, the NBFC's market capitalisation was Rs 1.66 lakh crore, or approximately $20.3 billion. At this valuation, it is now India's second-largest NBFC and the 32nd most valuable company, larger than titans such as Tata Steel, Coal India, HDFC Life, and SBI Life.
Bajaj Finance has a market capitalization of Rs 4.2 lakh crore. JFSL will overtake Cholamandalam Investment and Finance, the second largest NBFC with an m-cap of Rs 83,000 crore, once it is listed on stock exchanges.