 "Mukesh Ambani")
Jio Financial Services (JFS), the financial subsidiary of Mukesh Ambani-controlled conglomerate Reliance Industries Ltd (RIL), is set to be listed on the stock exchanges on August 21, 2023, as stated in a BSE circular on Friday. RIL spun off JFS last month, introducing it to the market with a valuation of around $20 billion.
The notice said: "Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (formerly Reliance Strategic Investments Ltd) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities."
BSE announced that the scrip would be in the Trade-for-Trade segment for 10 trading days and will start trading from this Monday, bearing the symbol JIOFIN.
As part of a price discovery session held on the record date, the stock's pre-listing price was determined at Rs 261.85 per share, significantly higher than RIL’s acquisition cost of Rs 133 a share.
The non-banking financial company's market capitalisation reached Rs 1.66 trillion, or about $20.3 billion.
Thus, it is now the second-largest non-banking financial company (NBFC) in India and the 32nd most valuable company in the country, ranking above industry giants such as Tata Steel, Coal India, HDFC Life, and SMI Life.
At JFS's launch, Ambani revealed that Jio Financial Services intends to offer simple, affordable, and innovative digital-first solutions.
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On July 26, JFS and BlackRock announced a plan to form a 50:50 joint venture with an investment of $150 million each, marking their entrance into the asset management business in India.
"Jio BlackRock combines Jio Financial Services' expertise and resources with BlackRock's global scale and investment proficiency to provide affordable, innovative investment solutions to millions of investors in India," the partners stated.
The collaboration aims to revolutionise India's asset management industry through a digital-first approach and to broaden access to investment solutions across the nation.
Reliance's shares recovered earlier losses to trade 1.3 per cent higher at 2:16 pm, while the benchmark Nifty 50 index remained unchanged.
(With agency inputs)
