It was a subdued listing for Jio Financial Services. The initial listing price for JFSL shares stood at ₹265 on the Bombay Stock Exchange and ₹262 on the National Stock Exchange.
This price only slightly exceeded the previously determined value of ₹261.85 per share. The newly listed equity shares of Jio Financial Services, formerly recognized as Reliance Strategic Investments, have been included in the T Group of Securities on the stock exchange. For the initial ten trading days, these shares will be placed in the Trade-for-Trade segment, T2T stocks are exclusively traded for delivery, preventing same-day stock delivery. Intraday trading is not allowed for T2T stocks
The news of JFSL's listing was disclosed by Reliance Industries last Friday, leading to a transient surge in both its own stock and the Nifty 50 index.
With a market capitalization of approximately ₹1.68 lakh crore, JFSL has already secured the position of being the 33rd largest publicly listed company in India. This valuation places it ahead of notable names like HDFC Life Insurance, SBI Life, and IndusInd Bank.
The formation of JFSL resulted from Reliance Industries' strategic move to demerge its financial services operations, which were subsequently consolidated into a new entity known as RSIL (Reliance Strategic Investments Ltd). Following this corporate restructuring, existing shareholders of Reliance received one share of JFSL for each of their Reliance shares.
Recent developments saw the allocation of JFSL shares to the Demat accounts of the company's shareholders. JFSL is geared to offer an extensive range of financial solutions and has plans to expand its presence into sectors including insurance, digital payments, and asset management. Notably, it unveiled a significant partnership with BlackRock, the world's largest asset management firm, to establish a mutual fund company.
Also Watch: Jio Financial Services to be listed on the stock exchanges on August 21