Jio Financial Services made its stock exchange debut on August 21, entering the market at Rs 265, which was very close to the discovered price of Rs 261.85. Trading began at Rs 262 on the NSE and Rs 265 on the BSE. The non-banking financial company (NBFC) had an estimated market capitalization of Rs 1.66 lakh crore upon listing.
Earlier, on July 21, a special pre-open session was held for the demerged entity, during which the stock’s discovered price was determined to be Rs 261.85, implying a market capitalization of Rs 1.65 lakh crore.
Over the next ten trading sessions, the stock will be categorized in the trade-to-trade segment. Jio Financial Services is set to operate primarily in the NBFC and credit market sectors, with plans for expansion into insurance, digital payments, and asset management. Following the demerger, Reliance Industries shareholders will receive one share of Jio Financial Services for each Reliance share held.
Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, highlighted that Jio Financial Services is uniquely positioned to tap into growth opportunities within the financial services sector, playing a pivotal role in reshaping India’s digital finance landscape. Notably, Jio Financial Services ranks 51st on the Nifty 50 and 31st on the Sensex. However, it will be delisted from both indices on the third day of listing, which is August 24.
As per Nuvama Alternative & Quant Research, passive trackers of the Nifty 50 index could potentially sell around 9 crore JFS shares, while Sensex index trackers might sell 5.5 crore shares. The stock will continue to be listed on FTSE indices and will be included in the MSCI Global Standard Index on August 23.