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."
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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.
