Jio Financial Services debuted on the stock exchanges on August 21, listing at Rs 265 - close to the discovered price of Rs 261.85. The Reliance Industries arm started trading at Rs 262 on the NSE, while the price on the BSE stood at Rs 265. The market capitalisation of the NBFC was estimated at Rs 1.66 lakh crore at the time of listing.
On July 21, the exchanges had conducted a special pre-open session for the demerged entity in which the discovered price for the stock worked out to be Rs 261.85 and the implied market cap was Rs 1.65 lakh crore.
The stock will be in the trade-to-trade segment for the next 10 sessions.
Also Read: Jio Financial Services lists today: Know about valuation, capital gains tax and more
Jio Financial Services will primarily operate in the NBFC market and credit market segments and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.
As part of the demerger, RIL shareholders have received one share of Jio Financial Services for holding one share of Reliance.
Jio Financial Services is positioned uniquely to capture the growth opportunities in the financial services sector and plays a crucial role in transforming the digital finance landscape in India, said Reliance Industries Chairman and Managing Director Mukesh Ambani in his message to shareholders in the company's 2022-23 annual report.
Also Read: Jio Financial Services has its feet on the ground and eyes on the stars
Jio Financial Services is the 51st stock on Nifty 5o and 31st on the Sensex. The stock will be removed from both the indices after the end of the day on the third day of its listing. So, the exclusion will basically happen on August 24.
Nifty 50 index passive trackers can sell around 9 crore JFS shares and Sensex index trackers can sell 5.5 crore shares, as per Nuvama Alternative & Quant Research.
The stock will also remain on the FTSE indices while it will be added to the MSCI Global Standard Index on August 23.
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