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NEW DELHI: Contrary to market expectations, Jio Financial Services (JSF) experienced a 5 per cent drop in its shares, triggering a lower circuit, on the day of its listing this Monday.
The shares were locked in at Rs 251.75 on the BSE, reaching the lower circuit of 5 per cent.
Commencing trading at the BSE, the stock opened at Rs 265, marking a 1.20 per cent increase compared to the fixed price of Rs 261.85 determined during a dedicated price discovery session conducted in the last month.
On the NSE, the company’s shares debuted at Rs 262.
Reliance Industries has granted an approval for the listing of 6.35 billion shares, though the exact extent of ownership this signifies within the company remains unclear.
At present valuation levels, JFS ranks as the third-largest non-banking financial company (NBFC) in India, trailing behind Bajaj Finance and Bajaj Finserv, valued at 4.15 trillion rupees and 2.32 trillion rupees respectively.
Even though JFS is yet to establish a significant presence in India’s rapidly expanding financial services sector, analysts highlight that its access to extensive data derived from Reliance’s telecommunications, digital, and retail enterprises will confer a competitive advantage in lending activities.
A strategic partnership has already been established between JFS and BlackRock Inc, aimed at launching asset management services in India. This venture commences with an initial investment of $150 million from both parties.
Last month, Jio Financial Services Ltd (JFSL) underwent demerger from Reliance. Through a specialized price discovery session on the designated record date in the previous month, the pre-listing price for the stock was established at Rs 261.85 per share.
This stock has been designated as a part of the ‘T’ group securities for trading on the BSE, indicating that intraday trading of the stock is restricted. For a span of 10 trading days, the stock will remain in the Trade-for-Trade segment.
Meanwhile, Reliance Industries also saw a decrease of over 1 per cent, trading at Rs 2,529 on the BSE.
(With inputs from agencies)
The shares were locked in at Rs 251.75 on the BSE, reaching the lower circuit of 5 per cent.
Commencing trading at the BSE, the stock opened at Rs 265, marking a 1.20 per cent increase compared to the fixed price of Rs 261.85 determined during a dedicated price discovery session conducted in the last month.
On the NSE, the company’s shares debuted at Rs 262.
Reliance Industries has granted an approval for the listing of 6.35 billion shares, though the exact extent of ownership this signifies within the company remains unclear.
At present valuation levels, JFS ranks as the third-largest non-banking financial company (NBFC) in India, trailing behind Bajaj Finance and Bajaj Finserv, valued at 4.15 trillion rupees and 2.32 trillion rupees respectively.
Even though JFS is yet to establish a significant presence in India’s rapidly expanding financial services sector, analysts highlight that its access to extensive data derived from Reliance’s telecommunications, digital, and retail enterprises will confer a competitive advantage in lending activities.
A strategic partnership has already been established between JFS and BlackRock Inc, aimed at launching asset management services in India. This venture commences with an initial investment of $150 million from both parties.
Last month, Jio Financial Services Ltd (JFSL) underwent demerger from Reliance. Through a specialized price discovery session on the designated record date in the previous month, the pre-listing price for the stock was established at Rs 261.85 per share.
This stock has been designated as a part of the ‘T’ group securities for trading on the BSE, indicating that intraday trading of the stock is restricted. For a span of 10 trading days, the stock will remain in the Trade-for-Trade segment.
Meanwhile, Reliance Industries also saw a decrease of over 1 per cent, trading at Rs 2,529 on the BSE.
(With inputs from agencies)
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