Jio Financial Services (ZFS), the financial subsidiary of Mukesh Ambani-controlled conglomerate Reliance Industries Limited (RIL), is all set to get listed on the stock exchanges on August 21, 2023, as stated in a BSE circular on Friday. RIL last month demerged ZFS and floated it with a valuation of around $20 billion.

The notice states: “Traded members of the Exchange are informed that with effect from Monday, August 21, 2023, the equity shares of Jio Financial Services Limited (formerly Reliance Strategic Investments Limited) will be listed on the Exchange and subject to transaction List of Securities of T Group.

BSE announced that the stock will be in the trade-for-trade segment for 10 trading days and will commence trading from this Monday with the symbol JIOFIN.

As part of the price discovery session held on the record date, the pre-listing price of the stock was set at Rs 261.85 per share, which was significantly higher than RIL’s acquisition cost of Rs 133 per share.

The market capitalization of the non-banking financial company reached Rs 1.66 trillion, or about $20.3 billion.

Thus, it is now India’s second largest non-banking financial company (NBFC) and the country’s 32nd most valuable company, ranking above industry giants such as Tata Steel, Coal India, HDFC Life and SMI Life.

At the launch of ZFS, Ambani revealed that Jio Financial Services intends to offer simple, affordable and innovative digital-first solutions.

On 26 July, ZFS and BlackRock announced plans to form a 50:50 joint venture with an investment of $150 million, marking their entry into the asset management business in India.

“Jio BlackRock combines the expertise and resources of Jio Financial Services with BlackRock’s global scale and investment prowess to provide affordable, innovative investment solutions to millions of investors in India,” the partners said.

The collaboration aims to revolutionize India’s asset management industry through a digital-first approach and broaden access to investment solutions across the country.

Reliance shares recovered from earlier losses and traded 1.3 per cent higher at 2:16 pm, while the benchmark Nifty 50 index remained unchanged.

(with agency inputs)

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