The demerged subsidiary of Reliance Industries Ltd (RIL), Jio Financial Services (JFSL), will list on Indian stock exchanges on Monday, August 21. After the July 20 special pre-open call auction session, Jio Financial Services’ share price was set at Rs 261.85 apiece on the NSE.
According to market observers, Jio Financial Services GMP or grey market premium today is currently between ₹50 and ₹54, translating to a market cap of over ₹2 lakh crore. They predict that the stock will open at between ₹315 and ₹325.
Just one day before FTSE Russell intended to remove the stock from its indices, Jio Financial Services set to debut on the stock exchange.
Also Read: Jio Financial Services to be listed on stock exchanges on August 21
“Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities,” a notice on BSE said.
This week, Jio Financial Services made headlines when renowned global benchmarks provider FTSE Russell announced that JFSL was being dropped for failing to start trading after 20 business days.
Also Read: Jio Financial to be removed from FTSE Indices
According to a notice provided by the index services provider, the removal was effective on August 22 because the company failed to provide a fixed trading date since its inclusion on July 20.
However, following the announcement that Jio Financial shares will start trading on Monday by BSE and the NSE, FTSE Russell withdrew its decision to remove Jio Financial from global indices.
According to FTSE, Jio Financial will have an unchanged share issuance of 6,765,591,509 and an investability weighting of 49.66% in the FTSE All-World index.
Also Read: RIL-Jio Financial demerger FAQ: Here is what shareholders need to know
“Further to the FTSE Russell notice released on 17 August 2023 in relation to Jio Financial Services (India): Constituent Deletion, based on the latest exchange information announced on 18 August 2023 regarding Jio Financial Services’s listing date as 21 August 2023, please be advised that Jio Financial Services will no longer be deleted from the indexes effective 22 August 2023 and remain in the index with an unchanged share in issue total of 6,765,591,509 and an unchanged investability weighting of 49.66%,” said FTSE Russell in its release.
Also Read: FTSE withdraws decision to remove Jio Financial from global indices
Jio Financial Services is currently listed under a dummy ticker and no trading is happening in the scrip.
Jio Financial Services shares were credited to the eligible RIL shareholders as of the record date of July 20 in the ratio of 1:1.
The value of Jio Financial Services share price was derived at ₹261.85 apiece on the NSE after the special pre-open call auction session held on stock exchanges on July 20.
The discovered price of JFSL shares was much above analyst expectations who had valued it at ₹125-225 and RIL’s cost of acquisition of ₹133.
Also Read: Reliance demerger: Jio Financial Services valued at ₹261.85, surpasses analysts estimates
Download The Mint News App to get Daily Market Updates.
Updated: 19 Aug 2023, 12:57 PM IST