Jio Financial Services lists at ₹265 with m-cap of ₹1.68 lakh crore, making it the 3rd largest NBFC

Jio Financial Services, earlier known as Reliance Strategic Investments Limited, made a robust debut on the bourses today. The stock listed at ₹265 on BSE, up 5.5 percent from ₹251 (the price it was valued at before the special pre-open session). Meanwhile, it is just up 1.2 percent from its discovery price of ₹261.85. On NSE, the stock listed at ₹262.

On listing, the company's market capitalisation stood at ₹1.68 lakh crore, already making it the 33rd most valuable company in India and 3rd largest NBFC after Bajaj twins - Bajaj Finance and Bajaj Finserv. Its market cap is also higher than many Nifty 50 blue chips including Hero MotoCorp, Britannia and Grasim Industries.

For the first 10 days post the listing, the stock will trade in the T Group segment on both BSE and NSE, which means that shares can be traded only on a compulsory delivery basis and intraday trades will not be possible. An investor cannot buy and sell shares of JFS on the same day, or before the shares are credited to the demat account. In that case, the order will be rejected. Also, the upper and lower circuit limit of the stock would be limited to 5 percent, restricting any major movement in the scrip.

On July 20, 2023, a special pre-open session was held for RIL and RSIL from 9 am to 10 am, during which RIL shareholders could buy or sell the RIL stock. In that session, RIL's NBFC unit Jio Financial Services' discovery price came out to be ₹261.85 per share, beating estimates of up to ₹170. Post that session, Jio Financial Services stock remained as a 51st Nifty constituent at this constant price till listing and did not trade.

The stock will be removed from Nifty 50, three days after its listing, on August 24, 2023.

“The market discovered price of ₹261.85 per share of Jio Financial Services has come much higher than most brokerages’ estimates. This high price is a reflection of the market’s assessment of Jio Financials’ potential. The wide reach of JFSL through RIL’s other business segments like Reliance Retail has the potential to grow the company at a fast pace for many years to come. The market is discounting this potential,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services post its special pre-open session.

In the demerger, RIL has allotted one share of Reliance Strategic Investments Limited for every one RIL share to shareholders. Jio Financial Services will hold a 6.1 percent stake in Reliance Industries, which is a result of transfer of treasury shares.