On July 20, Jio Financial Services shares were valued at Rs 261.85 each
According to a statement from the Bombay Stock Exchange, Jio Financial Services, the demerged financial services division of Nifty 50 powerhouse Reliance Industries Ltd., will go public on August 21.
Reliance Industries’ stock has risen from the day’s low and is now contributing to some of the market’s rebound following this news.
As the Nifty 50 index has recovered 80 points from the day’s low, Reliance Industries is currently adding 9 points to its upward movement.
On July 20, during a one-hour special price discovery session, Jio Financial Services shares were valued at Rs 261.85 per.
635.32 crore shares with a face value of Rs. 10 each were distributed to qualified Reliance Industries stockholders by the board of Jio Financial Services. For every share they held as of July 20, Reliance Industries shareholders received one equity share from Jio Financial Services.
Nuvama Alternative & Quantitative Research estimates that if Jio Financial Services were to list at Rs 261.8 a share on its Trading (T) + third day, passive trackers of the Nifty 50 index might sell about 90 million shares, or $290 million.
Three days following the listing, shares of Jio Financial Services would be removed from the Sensex and Nifty 50 indices.
Undoubtedly, this listing has been eagerly anticipated, and we anticipate that this division of Reliance Industries will list at a significant premium. Currently, the financial services sector is in high demand, and it is clear from the stock-specific activity we are seeing in the NBFC sector that this desire will continue. In light of the overall sector performance, I believe we can anticipate a successful listing for this division of Reliance Industries as well, according to Astha Jain of Hem Securities.
“It’s too soon to make a judgement, but Reliance as a whole has disrupted most of the industries into which they have ventured. Retail, petrochemical, and perhaps financial services have all demonstrated this.
Reliance Industries’ stock is currently up 0.6 percent at Rs 2,552.75.