Jio Financial Services (JFS), the spun-off financial entity of Reliance Industries, whose equities were allocated to eligible stakeholders last week, is poised for its stock market premiere this Monday. The determined share value for JFS, established in accordance with the date of the corporate occurrence, stood at Rs 261.85, notably surpassing the market’s anticipated range of Rs 160-170 per share. The stock’s response upon its initial listing remains to be observed.
The segregated financial division’s establishment is set to unleash value for RIL stakeholders, affording them the chance to engage with a fresh avenue for growth, as highlighted in RIL’s recent annual report.
Following this debut, the JFS shares will be delisted from both the Nifty and Sensex indices by August 24, marking the culmination of its third day of trading. It’s important to note that the exclusion timeline might be subject to modification under specific circumstances. According to insights from Abhilash Pagaria at Nuvama Institutional Equities, there could potentially be passive withdrawals from this counter.
JIO financial services Share Price
“In a hypothetical scenario where JFS trades at Rs 261.8 per share on its Trading (T) + third day of listing, passive trackers following the Nifty index might divest approximately 9 crore shares, approximately valued at $290 million. Concurrently, trackers aligned with the Sensex index might divest 5.5 crore shares, equivalent to around $175 million,” outlined Pagaria.