Jio Financial Services (JFS), a subsidiary of Reliance Industries, is scheduled to be listed on stock exchanges on August 21. This follows the recent spin-off of JFS, with its stock price set at 261.85 rupees, valuing the company at approximately $20 billion. The listing date announcement comes after concerns were raised by index managers about the delay in the listing.
UK’s FTSE Russell initially decided to remove JFS from its indexes due to the delay but reversed this decision following the listing date announcement. Additionally, MSCI announced that JFS will be added to its Global Standard Indexes in place of Reliance Industries.
JFS is part of major Indian indexes, including the Nifty 50, but cannot be traded until it is officially listed and will be removed from these indexes at the end of its third day of trading, in accordance with exchange rules.
Analysts anticipate that JFS may debut at a premium, and its access to data from Reliance’s telecom and retail businesses is expected to provide an advantage in the lending sector.
Reliance Industries’ shares closed 0.7% higher in response to this news.
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