Jio Financial Services listing: Check share price, company valuation
Reuters | | Posted by Nisha Anand
Jio Financial Services share price: Shares of India’s Jio Financial Services (JFS), carved out of billionaire Mukesh Ambani-led Reliance Industries, fell as much as 5% in their trading debut on Monday, valuing the company at 1.58 trillion rupees ($19 billion).
Jio Financial Services stock opened at 262 rupees and fell to a low of 248.90 rupees.
The current valuation makes it the third-largest non-banking financial company (NBFC) in India, behind Bajaj Finance and Bajaj Finserv, which are valued at 4.15 trillion rupees and 2.32 trillion rupees, respectively. It is also expected to complement Reliance’s consumer businesses, which include India’s largest wireless operator with about 428 million users, a top retail chain with over 17,000 stores.
While JFS is yet to build out a business in India’s fast-growing financial services sector, analysts say its access to the vast trove of data from Reliance’s telecom, digital and retail businesses will give it a leg up in lending.
Last month, JFS announced a tie-up with Blackrock, the world’s largest asset manager, to float a mutual fund company. Analysts say JFS’ access to the vast trove of data from Reliance’s telecom and retail businesses will also give it a leg up in lending.
