Jio Financial Services Ltd (JFSL) Will Go Public on Monday. GMP Indicates A High Price

Jio Financial Services, a subsidiary of Reliance Industries, will go public on Indian stock markets on August 21 with a share price of 261.85. JFSL now has a grey market premium of between 50 and 54, and market experts expect the stock will open between 315 and 325.

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Jio Financial Services (JFSL), a demerged subsidiary of Reliance Industries Ltd (RIL), will list on the Indian stock markets on Monday, August 21. Jio Financial Services’ share price on the NSE was established at Rs 261.85 per share following the July 20 special pre-open call auction session.

According to market experts, Jio Financial Services’ GMP or grey market premium is now between 50 and 54, implying a market capitalization of more than 2 lakh crore. They anticipate that the stock will open between 315 and 325.

Jio Financial Services was due to launch on the stock market just one day before FTSE Russell planned to remove the company from its indices.

“Trading Members of the Exchange are hereby informed that effective Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) are going to be listed and admitted to dealings on the Exchange in the list of T Group of Securities,” the BSE said in a statement.

This week, Jio Financial Services made news when FTSE Russell, a prominent worldwide benchmark supplier, stated that JFSL will be withdrawn for failing to begin trading after 20 working days.

According to the index services provider’s notification, the removal took effect on August 22 because the firm had failed to offer a set trading date since its inclusion on July 20.

However, following the confirmation by the BSE and the NSE that Jio Financial shares will begin trading on Monday, FTSE Russell reversed its decision to exclude Jio Financial from global indexes.

Jio Financial’s share issuance will stay unchanged at 6,765,591,509, with an investability weighting of 49.66% in the FTSE All-World index, according to FTSE.

“Further to the FTSE Russell notice released on 17 August 2023 in relation to Jio Financial Services (India): Constituent Deletion, Please be advised that Jio Financial Services will no longer be deleted from the indexes as of 22 August 2023 and will instead remain in the index with an unaltered share in issue total of 6,765,591,509 and an unchanted listing date of 21 August 2023, according to the most recent exchange information announced on 18 August 2023 regarding Jio Financial Services’ listing.

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Jio Financial Services is now operating under a sham ticker and there is no trading in the stock.

Jio Financial Services shares were awarded in a 1:1 ratio to qualified RIL stockholders as of the July 20 record date.

After a special pre-open call auction session on stock exchanges on July 20, the value of Jio Financial Services shares was calculated at 261.85 per share on the NSE.

The revealed price of JFSL shares was significantly higher than analyst projections of 125-225 and RIL’s cost of purchase of 133.

Axpert Media News Desk
Axpert Media News Desk
Axpert Media News Desk is an Internet media Website and our goal is to reach out People all over world with News, Informations & Entertainment. Ect, founder & ceo Krishnaanand

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