Jio Financial listing: Ambanis to hand over $20 billion beast to RIL shareholders today
Reliance Industries (RIL), shares of the recently-demerged company Jio Financial Services or JFSL will list on stock exchanges at 10 am today. On both BSE and NSE, the stock with the symbol of JIOFIN will trade in the T Group segment for the first 10 days.
The upper and lower circuit limit would be restricted to 5% which will restrict any major movement in the debutant. JFSL’s listing ceremony will be hosted in the BSE campus but it is not yet known whether RIL chairperson and Asia’s richest billionaire Mukesh Ambani will be personally present to ring the bell.
His daughter Isha Ambani has already joined the company's board as a non-executive director. While the stock was valued at Rs 261.85 per share during a special price discovery session on demerger record date of July 20, it is being expected that the NBFC stock could cross the Rs 300 mark per share on Day 1 itself.
At a pre-listing market capitalisation of Rs 1.66 lakh crore or $20.3 billion, Ambani’s new beast is already the 33rd most valuable company in India and 3rd largest NBFC after Bajaj twins — Bajaj Finance and Bajaj Finserv. JFSL shares were credited to demat accounts of all eligible RIL shareholders on August 10 and will remain in frozen state till listing.What should JFSL investors do after listing?Arbitrage traders who bought RIL stock only as a special situation opportunity to get one JFSL share for every RIL stock owned are impatiently waiting to lock profits on listing day if they get a price higher than their initial investment in RIL.
The upside could, therefore, be limited due to the selling pressure both from arbitrage traders as well as those RIL shareholders who don’t want an NBFC stock in their portfolio. “RIL shareholders who have acquired
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