Jio Financial valued at Rs 1.66 lakh cr, making it no.3 NBFC in India

economictimes.indiatimes.com:

Jio Financial Services (JFSL), the demerged financial services business of Reliance Industries, has been valued at ₹1.66 lakh crore after its stock was priced at ₹261.85 per share following a special trading session on Thursday. The stock price was above Dalal Street's expectations of ₹160-200 apiece, catapulting Jio Financial's market capitalisation above established lenders such as IndusInd Bank, Bank of Baroda, PNB or Canara Bank. The 'constant price' of Jio Financial was discovered in a session held on the NSE on Thursday between 9 AM and 9.45 AM.

This is the first time NSE held a special session for 'constant price' discovery following a demerger. Jio's price is the difference between Reliance's closing price of ₹2,841.85 on Wednesday and the price of ₹2,580, which was derived during the special session on Thursday. Reliance Industries shares gained 1.19% to close at ₹2,619.80 on Thursday.

RIL shares, along with JFSL, are at all-time highs. «Jio Financial's discovered constant price of ₹261.85 per share against an implied value of ₹133 per share is due to its strong net worth of about ₹1 lakh crore on a consolidated basis which is seen enabling faster growth in an already competitive financial marketplace,» said Pankaj Pandey, head — research, ICICI Securities. Centrum Broking estimates Reliance Strategic Investments' (Jio Financial) networth at ₹235 billion ( ₹23,500 crore), based on Reliance Industries' standalone networth of ₹5 trillion (₹5 lakh crore) and Reliance Strategic Investments' apportionment ratio (demerger cost of share acquisition) of 4.68%.