Jio Financial Services Ltd (JFSL) shares to list on Monday. GMP signals strong premium

Jio Financial Services (JFSL), a demerged subsidiary of Reliance Industries Ltd (RIL), will debut on Indian stock exchanges on Monday, August 21. The NSE settled on a price of Rs 261.85 per share for Jio Financial Services following a special pre-open call auction session on July 20.

Currently, the grey market premium (GMP) for Jio Financial Services is between 50 and 54, giving the company a market worth of more than 2 lakh crore. Stock prices are expected to start between 315 and 325, according to their forecast.

Jio Financial Services was scheduled to go public one day before FTSE Russell decided to delist the company's stock from all of its benchmark indexes.

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

Jio Financial Services made headlines this week when it was reported by FTSE Russell, a prominent provider of global benchmarks, that JFSL would be removed for failing to begin trading after 20 working days.

After being included in the index on July 20, the business was removed on August 22 after failing to give a trading date, as stated in a notice provided by the index services provider.

Since BSE and NSE have announced that they will begin trading Jio Financial shares on Monday, FTSE Russell has reversed its earlier decision to remove the company from its global indices.

The number of Jio Financial shares issued will remain at 6,765,591,509, and the company's investability weighting in the FTSE All-World index will remain at 49.66%, both as reported by FTSE.

"Further to the FTSE Russell notice released on 17 August 2023 in relation to Jio Financial Services (India): Constituent Deletion, based on the latest exchange information announced on 18 August 2023 regarding Jio Financial Services' listing date as 21 August 2023, please be advised that Jio Financial Services will no longer be deleted from the indexes effective 22 August 2023 and remain in the index with an unchanged share in issue total of 6,765,591,509 and an unchanged market capitalization."

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The Jio Financial Services scrip is listed under a fake ticker and is not actively traded at this time.

Shares in Jio Financial Services were issued to RIL shareholders who qualified as of the record date of July 20 at a ratio of 1:1.

At the close of trading on the New York Stock Exchange (NSE) on July 20, the price per share of Jio Financial Services was determined to be 261.85.

Compared to the 125-225 that analysts had predicted for JFSL's share price and RIL's cost of purchase of 133, the revealed price is a significant increase.