Reliance's Jio Financial falls 5% in market debut, valued at $19 bln (updated)

Bajaj Finserv

21/08/2023 05:52

(Recasts, adds valuation, background)
       BENGALURU, Aug 21 (Reuters) - Shares of India's Jio
Financial Services (JFS)  JIOF.NS , carved out of billionaire
Mukesh Ambani-led Reliance Industries  RELI.NS , fell as much as
5% in their trading debut on Monday, valuing the company at 1.58
trillion rupees ($19 billion).
    JFS 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
 BJFN.NS  and Bajaj Finserv  BJFS.NS , which are valued at 4.15
trillion rupees and 2.32 trillion rupees, respectively.
    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.
    JFS has already formed a joint venture with BlackRock Inc
 BLK.N  to launch asset management services in India, with an
initial investment of $150 million each.
 
 ($1 = 83.1020 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Savio
D'Souza)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))