BENGALURU (Reuters) -Shares of India’s Jio Financial Services (JFS), carved out of billionaire Mukesh Ambani-led Reliance Industries, 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 and Bajaj Finserv, 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 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)
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