Jio Financial Services becomes India's most valued NBFC behind Bajaj twins

Valued at Rs 1.66 trn, RIL arm discovers price at Rs 262 a share

Jio Financial Services, a unit of Mukesh Ambani’s Reliance Industries (RIL), got valued at Rs 1.66 trillion ($20 billion) following an hour-long special trading session conducted by stock exchanges on Thursday.

Shares of RIL’s unit got priced at Rs 261.85 apiece — higher than analysts’ expectations of Rs 134-224 per share. The price was arrived at after calculating the difference between RIL’s Wednesday close of Rs 2,840 and Rs 2,580, the price discovered during the first-of-its-kind pre-trade session.

At its current valuation, Jio Financial will be India’s 33rd most valuable company and the third-biggest non-banking financial company behind Bajaj Finance