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Jio Financial Services Ltd (JFS), the financial services arm of Reliance Industries Ltd (RIL), opened flat on its listing day on the BSE and NSE today, August 21, 2023. The stock opened at Rs 213.45 on the BSE, the same as its issue price. It touched a high of Rs 215.50 and a low of Rs 212.50 in the early trade. At 10:30 am, it was trading at Rs 213.45, up 0.00%.
The issue was subscribed 1.17 times, with retail investors subscribing 2.83 times. The qualified institutional buyers (QIBs) and non-institutional investors (NIIs) subscribed 0.94 times and 0.29 times, respectively.
JFS offers a range of financial services, including digital lending, insurance, and wealth management. The company is expected to benefit from the growing demand for financial services in India.
The listing of JFS is a major milestone for RIL. The company is looking to expand its financial services business and JFS is expected to play a key role in this.
Here are some of the key takeaways from the news:
- Jio Financial Services shares opened flat on its listing day.
- The stock opened at Rs 213.45 on the BSE and NSE.
- It touched a high of Rs 215.50 and a low of Rs 212.50 in the early trade.
- At 10:30 am, it was trading at Rs 213.45, up 0.00%.
- The issue was subscribed 1.17 times.
- Retail investors subscribed 2.83 times.
- QIBs and NIIs subscribed 0.94 times and 0.29 times, respectively.
- JFS offers a range of financial services, including digital lending, insurance, and wealth management.
- The company is expected to benefit from the growing demand for financial services in India.
- The listing of JFS is a major milestone for RIL.
- The company is looking to expand its financial services business and JFS is expected to play a key role in this.
The flat opening of JFS shares is a bit of a disappointment, as many analysts had expected the stock to open with a positive gap. However, it is still early days and the stock could still see some upside in the coming days. The company has a strong business model and is well-positioned to benefit from the growing demand for financial services in India. I would recommend investors to keep an eye on the stock and wait for a good entry point.tuneshareGoogle it
