Jio Financial Services (JFS), the demerged financial services unit of Indian conglomerate Reliance Industries, was valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees on Thursday.
The demerger by billionaire Mukesh Ambani-controlled Reliance is considered the oil-to-retail conglomerate's way of expanding in the lucrative financial services sector, especially as it has a non-bank financial company licence.
In a first, India's main stock exchanges held a special hour-long "pre-open call auction" trading session for Reliance on Thursday to determine JFS' share price.
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