- By Vaamanaa Sethi
- Sat, 08 Jul 2023 12:07 PM (IST)
- Source:JND
The primary and secondary market is buzzing with Jio Financial Services will soon be launching its IPO as Reliance Industries (RIL) is all set for demerger after receiving the nod from National Company Law Tribunal (NCLT).
RIL informed the Indian stock market exchanges that NCLT has given its approval for the demerger of the company's financial services undertakings.
"We wish to inform you that the Hon''ble National Company Law Tribunal, Mumbai Bench ("NCLT") vide its order dated June 28, 2023 (uploaded on the website of Honourable NCLT on July 5, 2023), has sanctioned the Scheme,” RIL said in its filing.
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The company further said about the demerger date and other details, “ The Company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited."
Jio Financial Services Expected Share Price
This has sparked rumours and speculations about the launch of Jio Financial Services IPO in the grey market. However, Mukesh Ambani-led RIL is yet to make any official announcement regarding RIL demerger.
Jefferies has estimated that Jio Financial Services share price would be around ₹179 apiece. However, JP Morgan has estimated Jio Financial Services share price at ₹189 per share levels, as cited by Livemint.
"All brokerages have estimated the Jio Financial Services share price on the basis of current asset value of the company. However, in my view, the asset value of the company may change if a value investor joins the company ahead of the Jio Financial Services share listing." Avinash Gorakshkar, Head of Research at Profitmart Securities was quoted as saying by Livemint.
Gorakshkar further said that the grey market is expecting entry of some value investors ahead of the Jio Financial Services share price listing on Indian stock market bourses.
He went on saying that Reliance may announce the Jio Financial Services demerger record date by end of August to September 2023 and share listing can be expected within one month of the Jio Financial Services demerger record date.
