Reliance is focused on getting Jio Financial Services listed on the stock market before Diwali.
Industrialist Mukesh Ambani has now made preparations to make a ‘bang’ entry in the financial sector. Reliance Industries is preparing to list its Jio Financial Services. It is expected that Reliance can do a big ‘Dhamaka’ before Diwali this year and Jio Financial Services IPO of can knock in the market.
Reliance Industries, the company of Asia’s richest man Mukesh Ambani, is currently the country’s largest telecom operator and retail company. Now the company aspires to achieve similar success in the finance sector. Although Jio Financial Services is estimated to be a non-banking finance company, but according to market valuation, it can become the 5th largest bank in the country.
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List may be in October
Quoting sources with knowledge of the matter, it has been said in media reports that Jio Financial Services can be listed by October. Reliance Industries can hold a meeting in this regard with shareholders and creditors on May 2, in which voting will take place on the decision to list the finance company. Not only this, the company is constantly in touch with the regulators for the approvals related to the listing.
If the listing happens by October, then it is possible that Reliance Industries will launch an IPO for it. However, sources say that discussions are going on regarding the listing right now. There can also be a change in the details related to this. In the year 2019, Reliance Industries also announced that it will list its retail business and Jio Platforms in the stock market in the next five years.
Jio Finance will be a technology based company
Regarding Jio Financial Services, Mukesh Ambani had said in a statement last year that it would be a technology based company. Will provide digitally financial services to the people of the country. At the same time, it will benefit from the consumer business of Reliance Group spread across the country.
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Reliance Group’s retail company has a network of 17,225 stores across the country, with a footfall of more than 200 million people every month. Apart from this, the company has recently acquired Metro Cash & Carry, which works in the wholesale market and has data of millions of small shopkeepers. At the same time, the number of customers of Reliance Jio is 426 million.
According to the valuation, Jio Financial Services can be a company of 90,000 to 1.5 lakh crore rupees. After HDFC Bank, HDFC, ICICI Bank and Axis Bank, this is going to be the largest private sector company in the country.