Financial Services

India's Jio Financial Services to be listed on Aug. 21

According to exchange circulars released on Friday, the Indian company Jio Financial Services (JFS) , which is a division of the Reliance Industries conglomerate owned by billionaire Mukesh Ambani, is scheduled to list on stock exchanges on August 21.

JFS was split off by Ambani's Reliance last month. During a special trading session, the stock price was fixed at a far higher-than-anticipated 261.85 rupees, valuing JFS at about $20 billion.

JFS is included in several important Indian indexes, such as the benchmark Nifty 50 (NSEI), however according to exchange regulations, it cannot be traded until it is listed and is removed at the conclusion of the third day after listing.