Jio Financial Services, Reliance’s $20 billion spin-off, makes market debut

For years, the Indian market has been anticipating for a public debut of Reliance Retail and Jio Platforms. But in a surprise late last year, Mukesh Ambani, Asia’s richest man and chairman of conglomerate Reliance Industries, found a different offering — a little known non-bank financial subsidiary — to offer to the market.
That offering, Jio Financial Services, made its public debut on Monday, with a listing at 262 Indian rupees ($3.15) per share. At the time of writing, the share was trading at 251.75 Indian rupees, down 3.8%, giving Jio Financial Services a market cap of $

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