For years, the Indian market has been anticipating for a public debut of Reliance Retail and Jio Platforms. However in a shock transfer late final yr, Mukesh Ambani, Asia’s richest man and chairman of conglomerate Reliance Industries, put collectively a special providing — a little bit recognized non-bank monetary subsidiary — for the market.

That providing, Jio Monetary Companies, made its public debut on Monday, itemizing at 262 Indian rupees ($3.15) per share, the worth set final month in a particular session by native exchanges.

The share fell as little as 248.9 Indian rupees after rebounding barely to 251.75 Indian rupees, giving Jio Monetary Companies a market cap of $19.2 billion. At that valuation, the unit is already the fifth largest monetary providers firm in India even because it’s off to a weak begin.

Jio Monetary, which owns 6.1% stake in Reliance, might even see a sell-off of $465 million by passive buyers, Nuvama estimates.

Reliance has not mentioned rather a lot about what Jio Monetary Companies will do — apart from saying final month a partnership with BlackRock to launch an asset administration platform for shoppers in India. In filings, Reliance  has recommended that its providers could embody client and service provider lending, funds platform, insurance coverage broking, AMC & different NLFs, analysts at Jefferies wrote in a notice on Sunday.

“Client lending will embody financing for client durables bought via retail shops to start with and can add extra secured loans later. Service provider lending vertical will deal with retailers in grocery, digital, vogue and pharma codecs. In SME section it should deal with working capital loans. It should construct funds platforms focussed round retailers, ramp-up Jio Funds Financial institution and construct insurance coverage broking,” the analysts wrote.