Jio Financial may go public in October 2023 under Reliance

According to a report, RIL is in talks with regulators to secure the necessary approvals for the market debut of its digital financial services unit

"Jio Financial will be a technology-led business, delivering financial products digitally by leveraging the nationwide omni-channel presence of Reliance’s consumer businesses,” Ambani said in a statement last year while announcing the spinoff.

In its latest note on Reliance Industries (RIL), Nomura India said that the demerger of Jio Financial Services would help the oil-to-telecom giant attract different types of investors, strategic partners and lenders having a specific interests in the financial services business. Jio Financial Services, as a separate entity, would be able to have higher leverage in line with industry standards, it said, adding it can unlock value as it scales up, given higher multiples for peers.

The brokerage anticipates the company will lay out a strong roadmap for financials growth at the coming annual general meeting (AGM).

Despite the need for significant efforts to scale the financial services business, Nomura predicts that Reliance Industries will dominate the industry with its robust execution, investment capacity, industry-leading retail infrastructure, and market share across retail and telecommunications.

It is expected that the demerger and listing of Jio Financial Services will conclude in the next few months, according to Nomura, as RIL has conveyed a meeting of its secured and unsecured creditors and shareholders on May 2.

Regulatory approvals are required from the National Company Law Tribunal, Reserve Bank of India, Insurance Regulatory and Development Authority of India and other authorities for the implementation of the proposed scheme.