Reliance's Jio Financial Services to be listed next week

Jio Financial Services (JFS), the financial arm of Indian conglomerate Reliance Industries, is set to be listed on the stock exchanges on Aug. 21, per a stock exchange circular on Friday.

Billionaire Mukesh Ambani's Reliance had last month spun off JFS, with the market ascribing a valuation of around $20 billion.

Ambani has said Jio Financial Services aims to provide simple, affordable and innovative digital first solutions.

In July, JFS and U.S.-based BlackRock said they would form an equal joint venture to launch asset management services in India.

Reliance's shares reversed losses to trade 1.3% higher as of 2:16 p.m. IST, while the benchmark Nifty 50 index was flat.