JFS which got listed today is already the second largest NBFC by market capitalization at 1.68 lac crore.
Surely, the “Reliance” factor has helped in getting the company this valuation as there is no concrete business of its own on ground.
Morgan stanley report has some cool charts and data :
1. Shareholding pattern
2. P&L and Balance sheet
Comparison with other peers w.r.t equity