IIFL Wealth Management, the demerged entity of IIFL Holding made a stellar debut on both the bourses - NSE and BSE today. While the stock listed at Rs 1,200 per share on BSE, its price was Rs 1,210 per share on NSE. Post listing, the price of the stock rose by 5% on both NSE and BSE.
The listing price was higher than analyst estimates of Rs 900 to Rs 1,050 per share.
As it is among the very few Indian wealth management firms to be listed on Indian bourses, analysts feel that investors have started comparing it with the two listed AMCs - HDFC AMC and Reliance Nippon Life AMC.
Nevertheless, business models of AMCs are not strictly comparable with IIFL Wealth. The private wealth management firm serve needs of HNIs, UHNIs, affluent families, family offices and institutional clients through a range of wealth management solutions.
Karan Bhagat, Founder, MD & CEO, IIFL Wealth said, "Our unique approach in wealth management, which is very process-driven has resulted in more than 98% retention of clients and assets. In addition, our attrition of employees, especially at the senior banker level is amongst the lowest in the industry at less than 2%. These we believe has resulted in a culture, which is unique and has allowed us to build a platform where all three – clients, employees and shareholders – are fully aligned. We will ensure that through market cycles, and through different environments, we are able to further innovate unique solutions.”
As on March 2019, AUM of the wealth management firm stood at Rs.1.70 lakh crore. The AUM includes distribution, advisory and discretionary (offshore) businesses.