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IIFL Wealth Surges 6% On Listing Day

By Staff
|

IIFL Wealth Management Ltd was listed separately on the Indian stock exchanges on Thursday. It was hived off from the Fairfax-backed IIFL Group, which has diversified its business into three categories. IIFL Wealth focuses on managing alternative investment funds (AIFs).

 

IIFL Wealth shares started trading at Rs 1,210 per share and rose as much as 5.88 percent thereafter to Rs 1,270.50.

IIFL Wealth Surges 6% On Listing Day

The opening price was much higher than estimated by analysts. Brokerages estimated the listing could be between Rs 950 to Rs 1,100.

They also said that the key risk to the company is the profit growth for the financial year 2019-20 as wealth management business remains under pressure.

IIFL Wealth's total assets under management are worth Rs 1.35 lakh crore under wealth management and Rs 22,339 crore under asset management. It recently acquired L&T Capital Market which has assets under management worth Rs 25,000 crore.

For the year ended 31 March 2019, the company reported a net profit of Rs 384 crore and Rs 61 crore for the quarter ended 30 June 2019.

Read more about: iifl
Story first published: Thursday, September 19, 2019, 10:33 [IST]
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