Active Stocks
Sat May 18 2024 12:49:03
  1. Tata Motors share price
  2. 952.95 0.76%
  1. Power Grid Corporation Of India share price
  2. 316.85 1.12%
  1. Tata Steel share price
  2. 167.90 0.39%
  1. ITC share price
  2. 436.50 -0.02%
  1. State Bank Of India share price
  2. 821.30 0.42%
Business News/ Markets / Stock Markets/  Nuvama Wealth Management makes stock market debut; lists at 2,699 per share on BSE
BackBack

Nuvama Wealth Management makes stock market debut; lists at ₹2,699 per share on BSE

The Nuvama Group now comprises all the companies of the Edelweiss group founded by Rashesh Shah in 1993, barring the insurance and mutual fund businesses, and is into wealth management, asset management and capital markets.

Nuvama Wealth Management is now the third listed wealth management company on Dalal Street after Anand Rathi Wealth and 360 One WAM.Premium
Nuvama Wealth Management is now the third listed wealth management company on Dalal Street after Anand Rathi Wealth and 360 One WAM.

Nuvama Wealth Management, earlier known as Edelweiss Securities, made its debut in the Indian stock market on Tuesday, September 26. The spun off entity, Nuvama Wealth Management shares were listed at 2,699.00 apiece on the BSE and at 2,750 on the National Stock Exchange (NSE).

However, after listing on the stock exchanges, Nuvama Wealth Management share price hit 5% lower circuit to close at 2,564.10 apiece on the BSE and 2,612.50 on NSE. The company boasted a market capitalization of 9,163 crore at close on Tuesday. 

Also Read: Buy or sell: Vaishali Parekh recommends buying in 3 stocks today - September 27

Nuvama Wealth Management is now the third listed wealth management company on Dalal Street after Anand Rathi Wealth and 360 One WAM.

The market capitalization 360 One WAM and Anand Rathi Wealth was 18,419 crore and 7,117 crore, respectively.

After listing, Edelweiss Financial will continue to hold 14% stake in Nuvama, while the shareholders of Edelweiss Financial will hold 30% of the paid-up share capital.

Asia Pacific-focused alternative investment firm PAG holds 56% stake in the company.

Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!

PAG had, in 2020, bought a stake in the wealth management business of Edelweiss Financial Services. Subsequently, it had announced the demerger and listing of its wealth management business, Edelweiss Securities.

Since February 2023, it has been rebranded as Nuvama.

Also Read: Nvidia stock up over 196% in 6 months as tech stocks rally on AI wave, recoup losses in 2023

Nuvama offers wealth management, asset management and capital markets services and serves a client base including affluent, high net worth individuals, ultra-high net worth individuals, family offices, corporate and institutional clients.

The Nuvama Group now comprises all the companies of the Edelweiss group founded by Rashesh Shah in 1993, barring the insurance and mutual fund businesses, and is into wealth management, asset management and capital markets.

Catch Live Market Updates here 

(With inputs from PTI)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Sep 2023, 09:06 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started