Nuvama Wealth makes Dalal Street debut

Mumbai: Nuvama Wealth Management, the entity spun off from Edelweiss Financial Services, made its stock market debut on Tuesday at ₹2,699 per share. The stock fell 5% - the lowest tradable limit of the day - to close at ₹2,564.1. The company's market capitalization stood at ₹9,163 crore at close on Tuesday. The market capitalization of the other two listed wealth management firms, 360 One WAM and Anand Rathi Wealth was ₹18,419 crore and ₹7,117 crore, respectively.

Nuvama's listing was part of a demerger plan, where the company allotted 1.05 crore shares to the shareholders of Edelweiss Financial on a proportionate basis. Private equity fund PAG owns a 56% stake in Nuvama, while Edelweiss Group holds 14%. Public shareholders of Edelweiss Financial Services hold the rest of the 30% stake.

Nuvama managed over ₹2.5 trillion in client assets through its network of over 2,700 employees as of June 30, 2023.


With financial wealth expected to double in the next 5-6 years, the organized wealth management sector will potentially quadruple in size in this period, said Ashish Kehair, MD, Nuvama Group.