There is a new listing on the bourses today – IIFL Wealth Management. This was not through any IPO but was part of the restructuring. This company was hived off from the Fairfax-backed IIFL Group and it got listed today at Rs.1210.
Another unit was demerged – IIFL Securities and that is scheduled to get listed tomorrow.
Most analysts had expected the company to get listed around Rs.1000 and this listing at over Rs.1200 surpassed all expectations.
The company has Rs.1.35 lakh crore under wealth management and Rs.22,339 crore under asset management. IIFL Wealth recentlyacquired L&T Capital.