Nuvama Wealth Management's stock market debut on September 26
Nuvama Wealth Management Ltd, the demerged entity of Edelweiss Financial Services Ltd will get listed on the stock exchanges on September 26, according to an exchange filing.
The demerger of the wealth management business was completed following the approval from the National Company Law Tribunal (NCLT) on April 27. The scheme of arrangement came into effect on May 18, 2023.
In a recent interview with ETMarkets, Nuvama Group Managing Director and Chief Executive Officer Ashish Kehair said that the listing is likely in mid-September.
The company had filed the application for listing with the stock exchanges and was in the process of obtaining the required approvals and clearances.
Post the demerger, Nuvama plans to enhance focus on its key business segments and grow the client assets significantly over the next 5 years.
Nuvama aims to triple both its client assets and client base by 2028. Over the last five years, the company has grown its client assets at a compounded annual growth rate of 27%.
The company aims to capitalize on the expanding wealth market in India by extending its presence beyond 100 cities.
Over the next 5 years, its goal is to increase the team of wealth relationship managers to 2,000 professionals.
By diversifying the investor base and expanding distribution channels, Nuvama Wealth aims to strengthen its position in the dynamic market segment.
By focusing on these strategic priorities and leveraging its comprehensive platform, Nuvama aims to sustain the growth trajectory and reinforce its position as a leading player in the wealth management space.
On Friday, shares of Edelweiss Financial ended 0.2% down at Rs 53.45 on the National Stock Exchange.
