Nuvama Wealth Management aims for public listing by August
The company, which has client assets of Rs 2.25 lakh crore at present, is targeting to more than double the same to Rs 6 lakh crore by 2028.
Wealth management company is aiming for a listing by August this year once its demerger from Edelweiss Financial Services gets through, a top official said on Wednesday.
Edelweiss Financial Services' shareholders have already given their nod for the demerger.
Nuvama, which was earlier called as Edelweiss Wealth Management, will be approaching the National Company Law Tribunal (NCLT) later this month for its approval for the scheme, Nuvama's chief executive and managing director Ashish Kehair told reporters.
"We would like to do the listing as soon as possible. I feel it will get listed by July or August," he added.
Over 55% of Nuvama is owned by private equity fund PAG, while Edelweiss' Rashesh Shah and Venkat Ramaswamy will have a 9% ownership between them, he said.
Kehair also announced the company's targets on the business growth front, stating that the wealth management space is under-penetrated in the country.
The company, which has client assets of Rs 2.25 lakh crore at present, is targeting to more than double the same to Rs 6 lakh crore by 2028, Kehair said.
He said the company is targeting the ultra high networth individuals, high networth individuals and affluent segments, which will help it serve anybody with an investible surplus of over Rs 1 crore.
It also plans to expand its reach to more than 300 cities and grow the number of wealth managers to over 2,000 in the next five years, Kehair said.
He said the alternative investments fund business will get increased focus going forward, especially after the taxation changes on the debt mutual fund side which have made investing in those instruments less exciting.
Nuvama is planning to launch newer AIFs, including one dedicated to the real estate sector, he said.
Edited by Megha Reddy