IIFL Wealth Management shares jump 5 pc after demerger

Shares of IIFL Wealth Management on Thursday rose 5 per cent on the first day of trade after demerger. The scrip opened at Rs 1,200 on the BSE. During the day, it jumped 5 per cent to Rs 1,260 from its opening price.

On the National Stock Exchange, shares of the company gained 5 per cent to close at Rs 1,270.50 apiece. It had started trade at Rs 1,210. IIFL Wealth is the first home-grown wealth management firm to be listed on the stock exchanges.

Last year, financial services firm IIFL Holdings announced to demerge its finance, wealth and capital business into three separate entities and list them on bourses. Karan Bhagat, founder and MD & CEO of IIFL Wealth and Asset Management, said, "Our unique approach in wealth management, which is process-driven has resulted in 98+ per cent retention of clients and assets.

"In addition, our attrition of employees, especially at the senior banker level is among the lowest in the industry at less than 2 per cent. These, we believe, have resulted in a culture, which is unique and have allowed us to build a platform where all three -- clients, employees and shareholders -- are fully aligned." Meanwhile, in terms of traded volume, 1.55 lakh shares of the company were traded on the BSE and over 17 lakh shares on the NSE during the day.

The company's market valuation was at Rs 10,725.91 crore. "We are expanding our investment into our products, research and technology side of the platform to ensure our clients are serviced in the best possible manner," added AnirudhaTaparia, executive director, IIFL Wealth and Asset Management.

Mumbai-headquartered IIFL Wealth and Asset Management has wide geographical footprint across 7 major global financial hubs and 26 locations including India and around the world, according to a company release.