IIFL Securities shares rise 5 pc on debut

Shares of IIFL Securities Ltd rose 5 per cent in its debut trade on Friday after demerger. The scrip opened the day at Rs 41.65 on the BSE. It later jumped 4.92 per cent to close at Rs 43.70 also its upper circuit limit.

On the NSE, shares of the company rose 5 per cent to close at Rs 23.10 -- its upper price band. Earlier, it had started off trade at Rs 22. The company's market valuation was at Rs 1,395.05 crore on the BSE.

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. IIFL Securities has a legacy of about two decades in retail and institutional broking, investment banking and financial products distribution, according to a company release.

It is present in 2,500 locations across 500 cities in India, with a significant presence in Tier -2 and Tier-3 cities, it added.

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