IIFL Wealth stock lists at Rs 1,210, locked in 5% upper circuit

IIFL Wealth Management stock made a strong debut on BSE and NSE today. The stock listed at Rs 1,210 on NSE against previous close of Rs 417.45 derived after demerger. On BSE, IIFL Wealth Management listed at Rs 1,200 and later hit upper circuit of 5 % to hit Rs 1,260. Market capitalisation of the stock stood at Rs 10,725 crore on BSE.

IIFL Wealth traded with volumes of 1.5 lakh shares on NSE and 36,000 shares on NSE. In 2018, IIFL Holdings proposed to create two new entities-IIFL Wealth, IIFL Securities and list them on bourses.

IIFL Holdings was a diversified financial services firm engaged in non-banking and housing finance, wealth and asset management, financial advisory and broking, mutual funds and investment banking among others.

IIFL Holdings completed the reorganisation of IIFL Group into three entities -IIFL Finance, IIFL Wealth and IIFL Securities, which became effective from May 13, 2019. IIFL Holdings was renamed to IIFL Finance.

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